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Currency of Argentina was to become a collectible as that of Venezuela

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The soaring inflation of recent years and the strong devaluation of the peso, would be leading the national currency of Argentina to become a collection item with no real value money.Since the presidency of Néstor Kirchner (2003-2007) the rate of annual inflation, on average for the presidency, has climbed from 11.6% to 40% in the era of Mauricio Macri. The situation has worsened in the present with the government of Alberto Fernandez with a rebound, only in 2019, of the 53.8 per cent inflation, the highest since 1991.The weight of Argentina is also suffering from a depreciation in comparison with other national currencies like the dollar of the united States. This “contempt” for the local currency was accelerated even more by the pandemic of the coronavirus.On the 20th of march, when it was decreed the mandatory quarantine by the government of Fernández, the weight displayed, in the parallel market at an exchange rate of 85 units to the dollar. However, two months later, this rate was 125 pesos per dollar in a country with a new foreign exchange controls tax from the 2019. In the official market the current exchange rate of the us dollar is 68 pesos.These elements are reflected in the cost that has for the country to produce the coin 1 peso, for example. In Argentina, to manufacture a coin of this denomination is more expensive than your own monetary value, something that would also happen with the coins of 2, 5 and 10 pesos.By linking these indicators and assuming that the government does not implement corrective measures in time, in Argentina could happen what is already usual in Venezuela: to make works of art, figurines, toys or costumes with tickets that do not represent any kind of value, this due to hyperinflation, currency devaluation and consecutive years of economic recession.

Of the devaluation of the art

For years venezuelans have been transformed to the bolivars of their country on canvas to give wings to the creativity. Even from the outside, the bolivars and also have served for multiple artists who have shaped the themes are allegorical to bitcoin, for example.The factors that contributed to this situation were to happen in Venezuela are the same that are happening in Argentina, but on a much larger scale in the oil-rich country. In 2018 the hyperinflation reached 1.7 million in terms of percentage, still the highest in the world. In 2019, according to the finance commission of the National Assembly, the number dropped to 7.374,4%, again with the worst track record on a global scale.In the case of the artisans venezuelans who work with tickets without value, they require up to 800 pieces to develop a portfolio, or about 400 to make a hat small.In addition, as if it were play money, hundreds of designs have been incorporated on the front of the tickets 2,5,10,20,50,100,200 or 500 bolivars to the previous cone money. Some represent characters of the saga “Star Wars”, the Simpsons, The quietly ironic, or natural monuments of Venezuela.In march of this year Breaking News reported that the tickets venezuelans with no monetary value were re-evaluating them as works of art alluding to bitcoin with artists such as Karina Monaca, Rubby Cobain or Jon Tompkins.To set a precedent recently in Latin america as a case of a “perfect storm” for the economic contraction that you live in, Venezuela could see mirrored your situation, with tickets collectibles, in Argentina. The question is how much time it might take you to the nation of south if measures are not taken to correct the situation.

About the author

Caroline W.

Caroline W.

Caroline is passionate about learning languages, cultures and the Internet. She has years of experience working at international online advertising projects. Growing interested in Bitcoin and cryptocurrencies in late 2018, she joined CurrencyMarket24 as a writer.