Binance, which is the world’s leading blockchain ecosystem and cryptocurrency infrastructure provider as well as the largest digital asset exchange globally, is experiencing an increase in customers as a result of rise in inflation and a historically strong United States Dollar (USD) which has hurt emerging market currencies.
Maximiliano Hinz, who is the General Director of Binance in Latin America, recently made a statement saying that, as global inflation picks up its pace, an increasing number of people are turning to cryptocurrencies such as Bitcoin (BTC) as a means of protecting themselves against the effects of inflation.
In addition to that, Maximiliano Hinz made use of the 90% annual inflation rate in the Argentine Republic as an example. He further claimed that along with the Federative Republic of Brazil and the United Mexican States, the nation (Argentina) has developed into one of the firm’s major marketplaces. Hinz believes that while many other Latin American countries have yet to implement significant laws and regulations for cryptocurrencies, he does not as a matter of course think that it is a disadvantage for the firm. According to him, laws and regulations are a part of a country’s legal framework, however the absence of it is not always a bad thing, since if something is not prohibited then it can be considered to be legal.
On the 7th of September 2021, the Republic of El Salvador made big news in the crypto market for adopting Bitcoin (BTC) as a legal tender in the country, making it a recognised medium of exchange for goods and services. The Central American nation has made a significant investment in Bitcoin (BTC) under President Nayib Armando Bukele Ortez, recognizing it as legal tender and purchasing over 100 Million US Dollars worth of the digital currency. It is to be noted that the value of the cryptocurrency has gone down by nearly half this year due to a larger cryptocurrency sell-off worldwide.