Argentines Turn to USDT as a Hedge After Finance Minister Quits - BitcoinEthereumNews.com
Argentines turn to stablecoins as a hedge after the resignation of former Economy Minister Martin Guzman on Saturday. Guzman pened a resignation carta published on Twitter after months of infighting surrounding a renegotiated deal with the International Monetary Fund (IMF), which the preceding administration had inked. The price of USDT in Argentinian pesos at crypto exchanges soared after the minister tweeted his resignation, according to CriptoYa, which tracks prices every minute. One USDT sold for 257 pesos on Binance. On Lemon Cash Exchange, the amount rose 11%, costing about 279 pesos. While small amounts of crypto moved through Argentine markets, this itself could indicate unrest, as Guzmans resignation lays bare the division between President Alberto Fernandez and Vice President Cristina Fernandez de Kirchner. Kirchner, in recent months, has become a critic of the government‘s handling of inflación, drawing votes away from Guzman’s deal with the IMF. Guzman also restructured $65 billion of international bonds with private creditors two years ago, which did little to assuage investor confidence. He went on to stem the tide of the national fiscal deficit after it peaked in 2020. IMF plays hardball with Argentines Part of Guzmans $45 billion debt-restructuring deal with the IMF to avoid defaulting on $19 billion in March