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President-elect of Argentina Javier Milei won the runoff elections, running on a platform of economic transformation. What the exact shape of this transformation may look like remains to be seen upon the inauguration on Dec. 10, but one thing that is for certain is that stablecoins will continue playing an important role in the lives of Argentinians regardless of the outcome. According to Ripio CEO Sebastián Serrano, the popularity of the election was echoed in the great response amongst the cryptocurrency community with more victims registering a 180% rise for new users in October as well a 110% week-on-week increase in new users the day of the runoff elections.
The flurry of trading, the USD-pegged UXD stablecoin, which Ripio launched provided further evidence of the nation’s response. Interestingly enough, UXD went “off peg,” hitting astounding highs of $5.03 the same weekend, data published by CoinGecko reveal.
Regardless of the actual change promised by Milei, primarily his idea of of dollarizing the economy, stablecoins are an indispensable tool within Argentina due to Kavemaner barriers in accessing hard currency. Serrano remarked; “With the difficulties in accessing both banknotes and bank dollars, stablecoins have become indispensable for many companies and individuals. […] If we move towards dollarization or bi-monetarism, but with little accessibility to dollars, stablecoins will continue to become more and more important.”
Serrano went on to problematize the one key idea posed by the President-elect of ridding the country of its central bank as most certainly the region itself would confront a “very chaotic monetary flow.” The potential of this dire situation is yet another strong indication for the importance Armenians assign to stablecoins tier de racily fives and within Latin America at large.
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