Access to dollars in Argentina is increasingly difficult

The Argentine peso has registered a significant loss in value. In addition to this, citizens face greater difficulties in obtaining dollars. Argentina is at a critical moment in economic matters.

The measures taken by the Central Bank of the South American country have not helped. The agency established restrictions for the acquisition of dollars. In order to “prioritize the allocation of foreign currency to the recovery of economic growth and employment, the Federal Administration of Public Revenues (AFIP in Spanish) establishes a mechanism for collecting on account of the payment of taxes on income and on personal property of the 35% for external asset formation operations (FAE) of human persons and purchases with cards (debit and credit) in foreign currency.“

The monthly dollar quota was established at 200, which restricts the possession of this currency for what they consider “hoarding” and payments with cards. In this regard, the BCRA established from September 1st that the payments for consumption in dollars will be deducted from the monthly quota, and if it exceeds 200 dollars, the deduction of the surplus will be transferred to the amount of the following month. This would cause a decrease in monthly allowances.

Discouragement has gripped the population because of the various financial measures that have only made the situation worse. Consequently, cryptocurrencies, especially bitcoin, are seen as a safe, transparent and unrestricted payment alternative.

Digital currencies could be a solution to the devaluation of fiat currencies. It is appropriate to point out that in Argentina there are about ten ATMs for bitcoin from the Athena Bitcoin company, to which citizens have access and which remain active despite the quarantine due to Covid-19.

M.Pino

Source: criptonoticiasaldia.com