- Coinbase receives approval to operate in Argentina, enhancing its economic freedom initiative
- Argentina’s economic challenges drive high crypto adoption, making it a new hub for crypto firms
- With 5 million daily users, cryptocurrencies offer Argentines a faster and cheaper way to safeguard savings
One of the most popular cryptocurrency exchanges globally, Coinbase has just received approval to operate in one of the fastest-growing crypto nations in the world.
This week, the centralized exchange got approval to start operating in Argentina, a South American nation with a high digital asset adoption. Coinbase was granted a Virtual Asset Service Provider (VASP), from the Argentine National Securities Commission (CNS).
The VASP registration also allows the exchange to incorporate crypto payment services in the nation. Coinbase states that the move is part of a broader plan to increase economic freedom around the world.
MatÃas Alberti will lead the operation on the Argentine ground. The Argentine is a Finance major with a post-graduate in machine learning who has experience working as COO at Buenbit crypto exchange, as well as the global head of operations at Clara, an end-to-end corporate payment solution in Latin America.
Argentina the New Hub For Crypto Firms
In recent years, the Tango capital has become the leading nation in crypto adoption rates in the region, surpassing its neighbor Brazil.
The reason for this spike in adoption rate lies in the nation’s economic uncertainties. Argentina has dealt with economic hardship in the 21st century, leading to one of the highest inflation rates in the world.
This record-high inflation led to the national currency, the Argentine Peso, to drastically lose its value. For a while, the residents have to swap pesos for the U.S. Dollar in order to protect their funds from inflation. With the popularization of cryptocurrencies and stablecoins, Argentines found a faster and cheaper way to safeguard their savings and preserve their purchasing power.
Today, approximately 5 million people use digital assets daily — a number that is almost half of the overall working population in the nation. Moreover, 76% of adults view digital assets as a viable alternative and safe haven from inflation.
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