The ban on cryptocurrency purchases introduced by the Central Bank of Argentina has failed to dent demand.

Argentinians turn to crypto as peso plummets

Last week, the Argentina’s central bank introduced a blanket ban on using credit cards to buy Bitcoin (BTC) and other cryptocurrencies. However, according to data at Coin Dance, peer-to-peer crypto exchange Localbitcoins saw no slackening in trading.

In fact, trading in terms of pesos actually broke records at 19.4 million for the week – but this was due to a weakening peso, with the amount of Bitcoin (BTC) traded remaining relatively stable.

Venezuelans fail to fall for petro

Meanwhile, in that other Latin American basket case economy Venezuela, a similar story unfolded, with a record 142.9 billion sovereign bolivars (VES) traded on the exchange over the week.

Last year, the government of Venezuela introduced its own cryptocurrency, the so-called ‘petro’, in what it portrayed as an attempt to make the country less exposed to US sanctions. However, most Venezuelans have concluded it is just an attempt to steal their wealth without the added inconvenience of actually printing paper money.

Despite attempts to force people and businesses to adopt the petro, Venezuelans are increasingly turning to established cryptocurrencies, like Bitcoin (BTC), in order to preserve their wealth and keep it out of the reach of the ever more corrupt authorities.

With oil exports said to now be down to 5% of their pre-crisis levels, and the country rapidly descending into third-word conditions in many areas, Venezuela is proving to be the most brutal testing ground for cryptocurrencies.