Argentina’s Crypto Journey: The Crecimiento Movement and the Light of Change

Time Difference Reporter | Uncommons

Time Difference Reporter is Uncommons’ original column covering Ethereum and other crypto conferences, as well as global pop-up co-living cities, bringing together the voices of Chinese-speaking participants in the offline context of crypto. Different from industry media reports, this column will focus more on the subjective and real perspectives of participants, being inside the event, anchored in the community, and traveling in diversity.

written by / Twone

edited by / Uncommons

▲ On the streets of Argentina, people hold currency props with Mile's head printed on them.▲

Review by Fangting：

Crypto is inherently a marginal technology. The central position is often difficult to change under the heavy pressure of vested interests, but those turbulent marginal areas can be pried with minimal resistance. What is regarded as a "problem" in the mainstream world may become a feature in the marginal areas. Being out of tune is the space for establishing a new center, and Argentina's hyperinflation, black market, and various noises have given crypto a space to establish a new economic system. This is like the metaphor at the beginning of the article: if you are at the antipodal point of the economic system, then no matter which direction you go, you are one step closer to a more effective economic system.

When we are all questioning "where are the actual users of the blockchain", the louder the voice of this question, the more it means that we live in a stable center of order. But stable order has always been a local illusion, and it is often at the expense of chaos and value capture at the edge of the order. Twone's article clearly tells us where the real users of the blockchain are. This question is not calculated in terms of "product users", but in terms of "sovereign state citizens". This is because blockchain has never been a user competing with everyone for attention economy on the App Store, but has fundamentally changed another way of social survival by changing currency. This way of survival is not "software" and may be very hardware. As Twone said in the article, "In other countries, the use of cryptocurrencies may be more because of the appeal of crypto technology; in Argentina, the purpose of doing so is more to survive." The most common condemnation of cryptocurrencies is that cryptocurrencies have no users at all. That's because fiat currency is now the largest "social software", and the stronger the fiat currency, the more "users" it has.

Twone reports from a first-person perspective on Crecimiento and Aleph as "A movement transforming Argentina into the world's first crypto nation", bringing a lot of fresh perspectives through on-the-spot observations. She fully intervened in the local context, and her experience as an insider in the crypto industry gave her a pair of relatively panoramic eyes that cut into local economic issues, and also allowed readers who read this article to quickly enter this colorful "economic sandbox".

I like the last three paragraphs very much. In addition to "things to witness", it also gives everyone "reasons to witness". Here is an excerpt for everyone:

In Argentina, I witnessed that cryptocurrency is no longer just the patent of technology enthusiasts, no longer just a speculative tool in the financial market, it has become one of the social infrastructures and a part of ordinary people's lives. Cryptography here shows not only the possibility of technology, but also a new attempt at social structure and human collaboration.

Perhaps, this is the deeper meaning of Ethereum's existence-it is not only a blockchain, but also an experiment on the future social form. Cryptocurrency brings not only the redistribution of wealth, but also the reconstruction of the trust mechanism of human society. We question and criticize, but also hope that it can lead us to a broader future. Argentina has shown me this possibility. It is a microcosm of the crypto world, a place that is trying to change life with technology.

That's why I am willing to witness it all.

These seemingly very macro and very large topics are the perspectives we usually avoid when discussing social issues; but crypto happens to occupy such a position in this matter: it is difficult to have other so-called "more grounded" and "more specific" perspectives for the experiment of future social forms. For this reason, it is likely that sovereign states will take the initiative to reach what Juan calls "crypto escape velocity". Before reaching the crypto escape velocity, crypto will look like a bulky rocket composed of a group of technical geeks and speculators; but after reaching the crypto velocity, it will live in the sky. Living in crypto means living on the edge of speed.

A point in space that contains all other points in the universe…

– Jorge Luis Borges, Argentine Storyteller

Introduction: Embarking on the Unknown

In August, after a difficult and tortuous visa application, I boarded a plane from Hong Kong to Buenos Aires alone. After a long flight of more than 30 hours, I finally arrived in this distant country in the southern hemisphere - Argentina.

