A cryptocurrency payment bill has been proposed in Argentina, and if passed this could lead to heavy crypto adoption. The proposal was put forth by lawmaker Jose-Luis Ramon who belongs the lower house of the national congress. This would give employees in Argentina an option for receiving their salaries with Bitcoin or other cryptocurrencies due to soaring inflation rates which have reached 40%.
The Colombian mathematician and economist who has written extensively on the topic of cryptocurrencies argue that when employees receive their income in Bitcoin they are able to save more money for themselves because inflation is so high. Not only does this protect one’s purchasing power but it also gives them financial freedom from traditional currencies which can decrease over time due to central banks printing too much currency with no end in sight.
The peso, Argentina’s currency is on a steady decline. To combat this trend, the government has made it compulsory for service exporters to convert their earnings to pesos and at present, the inflation rate of pesos is 50%. This means that every year your money loses half its value in terms of buying power which leads many Argentinians to look towards Bitcoin as an alternative. The US faces only 21% inflation rates but compares yourself with one working-class Argentine who now makes $250 USD annually due to his country’s troubled economy. With such drastic changes taking place all around us, consider how you can protect your assets by having them denominated in Bitcoins so they will not be affected by any fluctuations or economic instability from external factors.
Argentina’s inflation rate is the highest in Latin America, and they are looking at Bitcoin as a way to combat this trend. This could lead to heavy adoption of cryptocurrencies in Argentina if their local government decides to pass the bill into law. A similar proposal was made recently by fellow South American country, Venezuela, but it was denied by the country’s president Nicolas Maduro who claimed that cryptos were not real money.
Ramon understands that the people of Argentina need Bitcoin, and so he is providing them with a place to spend their money. Without it they would be unable to buy the property or anything else essential in life – Ramon knows this because he used to live through those struggles himself!
Would you like to get paid in crypto? Let us know your thoughts.
