Argentina’s central bank had formally banned consumers from purchasing Bitcoin (BTC) and other cryptocurrency using credit cards on Nov. 1. What followed was the very opposite of what the Argentine government had anticipated — over the past two weeks, the country has traded the highest amount of Bitcoins on the peer-to-peer platform LocalBitcoins, according to data by CoinDance.
One of the biggest factors in the high adoption of crypto in the country is the high volatility of the Argentine peso. In just the past five years, the value of the peso against the United States dollar has fallen by over 85%. The residents of the country have traditionally had little confidence in their currency, favoring to convert their spare pesos into relatively stable dollars.