Argentinians Flee To Safe Haven: Bitcoin

Bitcoin adoption took another boost in South America yesterday after the Argentinian central bank announced measures to tighten controls on the movement of foreign currency.

The announcement came shortly after the Argentine peso plunged over 10%, setting the long-suffering Argentinian people back further.

Only 20 years ago, the Argentine peso was 1:1 with the USD, but corruption and mismanagement has seen its economy collapse and the national currency is now artificially pegged at 72:1 USD.

The Board of the Central Bank of the Argentine Republic (BCRA) justified the new measures saying they were attempting to promote a more efficient allocation of foreign currency.

Working with the BCRA, the Federal Administration of Public Revenues (AFIP) say they have set new guidelines to ‘maintain the current quota of $200 per month whilst discouraging the hoarding foreign currency and card expenses.’

Their aim is to raise taxes on income and on personal assets at a rate 35% on purchases with credit and debit cards in foreign currency. Read More at Bitcoin Maximalist