Chronic devaluation: Argentina to issue new 2,000 peso note

English Feb 6, 2023

Argentina is one of the countries with the highest adoption of Bitcoin in Latin America. Analysts believe that this is largely due to the country's economic problems, which force the population to try to protect their purchasing power by buying Bitcoin.

The country's currency rate continues on a strong downward trend, accompanied by a loss of confidence in the country's financial administrative bodies.

In its latest move, the Central Bank of Argentina has decided to print a new banknote for the first time since 2017 – this time with a face value of 2,000 pesos (US$10.6).

The banknotes will feature portraits of Argentina's first female doctor, Cecilia Grierson, and the first Minister of Public Health, neurosurgeon Ramón Carrillo. On the back there will be an image of the Instituto Malbrán, a medical research institute in Buenos Aires.

The decision was taken in the midst of strong inflation in the country, which at the end of 2022 reached 94.8% – the highest level since 1991. There is no doubt that this sad scenario will continue to lead the population to buy cryptocurrencies to protect their purchasing power .


Morel Hernandes

Writer passionate about politics, economics, blockchain and crypto-currencies.