According to Forbes, citizens of Argentina, a country with the highest cryptocurrency adoption rate in the Western Hemisphere and inflation of around 300%, prefer to store digital assets themselves.

Forbes cites the latest research from the analytics company SimilarWeb, according to which out of 130 million visitors to the 55 largest global crypto exchanges, approximately 2.5 million were from Argentina. Maximiliano Hinz, head of the Latin American division of the Bitget crypto exchange, said:

“Argentinians are not playing the meme coin lottery or trying to get rich on the next hot token. Instead, they are buying and holding the stablecoin Tether (USDT). It is an anomalous market where many people simply buy USDT and do nothing else with it.”

Hinz explained that Argentine citizens can only rely on themselves and conduct transactions at their own risk, since the country has not created any rules regulating the crypto asset market. The state does not provide any guarantees for cryptocurrency users when applying for services to crypto exchanges and marketplaces.

Thus, according to Forbes, none of the five largest crypto exchanges present in Argentina — Binance, eToro, BingX, HTX, and Bitget — have been registered with the National Securities Commission (CNV). Ordinary Argentine crypto investors find it difficult to assess the possible risks, so they are forced to find their own ways to exchange and store digital assets.

Earlier, Argentina’s newly elected President Javier Milei said the country was moving toward a “regime of competing currencies,” in which each citizen would choose which assets to use for payments.