The unexpected resignation of Argentine Economy Minister Martin Guzmán has sparked an explosion in demand for stablecoins on local bitcoin exchanges. According to Criptoya, USDT jumped to 262.9-318.9 pesos, which represents a premium of 109.5-154.2%.

A similar situation is observed for other “stable coins” – USDC, DAI, BUSD and USDP.

The departure of an official could threaten further destabilization of the economy.

Since the beginning of the year, the peso price has fallen by 22.1%. In May, consumer prices rose from 58% to 60.7% on an annual basis. In the last decade, double-digit inflation was recorded in the country.

For residents of Argentina, stablecoins act as a storehouse of wealth. On 1 September 2019, the government issued Decree 609/2019. The document actually limited the monthly volume of foreign currency purchases to $200 at the official rate.

Recall that Argentina entered the top 3 countries in the Coinformant rating for the popularization of cryptocurrencies.

In September 2021, the local Central Bank stated that digital assets were used to bypass currency controls.

Later, the regulator banned local credit institutions from providing cryptocurrencies-related services to customers.

Previously, Argentina’s Federal Revenue Office required cryptocurrency exchanges to transmit user transaction data on a monthly basis.

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