By Marcelo Rochabrun
LIMA (Reuters) – Binance is seeing customer growth due to rising inflation and a historically strong dollar that has weakened emerging market currencies, an executive at the world’s largest cryptocurrency trading platform told Reuters on Wednesday, without publish numbers.
“Now that we are seeing inflation rising around the world, we are seeing that more and more people are turning to cryptocurrencies, like bitcoin, as a way to protect themselves from inflation,” Maximiliano Hinz, who runs Binance in Latin America, said during an interview. interview in Lima.
Hinz cited the example of Argentina, where annual inflation is 90%. The country has become one of the company’s main markets, he said, along with Brazil and Mexico.
While El Salvador has made headlines for adopting bitcoin as its legal tender, Hinz said other Latin American nations have yet to pass significant cryptocurrency legislation, which he doesn’t necessarily see as bad for the company.
“Regulation is a framework, but it’s not always a negative that something isn’t regulated,” he said. “If something isn’t forbidden, then it’s legal.”
Under President Nayib Bukele, El Salvador made a massive bet on bitcoin, making it legal tender and buying more than $100 million in the cryptocurrency, which has lost about 50% of its value amid a wider sale of digital currencies. in this year.
(By Marcelo Rochabrun)
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