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<\/p>\nPresident-elect of Argentina Javier Milei ran on a promise of economic change. The shape of the transformation will only become known after his inauguration on Dec. 10, but stablecoins will play an important role in Argentinians\u2019 financial lives no matter what happens, Ripio CEO Sebasti\u00e1n Serrano told Cointelegraph en Espa\u00f1ol.<\/p>\n
Argentina\u2019s crypto community has responded with great enthusiasm to the election of the former economics professor, Serrano said. Argentina-based cryptocurrency exchange Ripio saw a 180% rise in new users in October and a 110% week-on-week increase in new users on Nov. 19, the day of the runoff election that brought Milei to power. <\/p>\n
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The excitement was also reflected in the flurry of trading activity with the U.S. dollar-pegged UXD stablecoin, which Ripio launched. UXD lost its peg on Nov. 17 and also saw an astounding high of $5.03 that weekend, according to CoinGecko. <\/p>\n
Related: Milei vowed to close Argentina\u2019s central bank \u2014 But will he do it?<\/em><\/strong><\/p>\n Stablecoins already play a key role in Argentines\u2019 financial lives, and that may be even more so in the future, whether or not Milei follows through with his plan to fully dollarize the economy. Serrano said:<\/p>\n \u201cWith the difficulties in accessing both banknotes and bank dollars, stablecoins have become indispensable for many companies and individuals. [\u2026] If we move towards dollarization or bimonetarism, but with little accessibility to dollars, stablecoins will continue to become more and more important.\u201d<\/p><\/blockquote>\n Serrano suggested that the Central Bank of Argentina needed to be put in order or replaced by a similar body, rather than being eliminated, as Milei has promised. Without a central authority, there could be \u201ca very chaotic monetary flow,\u201d as has been seen in Argentina in the past. That is another fundamental reason for the use of stablecoins in Argentina and other Latin American countries.<\/p>\n Annualized inflation in Argentina hit 143% in October, and the country ranks 15th in the Chainalysis Global Adoption Index.<\/p>\n