{"id":65390,"date":"2023-11-23T18:30:21","date_gmt":"2023-11-23T22:30:21","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=65390"},"modified":"2023-11-23T18:30:23","modified_gmt":"2023-11-23T22:30:23","slug":"stablecoins-will-remain-important-in-argentina-ripio-ceo","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/stablecoins-will-remain-important-in-argentina-ripio-ceo\/","title":{"rendered":"Stablecoins Will Remain Important in Argentina – Ripio CEO"},"content":{"rendered":"\n

According to Ripio CEO Sebasti\u00e1n Serrano, stablecoins will likely be unshakable in Argentina\u2019s monetary system<\/a>.<\/p>\n\n\n\n

\"Stablecoins
Stablecoins Will Remain Important in Argentina – Ripio CEO<\/figcaption><\/figure>\n\n\n\n

Javier Milei, the incoming president of Argentina, campaigned on the platform of economic reform. Stablecoins will continue to hold a significant position in the financial affairs of Argentinians, Ripio CEO Sebasti\u00e1n Serrano told Cointelegraph en Espa\u00f1ol, notwithstanding how the transformation materializes following his inauguration on December 10.<\/p>\n\n\n\n

According to Serrano, the Argentine cryptocurrency community reacted enthusiastically to the former economics professor's election. New users on the Argentine cryptocurrency exchange Ripio \r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a>increased by 180% in October and by 110% week-over-week on November 19, the day of the runoff election that elected Milei to power.<\/p>\n\n\n\n
\"\"

An Argentine banknote. Source:\u00a0Wikimedia Commons<\/figcaption><\/figure>\n\n\n\n

The flurry of trading activity involving the UXD stablecoin, which Ripio pegged to the U.S. dollar, mirrored the anguish. According to CoinGecko<\/a>, UXD lost its peg on November 17 and reached an astounding peak of $5.03 that weekend.<\/p>\n\n\n\n

Argentina's financial affairs are already heavily reliant on stablecoins; this may grow even more so in the future, regardless of Milei's decision to implement his plan to dollarize the economy entirely. Serrano declared:<\/p>\n\n\n\n

\u201cWith the difficulties in accessing both banknotes and bank dollars, stablecoins have become indispensable for many companies and individuals. [\u2026] If we move towards dollarization or bimonetarism, but with little accessibility to dollars, stablecoins will continue to become more and more important.\u201d<\/em><\/p>\n\n\n\n

Serrano posited that an alternative course of action to Milei's proposed elimination of the Central Bank of Argentina would be to organize or substitute it with a comparable institution. <\/p>\n\n\n\n

Without a central authority, “a very chaotic monetary flow” could ensue, as has previously occurred in Argentina. An additional crucial rationale for implementing stablecoins in Argentina and other Latin American nations<\/a> is as follows.<\/p>\n\n\n\n

\n

Proof of Voto \ud83c\udde6\ud83c\uddf7 pic.twitter.com\/1vtbObXfUO<\/use><\/svg><\/span><\/a><\/p>— Sebasti\u00e1n Serrano (@sserrano44) November 19, 2023<\/use><\/svg><\/span><\/a><\/blockquote>

Argentina rates fifteenth on the Chainalysis Global Adoption Index, with annualized inflation reaching 143% in October.<\/p>\n","protected":false},"excerpt":{"rendered":"

According to Ripio CEO Sebasti\u00e1n Serrano, stablecoins will likely be unshakable in Argentina\u2019s monetary system. Javier Milei, the incoming president of Argentina, campaigned on the platform of economic reform. Stablecoins will continue to hold a significant position in the financial affairs of Argentinians, Ripio CEO Sebasti\u00e1n Serrano told Cointelegraph en Espa\u00f1ol, notwithstanding how the transformation […]<\/p>\n","protected":false},"author":1,"featured_media":9818,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[5580,1207,4526,926],"class_list":["post-65390","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-crypto-exchange-2","tag-argentina","tag-ripio","tag-stablecoins"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2021\/09\/US-Treasury-reportedly-considers-the-regulation-of-stablecoins.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/65390","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=65390"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/65390\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/9818"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=65390"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=65390"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=65390"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}