Over the past two decades, the gaming industry has undergone a transformation that few could have predicted. Once considered a niche hobby, gaming has now become one of the most lucrative global industries, surpassing film and music combined. But beyond entertainment, video games have given rise to something far more complex — digital economies that … Read more
Online instability in the foreign exchange markets has helped give Argentina one of the highest cryptocurrency adoption rates in the world. As the peso continues to show weakness and a liquidity crisis deepens, could this lead to Argentina becoming a crypto-only economy? The Historical Examples While there haven’t been any examples of countries moving completely … Read more
Despite Argentina’s assertions to the contrary, the bailout from the United States government seems to be contingent upon certain conditions: they are seeking to eliminate China’s presence in Argentina. However, given Argentina’s substantial annual exports to China and the potential for significant infrastructure projects, one must consider whether President Javier Milei would genuinely sever these … Read more
The administration of US President Donald Trump has expressed its backing for Argentina’s President Javier Milei, aiming to enhance his prospects in the upcoming midterm elections – the onus now rests on him to secure victory. Milei, 54, is approaching the final stretch of the campaign trail, buoyed by favorable winds from Washington, even as … Read more
On September 2, 2024, the Argentine Central Bank sought to dispel ongoing speculation regarding the potential export of the nation’s gold reserves by declaring that it had effectively executed “transfers of part of its gold reserves to its various accounts.” In the concluding segment, the organization indicated that the national audit office possessed the necessary … Read more
Economy Minister Luis Caputo announced that the government is undertaking labor and tax reforms, alongside benefits designed to encourage businesses to conserve their resources in pesos. While lacking specific details or a timeline for implementation, he indicated that these actions will constitute the “second stage” of President Javier Milei’s administration. “We clearly need a more … Read more
The U.S. government acquired pesos in the Argentine foreign exchange market, as announced by Treasury Secretary Scott Bessent on Friday; however, this intervention did not suffice to prevent the peso from depreciating against the dollar. On the same day, the International Monetary Fund emphasized that Argentina ought to enhance its reserve accumulation efforts. “Yesterday, Treasury … Read more
OpenAI, a prominent US technology firm and the developer of ChatGPT, has entered into a letter of intent to establish a substantial artificial intelligence data center in the Patagonia region of Argentina – marking a significant first for Latin America. The Stargate Argentina project, revealed by the Argentine government on October 10, entails a collaboration … Read more
Citigroup Inc sold Argentine pesos to the Federal Reserve on Thursday as part of US Treasury Secretary Scott Bessent’s extensive initiative to support the currency and the administration of Javier Milei, according to sources. The Federal Reserve functioned as a fiscal intermediary for the Treasury, according to the sources. Bessent’s Treasury is acquiring the troubled … Read more
President Javier Milei’s senior economic officials indicated on Wednesday their expectation that Argentina’s US$20-billion currency swap with the United States will be concluded within a fortnight. During an event in Washington, Economy Minister Luis Caputo and Central Bank Governor Santiago Bausili expressed optimism regarding Argentina’s economic prospects, emphasizing the robust support the country has garnered … Read more