Emerald Wallet is a self custody crypto wallet that gives users total and individual control of their cryptocurrencies. Cryptocurrencies such as Bitcoin, Ethereum, and Ethereum Classic are by design deflationary.
And, stablecoins such as USDT, USDC, and DAI, provided they keep their pegs and 1-to-1 value to the US dollar, are much sounder money than most local national monetary instruments.
Argentina has a long history of inflation, confiscation, and capital controls. This has turned a once economic power into a struggling nation.
It seems from a board game, but the above image is a real 1 million peso bill from Argentina from 1982. Inflation was so high that 1 million pesos would buy you only 14.70 dollars by the end of that year.
Indeed, Argentina has had so much inflation, due to unlimited money printing by the government, that they had to change the currency altogether 6 times since 1881.
The changes in monetary instrument were due to the number of zeroes that were required to count and calculate prices, and because they didn't fit in the calculators and price tags of the day, the government frequently changed the currency just to eliminate zeroes from the money.
Inflation is a very destructive economic force because individuals and businesses set their salaries and prices in the local currency, but by the time they get their incomes and revenues the same currency can buy much less.
This has been categorized by many economists as a type of hidden tax, and it really serves as a giant transfer of wealth and power.
The transfer of wealth happens as middle and lower class Argentinian's struggle to live paycheck to paycheck and can't save money, but wealthy individuals and families can buy assets that rise in value as the currency plummets.
The transfer of power happens as the government continuously prints money and uses it first, before it loses value, so overtime it becomes the most powerful and dominant economic and political agent in the country.
Emerald Wallet helps Argentinians in preserving the value of their incomes and revenues by providing a simple and secure wallet app that lets them store and receive cryptocurrencies that are hard money and impossible to debase.
On December 1st of 2001, Argentinians woke up to the news that their money was trapped inside the banks and they could not withdraw it.
This was an economic measure to preserve the integrity of banking institutions as the country was going bankrupt, but it really backfired as it started a deep depression in the South American nation.
By that time, Argentinians had the ability to have bank accounts in pesos (the local currency) and US dollars (it was permitted by the government to hold dollars and checking accounts in dollars). However, a few weeks after the December 1st economic measure to lock money inside the banks, all the US dollar based bank deposits were forcefully transformed into pesos.
The subsequent devaluation of the peso was devastating. At the time, the peso to US dollar exchange rate was 1 to 1. Today the exchange rate is 293 to 1. This means, you need 293 pesos to buy 1 dollar.
Needless to say, that the above confiscation caused extreme havoc in the population's savings and economic wellbeing.
Emerald Wallet helps Argentinians to protect their incomes, savings, and payments by providing a simple and secure way to store their crypto in a self custody wallet.
"Self custody" means that only the user has the private keys, and therefore they are the only person in the universe that can control or move their crypto assets.
For more than 6 decades Argentina has implemented capital controls in the country.
This is that when exports are less than imports, as the nation loses foreign currency reserves, the central bank prohibits individuals and corporations to buy US dollars for savings or local operations, forcing them to save and operate only in their local inflationary money.
This has eliminated an important saving mechanism and cut Argentinians from foreign markets.
Emerald Wallet helps Argentinians in accessing foreign markets, savings and payments in hard money by providing a crypto app that lets them receive and make payments in Bitcoin, Ethereum, Ethereum Classic or stablecoins which do not fall within the prohibitions of the central bank.
Indeed, many talented Argentinians are providing software development, support, and professional services to international markets from their home or office in their own country and charging in cryptocurrencies.
In summary, Emerald may be a shield against inflation, confiscation, and capital controls.
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