In Argentina, SatoshiTango clarified that it continues in a normal way with the transactions to acquire or sell crypto currencies, which also includes stablecoin DAI. In view of the concerns recently raised in that country, due to recent cases that generated discontent among users, such as those of Buenbit (suspension of IAD/USD operations) or the BBVA bank (blocking of accounts in dollars), Cointelegraph in Spanish consulted Matías Bari, co-founder and CEO of SatoshiTango, to find out about their situation.
Bari explained: „We operate normally. There are no limitations in Argentina for the purchase of crypto-currencies, either in pesos or in dollars“.
Marcos Zocaro, tax consultant in Argentina: „Bitcoin and crypto represent an improvement over fiat money“.
He added: „In the case of SatoshiTango, for strategic reasons we operate in the currency of the country where we are and our transactions have not been affected.
„We understand that the problem arises from other issues related to each operator and the Central Bank, but it has nothing to do with the purchase/sale of crypt“, he remarked.
He also highlighted that they launched operations in DAI in March and today they represent 15% of SatoshiTango’s movements.
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SatoshiTango alternatives to avoid the „trap
On May 27th, Cointelegraph en Español reported that SatoshiTango invited users to use some options to get around the restriction on foreign currency purchases.
„Don’t get caught in the MEP and CCL dollar trap: Switch to the Digital Dollar now“, was one of the invitations that the firm extended to users.
It should be borne in mind that MEP and CCL are two of the dollar quotes that exist in Argentina (there are many more). MEP stands for „Mercado Electrónico de Pagos“. On the other hand, CCL stands for „spot with settlement“ or „spot with liqui“.
As there were more and more restrictions by the Government for the purchase of US dollars, from SatoshiTango they started inviting citizens to look for alternatives. One such alternative is stablecoin DAI.
„I invested in the digital dollar: The Dai, or Digital Dollar, is a crypt currency tied to the value of the US dollar. At any time you can exchange the Dai for its dollar equivalent,“ the firm said.
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Buenbit suspended the DAI/USD operation
Argentina is a country with strong restrictions on buying US dollars. In that context, some saw in cryptomonies, and more specifically in stablecoins like DAI, an alternative to be able to avoid the so-called „exchange trap“. However, the firm Buenbit has also suspended the DAI/USD operation for citizens of that country. They informed customers of this by e-mail.
Control by the FIU
According to an article in El Cronista of July 13, signed by Mariano Gorodisch in Argentina, the Financial Investigations Unit (FIU) will gather information on agents involved in the cryptoactive market in order to identify the main players and the volume of transactions carried out. Gorodisch said the agency seeks to control those who buy dollars with crypto-currencies. According to this publication, the operation with Bitcoin System or virtual assets is being specially monitored by the FIU.