Buenos Aires, the crypto laboratory
In just a few years, the Argentinian capital has become a key player in the sector.
Hello everyone 👋
This is Raphaël live from Buenos Aires.
As you know, I've been in Argentina for a few days to discover the crypto ecosystem. And there's already a lot to tell you! But before we start, we'd already like to thank you because this report is only possible thanks to you. We'd also like to say hello to everyone who gave us contacts and helped with accommodation on site.
So crypto in Argentina? Revolution or not?
Of course, things are always more nuanced. In reality, the first thing that strikes you when you arrive in Buenos Aires is the Argentines' relationship with their currency, the peso. They hate it as much as they love Diego Maradona ⚽ ️. You feel it as soon as you arrive at the airport. When I took out my wallet in the first café, the two young waitresses who saw I had euros slipped me, "We'll take EU-ROS."
And pesos you take anyway? "Also", they explained, almost annoyed.
Speaking of pesos, one might imagine that the most convenient way to pick some up from abroad is to go to an ATM. There's no shortage of them at the airport. Big mistake! On top of the crazy fees, you'll be withdrawing pesos at the official rate. Yes, because in Argentina there's an official rate and an unofficial rate.
👉 The official rate is the one set by the central bank, on the instructions of the government. Currently, it is approximately 1 euro = 120 pesos.
👉 The unofficial rate is that used by Argentines in everyday life. Currently, it is 1 euro = 220 pesos.