Bitcoin has become hot property in Argentina recently, and public interest in using it as an every day currency is increasing in such a way that its value was estimated just two weeks ago at being approximately 30% higher against the US Dollar when compared with Bitcoin values in neighboring Uruguay.
There are indeed various reasons for the increase in its popularity in Argentina. One such factor is the banning of the use of US Dollars by President Cristina Kirchner in 2011, a previously widely used currency in Argentina.
President Kirchner has made no less than thirty attempts to prevent the use and ownership of US Dollars by citizens of Argentina in the last two years, however it is estimated that Argentinians hold approximately $160 billion in overseas accounts and use credit card facilities in Argentina attached to such accounts, and store the funds as security, as there is a general lack of faith in Argentina’s ailing financial system.
It is clear, therefore, that there is room for an alternative option in Argentina in the form of digital currency, and citizens are welcoming it.
Bitcoin MeetUp Today
Today, in Buenos Aires, the Bitcoin Foundation of Argentina is hosting a further MeetUp at the Bar Duarte, in the affluent Palermo district of the nation’s capital.
Under the μMeetUp designation, there will be no entrance fee, and the MeetUp welcomes newcomers and will include an introductory fixture in which attendees can ask questions to those more experienced in aspects regarding the virtual currency.
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Delegates can share their ideas, experiences and concerns, and engage in discussion.
Third Bitcoin MeetUp Demonstrates Continued Interest
With inflation at approximately 20%, Peso devalues like an iron girder falling from a precipice however the government continues its stringent and determined policy of attempting to avail citizens of any foreign currency.
This particular MeetUp is the third of such events to have taken place in Buenos Aires, and just two weeks ago, BTC Global was present at a Bitcoin MeetUp event in Buenos Aires, which hosted approximately 180 people.
It has been further highlighted that retail outlets are increasingly cancelling their credit card machines and accepting Bitcoins, as the Argentinian government applies extremely high transaction charges and a 15% fee for converting dollars to peso.
Last month, Forex Magnates reported that the government launched a pseudo-currency, backed by the Argentinian banking system, called Cedin, an acronym for Certificate for Deposit, in order that holders of dollars can voluntarily trade them for this pseudo-currency, although it appears that Argentina’s citizens are looking toward virtual currency as a very viable savior of their fiscal future.