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- On March 22, Bloomberg released a report that revealed Argentines are embracing play-to-earn games for beating inflation and their diminishing salaries.
- Axie Infinity has become popular among Argentines. The Axie’s head of Latin America revealed that the citizens are playing on behalf of Germans and Americans.
- The officials in the countries, however, had made efforts to increase crypto transactions in Argentina by imposing a crypto tax, with transactions subject to check tax, a tax on credits, and debts.
A Bloomberg report published on March 22 reveals that Argentines are turning to play-to-earn games to counter the effects of inflation on their salaries. In the Latin America region, Argentina is the top country in terms of playing P2E games, the main reason being the inflation reaching a ten-month-high.
The Statistics reveal that almost 10,000 visits were recorded on the extremely popular metaverse platform, Decentral Games. Since the prices have reached a 50% annual rate, it’s pretty evident that players are exploring various ways to beat inflation. In terms of inflation rates, Argentina is just behind Venezuela.
Axie Infinity has become quite popular among Argentines. According to Axie’s head of Latin America, Mauricio Ramos, the citizens are playing on behalf of Americans and Germans as they can’t afford to have their own accounts. This is because most of these gaming platforms require a certain amount of investment that can go up to thousands of dollars.
Due to its ability to allow people to earn for playing games, play-to-earn games have become quite popular in many countries, especially in Asia. Other countries in Latin America, too, are embracing this new way of gaming. Georgia, the Philippines, and the United States are among the countries that constitute a great number of play-to-earn users.
Argentines are breaking through financial barriers in their country by getting a portion of the earnings. However, there are some regulatory concerns around this money-making model. However, nothing serious has been finalized on it yet.
Other Ways Argentines Are Utilizing Crypto
It is also interesting to note that even before the rapid adoption of play-to-earn in Argentina, the country was a breeding ground for cryptocurrency. A large number of citizens have turned into freelancers, partly so they can get paid in cryptocurrencies. BTC or ETH constitute 90% of the crypto payments.
By imposing a crypto tax, with transactions subject to check tax, a tax on credits and debts are some ongoing efforts by the country’s officials to clamp down on this. A tax rate of 0.6% is on crypto exchanges, while LocalBitcoins volumes are also more than average.
Meanwhile, the International Monetary Fund (IMF) has also discouraged the use of cryptocurrencies. In order to put the government in that position, the IMF has used a debt restructuring plan. Nonetheless, these events haven’t discouraged the spirits of Argentines who continue to make good money.
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Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
