Guillermo Escudero says that most often Argentines secretly buy stablecoins pegged to US dollars.
"Crypto traders are peer–to-peer exchanges operating on the black market. As a rule, this is just an unremarkable place where you can come by appointment and with a preliminary confirmation of the date and time of the meeting. Crypto traders provide illegal services to citizens for the exchange of paper fiat currency for stablecoins. Tether stablecoins are the most popular," says the expert.
Guillermo Escudero confirms that using cryptographic services allows Argentinean citizens not only to exchange the cheaper national currency for the equivalent of dollars, but also to get a much more favorable exchange rate than the official exchange rate in banks, plus to avoid strict currency controls.
In December, the official exchange rate fluctuated around 365 Argentine pesos per dollar, but has risen to 829 Argentine pesos since Javier Miley became the new president of the country. The inflation rate in Argentina reached a 32-year high of 211.4% in 2023.