Regulation
Cryptocurrency Adoption in Argentina Soars Amid 276% Inflation — TradingView News
Cryptocurrency adoption in Argentina breaks records in the Americas as local inflation rate soars.
Argentina is the most favorable country for the adoption of cryptocurrencies in the Western Hemisphere, with an annual inflation rate of 276%, according to analysts from the American economic magazine Forbes.
Cryptocurrency adoption in Argentina is higher as a share of its global population than in any other country in the Western Hemisphere, Forbes analysts reported in a July 8 article. Of 130 million visitors to 55 of the world’s largest exchanges, 2.5 million were from Argentina, the report noted, citing data from the Similarweb website.Cointelegraph
Argentina is also the top market on Binance, one of the world’s largest cryptocurrency exchanges, in terms of visitors. According to SimilarWeb, website traffic from Argentina accounts for 6.9% of Binance’s total visits.
Argentines buy USDT in cash and “do nothing with it”
Unlike the growing memecoin trend in the crypto industry, cryptocurrency adoption in Argentina has not been driven by memecoins. Locals instead prefer to hold stablecoins like Tether 
“Argentina is an abnormal market where a lot of people are buying USDT and not leaving room for much else,” Hinz said, adding:
“You don’t see that anywhere else. Argentines buy Tether for cash and don’t do anything with it.”
Stablecoins like USDT are a type of cryptocurrency designed to maintain a stable value by being pegged to a reserve of US dollars at a 1:1 ratio. With massive local inflation rates, holding money in USDT seems to make a lot of sense for Argentinians, even though the country doesn’t have any significant measures to protect stablecoin investors.
Argentina’s national securities regulator has so far failed to register any major stock exchanges.
Despite Argentina’s friendly stance on cryptocurrencies like Bitcoin 
In late 2023, after Argentine President Javier Milei took office, Argentina officially approved the use of Bitcoin in legally binding contracts.
Related: Cryptocurrency adoption in Canada is difficult as cash remains king
Since then, Argentina has been trying to regulate the local cryptocurrency market, adopting registration requirements for cryptocurrency businesses in April 2024.
Despite the government’s efforts to regulate cryptocurrencies, Argentina still struggles to provide regulated cryptocurrency services to its population, according to Forbes.
The report claims that none of Argentina’s major cryptocurrency exchanges, including Binance, have registered with the country’s securities regulator, the Comisión Nacional de Valores (CNV).
“To my knowledge, there are no licensing requirements in the Latin American countries where Bitget operates,” Bitget’s Hin said.
Cointelegraph reached out to CNV for comment regarding local crypto regulations but did not receive a response at the time of publication.
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