The journalist, who runs a newsletter on DeFi (decentralized finance), calculated the premiums currently presented by the price differential in Argentine pesos (ARS) against the official dollar and other means of exchange. In this regard, he noted that the stablecoin DAI, a currency anchored in a 1: 1 ratio to the price of the US dollar, is trading in Argentina for ARS 71.6, while the official value for USD is ARS 56. This implies a premium of 27% for DAI.
Along these same lines, Russo estimated that Bitcoin reflects a 12% spread over the official price. Likewise, the unofficial price of the US dollar, known in Argentina as “blue dollar” or parallel, would be quoted 7% above the 56 official pesos. The analyst said that these differentials have their origin in the tightening of currency control in Argentina.
It should be remembered that last September first, the Argentine government decreed an exchange rate, which prevents the free commercialization of currencies, such as the US dollar, in that country. The new exchange control, which will be in force until the end of 2019, is part of the fall of the Argentine peso, as a result of the adverse results obtained by the ruling party in the primary elections of August 11.
“Why DAI on nitcoin? It is less volatile and linked to Argentina's favorite safe haven for years. Why DAI on black market dollars (‘blue dollar’)? You can buy it on your laptop, store it in a digital wallet, transfer it, take an interest in DeFi, ”said financial journalist Camila Russo.
Why Dai over Bitcoin? Less volatile and pegged to Argentines ’favorite safe haven for ages.
Why Dai over black market dollars («dollar blue»)? You can buy it on your laptop, store it in a digital wallet, transfer it, get interest in DeFi. Beats the mattress.
(2/2)
– Camila Russo (@CamiRusso) September 18, 2019
Mariano Di Pietrantonio, community leader of the stablecoin DAI in Argentina, recently told a local media that the volume of operations of this currency multiplied by 20 after the August election results. "When there is a currency that is devalued, crypto always appears as an alternative. We saw it in Venezuela and Colombia, for talking about two countries in the region, ”Di Pietrantonio told La Nación newspaper.
As CriptoNoticias reported, Argentine financial analyst Guillermo Escudero has already seen, since August of this year, a possible boost to the cryptocurrency market in Argentina. At the time, Escudero said that investors would seek alternatives to place their funds, within the framework of the Argentine peso's decline. "That's where bitcoin comes in," said the analyst, who said that Bitcoin trading volume would increase gradually, especially because "there is more and more culture on the subject" in Argentina.
More recently, three other spokespersons for the Argentine ecosystem told CriptoNoticias that exchange control is another factor that encourages the growth of the bitcoin market in Argentina.
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