Restrictions on the purchase of the dollar has forced people to switch to Bitcoin

Argentina again came in sight of the supporters of Bitcoin. The country was suddenly forbidden to buy more than $ 200 a month per person. This had an impact on the popularity of the cryptocurrency among citizens. What are the new restrictions?

Central Bank: the limit of 200 dollars is “temporary”

28 as reported in news publications, the country’s Central Bank decided to reduce the number of dollars that people have to buy every month. Previously, the limit was 10 thousand dollars, and yesterday — total of 200.

It is worth noting the reduction in the limit on 98 percent imposed on the day of the election of a new President — it was Alberto Fernandez. The previous limit of 10 thousand dollars appeared in the framework of capital controls in September of this year.

The value of the national currency, the Argentine Peso (ARS) this year has strongly fallen, and the annual rate of inflation in the country — that is, the General level of prices of goods exceeded 50 percent. As stated in the Central Bank of Argentina BCRA, the ban on the purchase of large sums in dollars will last two months. We already wrote about the deteriorating situation in the economy in our Telegram channel.

12 Aug Argentine pesos for one day has fallen against the dollar by nearly 25 percent.

Given the current degree of political uncertainty, the Board of Directors of the BCRA adopted a number of unpopular measures in this Sunday. They are aimed at preserving the reserves of the Central Bank. The announced measures are temporary and will continue until December 2019.

Further, the Bank explained that “the new limit of $ 200 per month apply to purchases in dollars for individuals with a Bank account. Cash can be bought only $ 100 a month”.

Argentina entered the top 3 on Localbitcoins

Quite expectedly, all this has an impact on the cryptocurrency market. According to the latest statistics, Argentina broke into the top three most active countries on the site for peer-to-peer cryptocurrency exchange Localbitcoins.

Read on: In which countries have the highest demand for Bitcoin?

According to the monitoring service CoinDance, for the previous 26 October, the week of Argentines traded at 14.15 million pesos or 240 thousand dollars in value. It is worth noting that the main emphasis should be not on the trading volume on Bitcoin, but rather a weakening peso.

The trade volume on Localbitcoins for Argentine peso (ARS). Source: CoinDance

However, the trend is still clear, because the current result was the third in the history of work Localbitcoins in the country. A record volume of transactions on the platform in national currency recorded in July of this year.

Of course, Bitcoin enthusiasts in the community quickly took the initiative into their own hands and began to illuminate the benefits of moving to a decentralized cryptocurrency among citizens. As wrote the famous on Twitter, a cryptanalyst under the name Rhythm, “it’s not your money, if you need to ask permission to use them”. Here is his tweet.

It should be noted, the previous President of Argentina is much more interested in the potential of Bitcoin. In March, Mauricio Macri met with venture capitalist Tim Draper. There were reports that they made a deal about the adoption of Bitcoin as the official currency of Argentina in the case that the cryptocurrency will be more stable than the peso.

Even if it was a simple statement for PR, it clearly hasn’t worked. Although the gap in the race was small. 48.1 percent from Alberto Fernandez and 40.4 percent from Mauricio Macri. Actual data after processing of 97 percent of the vote.

The conclusion is obvious: the restrictive measures of the government forced citizens to actively become interested in the cryptocurrency. In case with Bitcoin nobody can make you buy less than you want. Exceptions can be except that the volume of available money in the wallet and the number of available bitcoins in circulation. Recently this figure has exceeded 18 million, so the miners will have to get less than 3 million BTC.

Against this background, we can announce another interesting assumptions. Not the fact that in case of recession of economy the cryptocurrency market will go down. Two possible scenarios of behavior of Bitcoin we have reviewed in this article.

The current rate of coins you can see in the class ranking cryptocurrencies, and in cryptodata traders you will find lots of other useful information. Also check in Yandex Zen — there is a lot of fun.

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