Guido Cannetti – an athlete from the Argentina-based Ultimate Fighting Championship – will become the first athlete in the country to receive his full wages in stablecoins. In this critical time for Argentina, when it is experiencing a high rate of inflation, this is an endeavor made to secure the athlete’s money from devaluation. This news has been announced on Monday by Bitwage, a payroll organization.
Guido Cannetti to Be the First Crypto-Paid Argentinian Athlete
Guido Cannetti – on 1st October – went to Octagon to compete with a regional athlete known as Randy Costa in the United States. In consideration of Bitwage’s announcement, Guildo will get his payment (in the form of stablecoin USDC) through the platform named Vibrant. Stellar Network has designed this wallet application specifically for the residents of Argentina who are experiencing inflation.
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According to the statistics issued by the government, the inflation rate in the 12 months (till August this year) was up to 78.5%. On the other hand, within the initial 8 months of this year, the rate was approximately 56.4%. The central bank of Argentina has anticipated an almost 95% inflation rate this year. Some other examiners have predicted that the inflation rate will touch the figure of 100% in the year 2022.
Cannetti acknowledged the favor made by the Argentinian government (in a statement given to Bitwage) to secure his property from the hazard of devaluation even in a critical time. By receiving his salary in the stablecoin, he will be free of the loss that may be caused to Argentina’s traditional currency.
Crypto Adoption Rises in Argentina, a Survey Says
According to the survey conducted by Americas Market Intelligence on Argentinian crypto customers, 12% of crypto adoption has been observed at the end of the previous year. Among the users of crypto, 27% were regular consumers as well as up to 51% bought cryptocurrency.
This frequency of 67% of consumers moving towards cryptocurrency is a step to avoid the effects of excessive inflation of price (of local currency) in Argentina.
With the sudden resignation of United States Economy Minister – Martin Guzman – the stablecoin’s price increased in July. The major target of his financial policy was to minimize the flaws of the budget as well as constrict the divided opinions of the Argentinian government about monetary policy.
According to the information presented on the DolarHoy (a website), the exchange price was almost 287 pesos for each dollar in the black market of Argentina.
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