Investing.com’s editor, Rachael Rajan, reported on April 24, 2023 that Latin America’s Vice President of Binance, Min Lin, declared the company’s intention to become a regulatory entity in Argentina once the country enacts a law licensing cryptocurrency brokers. Lin emphasized Binance’s commitment to introducing innovation in regulatory frameworks while protecting users during an interview with Telam.
Chainalysis’ 2023 Geography Cryptocurrency Report confirms Lin’s statement that Argentines often use stablecoins like USDT and USDC as a hedge against inflation and currency devaluation. This is further supported by Lemon Cash’s Alfonso Martel Seward, who observed that Argentines convert their pay into stablecoins to retain their purchasing power.
Binance’s move to pursue regulation in Argentina coincides with a surge of crypto adoption in the country. Stablecoins play a major role in safeguarding citizens from economic instability.
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