A illustration of cryptocurrency is seen in entrance of Binance emblem on this illustration taken, March 4, 2022. REUTERS/Dado Ruvic/Illustration

LIMA, Aug 10 (Reuters) – Binance, the world’s largest cryptocurrency change, is seeing a surge in shoppers because of rising inflation and a traditionally sturdy greenback that has depressed rising market currencies, an govt informed Reuters on Wednesday, with out disclosing numbers.

“Now that we’re seeing inflation ramping up worldwide, we’re seeing that increasingly more persons are in search of cryptocurrency, like bitcoin, as a strategy to shield themselves from inflation,” stated Maximiliano Hinz, who heads Binance in Latin America, throughout an interview in Lima.

Hinz pointed to the instance of Argentina, the place annual inflation is at 90%. The nation has grown into one of many firm’s high markets, he stated, along with Brazil and Mexico.

Argentina noticed residents pour financial savings into bitcoin this yr regardless of a crash in cryptocurrency costs. learn extra

Whereas El Salvador has made headlines for adopting bitcoin as authorized tender, Hinz stated different Latin American nations have but to cross significant cryptocurrency laws, though he doesn’t essentially contemplate {that a} dangerous factor for the corporate.

“Regulation is a framework, nevertheless it’s not at all times destructive that one thing is not regulated,” he stated. “If one thing is not banned, then it is authorized.”

Below President Nayib Bukele, El Salvador has made a large wager on bitcoin, making it authorized tender and shopping for greater than $100 million price of the cryptocurrency, which have misplaced about 50% of their worth amid a broader cryptocurrency selloff this yr.

Reporting by Marcelo Rochabrun; Modifying by Stephen Coates

Our Requirements: The Thomson Reuters Belief Ideas.