Bitcoin Growth More Than Doubles In Economically Ravaged Argentina

The use of bitcoin has more than doubled in the past year in Argentina as government controls have delivered economic stagnation and double-digit inflation, according to the London, U.K.-based Financial Times. The government has restricted access to foreign currency and created an overvalued currency exchange rate. One small business owner, the owner of a budget hostel in Buenos Aires, has found bitcoin helpful in the face of the country’s overvalued currency exchange rate. She takes credit card payments from foreign tourists in return for bitcoin. She can then sell bitcoins on Argentina’s unofficial currency market for 50 percent more than […]

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