{"id":402897,"date":"2019-10-30T20:00:31","date_gmt":"2019-10-30T20:00:31","guid":{"rendered":"https:\/\/uniquehot.com\/?p=402897"},"modified":"2024-06-11T13:31:40","modified_gmt":"2024-06-11T13:31:40","slug":"bitcoin-trades-at-large-premium-in-argentina-as-dollar-purchase-restrictions-set-in","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/bitcoin-trades-at-large-premium-in-argentina-as-dollar-purchase-restrictions-set-in\/","title":{"rendered":"Bitcoin Trades at Large Premium in Argentina as Dollar Purchase Restrictions Set In"},"content":{"rendered":"

Bitcoin is trading at a large premium on cryptocurrency exchanges in Argentina<\/a>. Demand remains high after the nation’s central bank announced a further tightening of a limit on the number of dollars an individual can purchase from it each month.<\/p>\n

The policy essentially forces the people of Argentina to either sink of swim in an economy with a less than perfect track record. Well, it would, were it not for Bitcoin.<\/p>\n

Price Premium Shows Bitcoin Demand Healthy in Argentina<\/h2>\n

According to data taken from local cryptocurrency exchange Ripio<\/a>, Bitcoin is trading at a large premium in Argentina. Whereas Coinmarketcap has the price of the leading digital asset at around $9,150 at the time of writing, Bitcoin is currently selling at the South American trading venue for ARS$633,862 ($10,578).<\/p>\n

The nation has been in the grips of successive economic crises which have seen the value of the peso plummet. In an attempt to stabilise the currency, the central bank first limited the amount of dollars an individual could purchase each month to $10,000 in September. Just days ago, it drastically increased this restriction to just $100 in physical bank notes per month.<\/p>\n

https:\/\/twitter.com\/realSatoshi_\/status\/15393024<\/p>\n

Bitcoin was already trading at around a 12 percent premium in the nation before the recent tightening of restrictions. Journalist Camila Russo highlighted this via Twitter in September. In fact, even the dollar-pegged stable coin DAI even traded at a steep premium.<\/p>\n

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In Argentina, Dai is trading at 71.6 pesos, while the U.S. dollar rate is at 56. That's a huge premium to hold digital dollars. Reason: Tightening currency controls \ud83d\udcb8\ud83d\udcb8<\/p>\n

Argentina's $$ Premiums:
Black market USD: 7%
Bitcoin: 12%
Dai: 27%<\/p>\n

(h\/t @rubendario222<\/a> for pic)<\/p>\n

(1\/2) pic.twitter.com\/m1E1cxZ59K<\/a><\/p>\n

— Camila Russo (@CamiRusso) September 18, 2019<\/a><\/p><\/blockquote>\n