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UFC Fighter El Ninja Becomes First Argentinian Athlete To Be Paid In Cryptocurrency

Argentina’s Ultimate Fighting Championship (UFC) fighter Guido Cannetti has become the first martial arts fighter in the country to receive 100% of his salary in stablecoins amid rising inflation and a deteriorating economy in Argentina. said cryptocurrency payroll firm Bitwage on Monday.

Nicknamed El Ninja, he will return to the US Octagon on October 1 to face local fighter Randy Costa. According to Bitwage, Guido will receive payments in USDC stablecoins via his Stellar Network on Vibrant, a wallet application developed specifically for Argentines experiencing inflation by the Stellar team. .

Official government figures show inflation was 78.5% in the 12 months to August, while prices rose 56.4% in the first eight months of the year. Argentina’s central bank forecast 95% inflation this year, while some private sector analysts have predicted 100% inflation for his 2022.

In a statement issued by Bitwage, Cannetti said, “I am getting paid in USDC because it is more secure for my future,” saying the stablecoin protects him from local currency volatility and devaluation. rice field.

Among Argentine consumers surveyed by America’s Market Intelligence in April, 51% have purchased cryptocurrency and 27% regularly buy cryptocurrency, up from 12% at the end of 2021. .

Following the abrupt resignation of Economy Minister Martin Guzman, the price of US dollar-pegged stablecoins surged in July. His fiscal policy, aimed at reducing the budget deficit and tightening monetary policy, divided the opinion of the Argentine government. According to the website DolarHoy, the black market in the country had an exchange rate of 287 pesos per dollar at the time of this writing.