BUENOS AIRES: The cost of buying tether with Argentine pesos surged after economy minister Martin Guzman resigned.
The resignation marked the biggest departure of president Alberto Fernandez’s government after infighting escalated within the ruling coalition.
No replacement was immediately named.
The price of tether measured in Argentine pesos jumped on major exchanges soon after the minister announced his resignation on Twitter.
This is according to the CryptoYa website, which reports minute-by-minute prices.
The coin on the Binance exchange was up 6.6%. On the Lemon Cash exchange, prices jumped 11%.
Crypto is the only market trading in Argentina.
While volumes are small, the moves could indicate unease, at least among some traders, over the growing rift within the ruling coalition and concern over the government’s ability to tackle rising inflation and other economic challenges.
Argentina is one of the nine countries with the highest adoption of cryptocurrencies, according to Chainalysis, a site specialising in crypto and blockchain.
In a country with recurring currency crises and inflation running around 60% annually, two-thirds of Argentines who invest in crypto say they do so to protect their savings.
This is according to a study by Buenos Aires-based Wunderman Thompson. —Bloomberg