Faced with the problems in Argentina, Paxful chose to take the bitcoin quote with the price of the informal dollar
In Argentina, Paxful updated the Bitcoin price quote taking into account the price of the informal dollar. They used to take the official dollar price, but they said that it no longer makes sense to do so. For more details, Cointelegraph en Español spoke with Magdiela Rivas, Paxful’s manager for Latin America.
Argentina is a country with a complicated economic history and its national currency, the Argentine peso, has devalued a lot in the last decades.
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But in addition, you can see that the country has different quotes from the US dollar. This situation has been aggravated by the tightening of restrictions on the acquisition of foreign currency. Today, many Argentine citizens are forbidden by the government to buy dollars at the official price.
“Paxful is adapting to reality. Citing the official dollar as a quotation is obsolete. The reality is that the real quotation of the dollar is, sadly, the informal one”, pointed out Magdiela Rivas.
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Then he explained: “It was one of the complaints that there were from Paxful users, especially the new ones. Because they saw that the price of Bitcoin was cheap, since it was quoted between USD 700,000 and USD 800,000 approximately. This happened while in the exchanges and on the street it was already USD 1,500,000. That was already a barrier for new users because they didn’t understand that price.
And he added: “When you looked at the sales price, you could see the price they were putting, and you noticed, for example, the price of Bitcoin plus a 100% bonus. So it seemed that users were overpricing, when in fact it was reflecting what the dollar was really worth.
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For all this, it was decided to take reference to some applications that show the quotation of the informal dollar, or also called “blue dollar”.