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Argentine Peso Plunges, Venezuela and Russia to Develop SWIFT Alternative, Bitcoin Mining Still Paused in Venezuela

In Argentina, the peso has lost over 10% against the US dollar in the past week, reaching over 440 pesos per dollar on April 21. The cause is attributed to the perceived weakness of the Argentine government, which has not been able to control inflation. The country has $2 billion in foreign currency reserves, low compared to Brazil's $350 billion. Venezuelans and Russians are developing an alternative to SWIFT, expected to be a messaging and settlements system that frees both countries from the influence of the US dollar as a regulator of commercial transactions. Bitcoin mining in Venezuela is still paused due to the ongoing PDVSA-crypto probe, causing losses of up to $11 million monthly for farm owners and $2 million for Corpoelec.

(By Sergio Goschenko)

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