XRP Can Play a Role in Argentina as President-Elect Plots Peso Replacement

Argentina has elected a pro-Bitcoin (BTC) candidate Javier Milei who plans to replace the Peso with the USD, an overhaul that some believe could involve XRP.

There is a lot of speculation about Javier Milei’s ascension, especially about his monetary reforms and the plot to suspend the Central Bank. With his campaign posturing, there is a high likelihood that crypto will play a unique role in his presidency.

XRP Already in Argentina

Argentina is one of the countries that battles the most aggressive forms of inflation in the world. Current data pegs the inflation in the country at 143%, a figure that has compounded the rate of peso devaluation.

To avoid the pangs of fiat fall, some citizens have turned to crypto, a move that prompted pro-crypto Lawyer John Deaton to comment, noting “Bitcoin will play a role” in the mission to revitalize the economy. In response to Deaton’s take, an X user also drew attention to the presence of XRP in Argentina.

– Advertisement –

They shared a Blockworks report from May that confirmed the support for XRP by Banco Galicia, one of Argentina’s top privately owned banks. Banco Galicia added crypto trading to its investment banking platform with support provided for XRP, Bitcoin, Ethereum (ETH), and USDC.

It is worth noting that Banco Galicia made this move before the court ruling that vindicated XRP as a non-security as alleged by the United States Securities and Exchange Commission (SEC). With Javier and potential pro-crypto policies on the horizon, we may see more financial institutions and trading platforms lend support to XRP across the board.

Leveraging the XRP Charm

By its design, XRP can play a multi-dimensional role in Argentina. Primarily, it can bolster the payment infrastructure as it facilitates super fast and cheap money transfers that can serve as an alternative to existing options in the country. 

Additionally, XRP, through Ripple’s cross border solutions, remains one of the most efficient digital currencies to adopt for remittance purposes. With new policies on the horizon, XRP may gain more foothold to serve this purpose.

Lastly, XRP can serve as a store of value as it historically soars over time. The recent portfolio growth acknowledgment from pro-crypto attorney, Jeremy Hogan, lends credence to this potential.