The premium on the price of Bitcoin in Argentina is rising.
According to the Buenos Aires-based crypto exchange SatoshiTango, the price of BTC on the exchange is currently $12,584. That’s a $2,219 premium on the average price of Bitcoin, according to the latest numbers from the crypto data aggregator CoinMarketCap, which has BTC at $10,365 at time of publishing.
Bitcoin is surging in Argentina as the country’s economic woes intensify. Its government just announced new restrictions on the purchase of US dollars. Citizens are now blocked from buying more than $10,000 unless they obtain permission from the country’s central bank.
Businesses are also impacted. In order to make transfers abroad, companies must now receive the go-ahead from the central bank.
The peso dropped to a record low in August, and stands at 58.25 per US dollar at time of publishing. Its value against the dollar has plummeted 55% since January 1st of this year.