Argentina’s Central Bank “Mastering Bitcoin” Amidst Depreciating Peso & Rising Inflation

Argentina’s central bank in a document has requested a list of books on the subject of bitcoin such as “Mastering Bitcoin: Programming the Open Blockchain 2nd Edition” by Andreas Antonopoulos, cryptocurrencies and blockchain.

As the country’s national currency peso hits record low against dollar and inflation keeps on rising, the citizens and institutions alike are showing growing interest in the crypto market.

Argentinian central bank interested in Bitcoin, Blockchain, & Fintech

As per the document released by the Central Bank of Argentine Republic (Banco Central de la República Argentina, BCRA), the bank is looking enthusiastic and positive about bitcoin and blockchain.

The document dated June 13, has a list of books that are being requested by the central bank that belongs to the crypto space. In a total 42 books are listed in the published paper that is integral to understanding the concept of cryptocurrencies and the blockchain.

“Mastering Bitcoin: Programming the Open Blockchain 2nd Edition” – by the famous Andreas M. Antonopoulos is the first book.

Moving down the list, the fourth book is “Blockchain Basics A Non-Technical Introduction un 25 steps” – by Daniel Drescher.

Another important inclusion is “Blockchain: Blueprint for a new economy” written – by Alexander Preukschat.

These books primarily cover the intricacies of bitcoin and blockchain while other books on the list are related to new technologies, future of financial innovations and a lot more.

Unlike the central bank of other countries that are more inclined towards restricting the use of cryptocurrencies, Argentina’s central bank has taken a progressive step forward by requesting these books. It shows the bank’s interest towards learning about a new technology that is gaining a lot of attention and popularity.

Also, read: UK’s Largest Bank HSBC Showing Interest in Crypto Market, Making a Calculative Exploration

Amidst rising inflation, Bitcoin emerges as a better alternative

According to a Reuters article, the central bank of Argentina surveyed 52 analysts that revealed the median view of full 2018 year for inflation has been raised to 27.1 percent from 22 percent a month before while the economic growth has been lowered to 1.3 percent from 2.5 percent.

Despite the stoppage of currency control about three years back, income and savings of the citizens are devaluing. Just the end of last month, Argentina’s currency peso hit a record low at 28.6 per dollar. The inflation rate in Argentina is also on the rise as it hits 29.5 percent level last month. Among Latin American countries, Argentina has one of the highest inflation levels in the region.

This is a strong reason for Bitcoin adoption potential in the country that came into light about two years back. According to a study, out of 178 countries, the nation has a higher score in the Bitcoin Market Potential Index (BMPI).

Bitcoin adoption is constantly growing in the country as people are seeing it as a better and secure alternative to their national currency.