Argentina Defaulting? Crypto Only Way Out?

Central Bank... what are you doing now...

Argentina, a country that was once known for being the world's top export in meat and grain, a country that was once known for being a true economical powerhouse is now doing worse and worse...

It seems that the Central bank of Argentina is now imposing capital controls to stop their currency from collapsing! Any exporter that gets paid in a foreigner currency has now 5 days to change it for pesos, institutions will need an authorization from the bank to buy dollars from foreign exchanges and any individual Argentinian will have a max of $10.000 per month that they will be able to buy! This is what you get by having the state controlling the financial system.

With this system any Argentinian is now stuck in their country, if the country goes under (which has a high probability of happening), everyone that is hodling pesos will go under with the country and won't be able to get out with their own money... or will they?

This is why bitcoin and all cryptocurrencies are such a world-changing thing, cryptocurrencies aren't controlled by the state, no government can stop a Bitcoin transaction, no government can freeze your account! Even with these new "rules" that Argentina is imposing, Bitcoin can still be bought, traded, moved, mined, etc... you don't necessarily have to go down with Argentina, you can just store your value in Bitcoin! Even a stablecoin is a good idea...

Another hard place to remove your money from is China! China has many laws in place to stop money from leaving the country, even with these laws there are many ways to go around the system and remove your money from there, and to be honest, I don't know how much of these supposed "laws" isn't just China FUD from western media, but it's a fact that most tether volume comes from China! China loves using tether as a way to store value in dollars, to trade and to have access to external markets.

I don't like using most stablecoins, I would rather store my value in Bitcoin, I don't trust that stablecoins are backed up by actual dollars, but there are some that I trust more than others. If I had to choose I would go for USDC since they are partnered with Coinbase and Circle and I would go for DAI, which is backed up by actual cryptocurrency stored in a smart contract! Honesty and transparency are the keys to the future and DAI seems to have them both!

So, if any Argentinian is reading this, remember, cryptocurrencies are your friends! If you want to have access to an external market and need USD, you can go with tether, if you need to store your value in case Argentina turns into another Venezuela, store your value in crypto... don't let your government control you by controlling your finances!