Play-to-Earn Crypto Games Are Increasingly Popular In Argentina

Argentina are increasingly turning to play-to-earn games to supplement their income, with the number of gamers from the country increasing dramatically in recent years. Citizens frequently make more money from these games than they do from their incomes, as inflation eats away at their wages.

According to a Bloomberg story published on March 22, citizens in Argentina are resorting to play-to-earn games to supplement their income as the local economy’s inflation erodes their wages. It demonstrates that Argentina has surpassed Mexico as the most popular play-to-earn country in Latin America, owing to inflation reaching a ten-month high.

Decentral Games, an immensely popular metaverse platform, has had nearly 10,000 visitors. Players are clearly seeking for a strategy to combat the pace of inflation, which has risen at a 50 percent yearly rate. In terms of inflation rates, Argentina is only second to Venezuela.

One of the most popular games in Argentina is Axie Infinity. According to Mauricio Ramos, Axie’s CEO of Latin America, citizens are playing on behalf of Americans and Germans since they cannot buy their own accounts. Many of these games demand substantial beginning funds, which can run into the thousands of dollars.

Play-to-earn games have become popular in many countries, especially Asia, because they allow consumers to make money while playing games. Other Latin American countries have also ventured into this territory. Georgia, the United States, and the Philippines are among the countries with the most play-to-earn users.

Argentines can avoid financial controls by receiving a share of the earnings via cryptocurrency from those they are playing on behalf of. Although there has been some regulatory concern about this earning model, nothing major has yet occurred.

Argentina are becoming more interested in cryptocurrency

Argentina was already a center for cryptocurrency activities before the growth in play-to-earn players. Because they can be compensated in cryptocurrency, a growing number of residents have become freelancers. 90% of crypto payments were made in either BTC or ETH.

Officials in the country have tried to put a stop to it by imposing a crypto tax, with transactions subject to a check tax, as well as a tax on credit and loans.Crypto exchanges have a tax rate of 0.6% and LocalBitcoins volumes are also higher than average.

Meanwhile, the International Monetary Fund (IMF) has attempted to discourage the usage of cryptocurrency. To drive the government into that position, it adopted a debt restructuring scheme. Nonetheless, none of these steps have deterred Argentines from making a lot more money using cryptocurrency.

Join CoinCu Telegram to keep track of news: https://t.me/coincunews

Follow CoinCu Youtube Channel | Follow CoinCu Facebook page

Annie

CoinCu News