However, new technologies brought with them new forms of dollarization and one of them is the purchase of cryptocurrencies called stablecoins, which follow the value of the North American currency. As noted by Bloomberg, the most popular today are USDT, UCDC and DAI. In the jargon, this last mechanism is known as “crypto dollar”. In this sense, the portal highlighted that savers can buy with USDT pesos, for example, and in this way they are tied to the dollar. “Broadly speaking, there are two mechanisms to do it: in local or international exchanges (that is, exchange platforms).”, he detailed. And he added that some platforms allow P2P purchase, that is, a direct transaction with another user, as if it were a Free Market of the dollar.
Pros and Cons of the MEP Dollar
The operation of the MEP is 100% legal and anyone can access this type of dollarization, unless they have bought dollars in the official market in the last 90 days. In addition, the amount of MEP dollars that the saver wants can be purchased. “Although it is necessary to have an account in a stock exchange company, or to have registered the investor profile in home banking, the operation has been simplified, to the point that many brokers have a button that says ‘buy’ or ‘sell’ the MEP dollar, in such a way that the user only has to press there and then the platform carries out the operation of buying and selling the bonds so that the user gets hold of the dollars”, the article detailed. Likewise, he remarked that compared to the crypto dollar, most days the MEP dollar is usually a few pesos cheaper. However, he indicated that One of the disadvantages of the MEP dollar is that between the purchase of the bond and its sale there is a 24-hour parking lot, so the sale value of the bond in dollars may have fallen and the saver ends up paying something more than he had agreed. Meanwhile, he added that the price that the saver sees on websites and news portals must be added to the commission charged by brokers when buying one bond and when selling the other. However, there is a stock market company called Cocos Capital that, at the moment, has a zero commission policy for this type of operation.
Pros and cons of the crypto dollar
At this point, the article noted that As with the MEP dollar, buying a crypto dollar is an operation that can be carried out from a computer or a cell phone, without the need to go to a physical place, as is the case with caves. And he stressed that “Another of the favorable singularities of the crypto dollar is that it operates 24 hours a day”. NFT Cryptocurrencies Dollars.jpg Kindness: The CEO “In fact, it has happened that in times of financial stress that have been experienced on non-working days, such as the Saturday in which former Minister Martín Guzmán resigned, hundreds of people turn to this market to dollarize, to prevent themselves from what can happen the following Monday. It has no parking, unlike the MEP”, he added. It should be noted that the crypto dollar can also be used to invest in cryptocurrencies. “Many people buy crypto dollars on Binance to trade. That does not happen, in general, when you buy on local exchanges”, explained Ignacio Carballo, crypto & alternative Finance lead at AMI. And he added: “There will always be the risk inherent in crypto. If you went to a stablecoin, you have to consider that, beyond the fact that it is a market that has been tested in a certain sense, this year the third stablecoin in market capitalization went to 0 (in relation to the UST crypto)”. In line with the latter, Clave Bursátil analyst Martín Eduardo Genero added: “It strikes me that there are people who buy USDT thinking that it is the same as the dollar. I always make it clear to them not to do it, since there is no systemic risk.” In this sense, Bloomberg highlighted in his article that to avoid this risk, after buying a stablecoin that follows the dollar, the saver has the possibility of selling it in dollars to have the money in hard currency, although for this he must spend some percentage in commissions to the dollar. exchange.
