A number of South American countries have been in crises and cryptocurrency looks to be one of the ways out in some of these countries. As such Electroneum is making a huge stride in Argentina, as the cryptocurrency targets helping impoverished people in countries facing crisis and developing countries around the world.
Argentina has been facing crisis for quite some time with the country’s debt rising. The South American country is again at the threshold of another major financial crisis, and locals are already sorting for new means to salvage their life savings.
Electroneum has been one of the major new options for citizens of the country. Many locals are now adopting the cryptocurrency, and small, large and medium shops in the country have integrated Electroneum as a means of payment at their stores.
In a recent statement, Martin Guzman, the country’s Economy Minister, said a “debt sustainability” bill has been handed to congress to improve the debt terms, interest charges and amounts of capital.
“Today we have an unsustainable debt burden that mortgages the futures of all Argentines,” Guzman said.
Argentina has about $100 billion in sovereign debt, and the president claimed the nation cannot repay such debt now until the economy is revived. Hence face by negotiations with creditors which is yet to be fruitful.
Juan Pablo Canepa, a resident of Bariloche in the Patagonia region of Argentina, said not less than 20 shops and service providers have already integrated ETN as a mode of payment in Bariloche which has a population of 200,000.
According to Electroneum, experts explained that Argentina is on the threshold of another major financial crisis, and the country’s population is sorting for other means to salvage their life savings. Electroneum has been one of the major new means of money adopted by citizens in the province.
Canepa who is a member of the Bitcoin Foundation in Argentina said the real-world use cases of Electroneum is enhancing the adoption of the crypto in Argentina.
“To me, Bitcoin is only good as a store of value, while Electroneum has real-world use cases that make it a clearer option of crypto to be adopted by the population,” Canepa said.
Attesting to the progress of the cryptocurrency, Electroneum stated that within the space of 2 years, it has been able to attract 3.1 million users.