Inside the crypto black markets of Argentina

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Devon Zuegel
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In Argentina, your money is worth double if you skip the airport currency exchange and instead go to one of the many black market exchanges hidden throughout Buenos Aires. These illegal exchanges are called “cuevas” (the word for “cave” in Spanish), and they are a crucial part of Argentina’s financi...

In Argentina, your money is worth double if you skip the airport currency exchange and instead go to one of the many black market exchanges hidden throughout Buenos Aires.

These illegal exchanges are called “cuevas” (the word for “cave” in Spanish), and they are a crucial part of Argentina’s financial infrastructure. Argentinians are constantly exchanging their pesos (ARS) for other currencies, usually US dollars (USD), and back again because they simply cannot rely on their country’s fiat currency.

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Peter McCormack 2 months ago

Thought-provoking article by @devonzuegel regarding use of "crypto" in Argentina. While we push for #bitcoin adoption, there are reasons why locals use stablecoins on other protocols. As Devon said, it is "A pragmatic revolution".