Published on July 21st, 2015 | by bitcoin0
200% Increase in Argentinian Merchants Who Take Bitcoin
Since last year, the number of bitcoin merchants in Argentina has doubled, according to the Financial Times.
This growth comes primarily from small businesses, which are showing the highest bitcoin growth and adoption rate in all of Latin America.
Argentina, South America’s second-largest economy, has been restricted from access to foreign currencies and has suffered from an overvaluation of exchange rates, unstable inflation and complicated economic dynamics.
This prolonged exposure to economic instability has motivated Argentinian merchants to shift from fiat-based financial platforms to bitcoin to avoid frozen payments which sometimes are locked up for two or more weeks.
Currently, Argentina has more than 150 local bitcoin merchants, including hotels, restaurants, bars and resorts.