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Argentina Leads Top 50 Countries in Increase of Bitcoin Adoption

According to a report by The Genesis Block, adoption of Bitcoin in Argentina has jumped in recent months.

The chart below shows the change in rate of Bitcoin downloaded (month to date in July), highlighting that Argentina is the only country that increased in Bitcoin adoption month-over-month.

The Genesis Block shares this explanation for the change in Argentina.

In a story familiar to any bitcoin enthusiast, the digital currency is being sought after for two key reasons: debasement of national fiat and increasing capital controls. Inflation has been a significant problem for Argentina for years, but has come to the forefront after a series of public events highlighted just how bad the problem had become.

In March, economists from an opposition party to the reigning President Cristina Kirchner estimated inflation to be roughly 24%, more than double the government estimate of of just over 10%. Those economists were given fines of 500,000 pesos each, equivalent to nearly $100,000. The fines were overturned in May by the countries courts, sending an embarrassing blow to President Kirchner.

Argentinan economists aren’t the only ones who don’t believe the government’s inflation data. In February, the International Monetary Fund censured the Argentine government for misreporting inflation statistics.

Read the full analysis at The Genesis Block.

CC image by Pablo Manriquez.

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Learn about Legal and Regulatory Issues Facing Bitcoin Businesses

Mediabistro announced that James White, Director, Tax Issues at the U.S. Government Accountability Office, has joined the panel Legal and Regulatory Issues Facing Virtual Currency Businesses at its upcoming Inside Bitcoins conference on July 30 in New York City.

Mr. White’s bio from the IRS is below:

Mr. White is a Director at GAO responsible for work on IRS, tax administration and tax policy. He has held this position since July 1998. Previous positions at GAO include Associate Director and Acting Chief Economist. Mr. White joined GAO is 1990 from Hamilton College where he was an Associate Professor in the economics department, teaching public finance. Prior positions include faculty appointments at Williams College and New York University, plus a Senior Fellowship with the Rockefeller Institute of Government. Mr. White has a Ph.D. in economics, with a concentration in public finance, from Columbia University. He has a bachelor’s degree in economics from the University of California, Berkeley.

Virtual currencies, like Bitcoin, are driving innovation and new business models. This panel will help technology companies building Bitcoin software learn about the bounds of financial regulation.

Additional panel speakers include Jerry Brito, Senior Research Fellow at Mercatus Center of George Mason University, Jacob S. Farber, Senior Counsel at Perkins Coie LLP, Chris Larsen, CEO and Co-founder of OpenCoin, Greg Schvey, Managing Editor of The Genesis Block, and Ryan Singer, President and COO of Tradehill.

Enter On Bitcoin’s discount code: ONBC to save 15% on your conference pass. For the best rates, register before July 11.

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