The rate that citizens in Argentina use to exchange the native fiat currency, the peso, for dollars and stablecoins, has plummeted due to the climate of political and economic uncertainty.
Citizens of Argentina are hedging their savings by using stablecoins amidst the recent climate of uncertainty created by the resignation of certain key members of the government. The minister of economy in the country resigned last weekend, alongside other personalities, creating the turmoil that prompted the price of stablecoins in the country to rise by 11% on some exchanges.
of economy minister Martin Guzman caused shockwaves, as he was one of the biggest articulators of the deal the country inked with the International Monetary Fund to restructure the debt that the country has with the organization.The resignation of Guzman also brought about demissions from other important officers of the ministry, including Ramiro Tosi, Roberto Arias, and Rodrigo Ruete. This made the exchange rate of pesos for U.S.
, the rate reached 257 Argentine pesos on the Binance exchange, a rise of 6.6%. On the Lemon Cash exchange, prices jumped 11% to 279 pesos.The situation has caused Argentinians to rush to exchange their pesos for foreign currencies like the U.S. dollar and also for dollar-pegged stablecoins like
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