Argentines are using secret peer-to-peer crypto exchanges to buy U.S. dollar stablecoins as inflation continues to soar.
Argentines are using black market exchanges, known locally as “crypto caves,” to buy U.S. dollar stablecoins in a bid to escape strict currency controls and triple-digit inflation of the Argentine peso (ARS), and are reportedly shunning Bitcoin (BTC) due to perceived volatility.
Crypto caves are underground peer-to-peer exchanges operating secretly and tucked away in “non-visible places,” CryptoMarket’s strategic alliances manager Guillermo Escudero told Cointelegraph.
Escudero said that locals can get a far better rate than the official exchange rate if they use such crypto caves. Local banks cannot officially accept dollars, so crypto wallets have become popular to store dollar-pegged stablecoins like Tether (USDT).
