TechFlow reported on July 9 that Argentina has set a record for cryptocurrency adoption in the Americas, driven by soaring local inflation rates reaching 276%, according to Cointelegraph. Analysis from Forbes indicates Argentina leads globally in cryptocurrency adoption per capita, contributing 2.5 million visitors among the 130 million users accessing the world's top 55 crypto exchanges. Data from SimilarWeb shows Argentina is the largest market for Binance, one of the world's biggest cryptocurrency exchanges, accounting for 6.9% of its total traffic.
Unlike the memecoin craze prevalent in other parts of the industry, Argentinians tend to favor holding stablecoins such as Tether (USDT) as a hedge against high inflation. Although the Argentine government permitted the use of Bitcoin in legal contracts at the end of 2023, the country still struggles to establish a comprehensive regulatory framework. To date, major exchanges including Binance have not registered with CNV, the national securities regulator.
