We woke up this Monday, July 25, with an important rise of the blue dollar in Argentina reaching over 340 ARS per dollar as reported by the Central Bank of Argentina in the various financial entities. Today we will be talking a little about this phenomenon that is happening in Argentina and the way in which you can protect your money supported by digital assets and stable currencies.
But… What is the blue dollar?
It is a term used to refer to the circulating dollar on the black market and can generally have a higher value than the official dollar. This denomination refers to the color that can be observed when a fibron is applied to recognize counterfeit banknotes but The truth is that the black market dollar, while it may seem like a manipulation at first glance, could shed a lot of light on the real value of the dollar under the circumstances.
This so-called “blue dollar” was born in 2011 as a response to the restrictions for the acquisition of foreign currency that the AFIP and the Central Bank of the Argentine Republic began to apply under the command of President Cristina Fernández de Kirchner.
Current price of the blue dollar!
Currently, the price of the blue dollar after reaching $343.00 Argentine pesos per dollar, has had a slight correction to stand at $317.00, exposing more and more inflation that does not stop growing in Argentina and that has been exacerbated in this year 2022 showing the increase of 64% in the first 7 months of the year after fluctuating in the $208.00 Argentine pesos per dollar last year.
“Today we are projecting a blue dollar at ARS 400 in the best scenario for the end of the year.”Economist Natalia Motyl
Response of the Argentine Government
The Argentine government has sought to penalize the acquisition of digital assets such as cryptocurrencies by limiting the purchase of “solidarity dollars” which offer 200 dollars a month to each Argentine. But this has done nothing but encourage people to protect themselves on their own using cryptocurrencies and stablecoins like USD Coin (USDC) either Tether (USDT).
Cryptocurrencies as a store of value!
This option can be highly beneficial for people in countries with high inflation rates like Venezuela and Argentina. It should be noted that for this reason, Venezuela has largely become the Latin American country with the highest adoption of cryptocurrencies by its population.
Cryptocurrencies and stable currencies as such have been a highly attractive option given the need for value preservation. due to accelerating inflation because it can offer fast and unlimited access, 24 hours a day, 7 days a week.
It also gives you investment opportunities such as staking platforms that can pay you to freeze your assets based on a set period of time.
The truth is that the crypto universe offers unlimited opportunities to protect the value of your assets and provides you with a fast track to possible investments in a sustainable way.. Do you live in Argentina and are you looking to access the crypto universe? Join our Telegram community! We will be happy to help you!