Local Bitcoin transactions surged as Argentina’s central bank depositors cut their monthly dollar purchase subsidies by 98%

According to Argentine local news media Clarin reported on October 27, the Argentine central bank (BCRA) depositors will reduce their monthly dollar purchase subsidies to $200. In the previous September, the subsidy was $10,000, which was equivalent to a 98% drop. Argentina held a presidential election on Sunday, and the new government tried to prevent further depreciation of the Argentine peso (ARS). The previous day, Argentine Bitcoin users set the third-highest transaction record on the peer-to-peer trading platform Localbitcoins.