Argentina, the country farthest from China, appeared in front of me with a completely unfamiliar and unknown appearance. Before leaving, I read a lot of books about Argentina's politics and economy to learn about their history, rich natural resources and the new government: the once glorious Latin American country is now plagued by increasingly severe hyperinflation; Mile's shock therapy, blue exchange rate and worrying security issues.

But even if I try to understand the place I'm about to go to through a lot of information and descriptions from others, everything is still not very clear. Sitting alone at the Hong Kong International Airport, I had no prediction of what would happen in the next month: What if I can't speak a word of Spanish? What is Aleph and how does it relate to Crecimiento? What kind of interaction and connection will we have?

▲ This is the farthest point on the map corresponding to Shenzhen, China:

Jujuy Province, Argentina▲

Everything is like a deep and vague shadow, reflecting my anxiety and confusion about the unknown. At this time, Fang Ting sent me a website and told me that I could find the farthest point on the earth from me here. She also sent me a screenshot with this sentence:

"... At that coordinate point, no matter which direction I take, it will be a step back home."

At that moment, I suddenly gained a kind of inner peace, as if a feather was caressing me and telling me not to be afraid.

It was this encouragement that brought me to the center of the storm that wanted to build the world's first crypto economic zone, Palermo in Buenos Aires. And here, a movement called Crecimiento is slowly opening up.

Severe inflation and black market exchange rates: Argentina’s economic situation

In the video “Why is Argentina’s economy such a mess?”, The Economist used this sentence to describe Argentina: “A country that never misses an opportunity to miss an opportunity.”

The humor is a little ironic, but also appropriate and true.

Lost Argentina: People’s austere life under hyperinflation

In the early 20th century, Argentina was one of the richest countries in the world, with a living standard far exceeding that of many European countries. However, due to the failure of economic management and a series of hyperinflation, ordinary people in Argentina have to face an extremely cruel reality: their monthly income may not be enough to pay rent and daily expenses.

Before coming to Argentina, I had heard about Argentina's severe local currency inflation and the government's inaction. According to 2024 data, the average monthly salary in Argentina is about $400. However, the cost of living for the Argentine people is still at a high level, and the consumption level is not inferior to that of China's first-tier cities (such as Beijing, Shanghai and Shenzhen). In Buenos Aires, a family's monthly food expenses are about $200-300; the monthly rent for a one-bedroom apartment in the city center is about $400-600.

Therefore, even if we live in the safest and most prosperous area of ​​​​Buenos Aires, in the streets late at night, you can still see people sleeping on the streets late at night, and people picking through large garbage bins on the streets during the day. According to Marco, an Argentine sociologist, many ordinary people in Argentina cannot afford to rent a house, and it is extremely difficult to maintain a decent life.

▲ In Buenos Aires, people sleeping on the floor can be seen everywhere;

People searching through trash cans for food▲

Corresponding to the low monthly income and high cost of living is the severe inflation of the Argentine Peso (ARS). The Peso (ARS) and the US Dollar (USD) had a fixed exchange rate system of 1:1 from 1991 to 2002. However, after the Argentine economic crisis in 2002, this linked exchange rate was abolished and the Peso began to depreciate sharply. Argentina's inflation rate has soared since 2018, especially after 2021, and will approach an annual inflation rate of 120% by 2023.

"When your salary is paid in pesos, convert it into other currencies immediately"

Camila Russo, author of "The Infinite Machine: How an Army of Crypto-Hackers Is Building the Next Internet with Ethereum", also mentioned her own experience in this period of inflation history in Aleph's sharing. At that time, someone asked such a question: How do you deal with the difficulties of currency depreciation and inflation?

Here’s what she said:

“I was working in the Bloomberg office when Cristina announced capital controls and a ban on buying dollars. It shocked me. I had just started working in the office and was assigned to cover this. It was during her second term. I really couldn’t understand it because I remember when I started, they told me that when you get paid in pesos, you have to convert it into other currencies right away. So I kept doing that, using my salary to buy dollars on the black market.”

I wonder, what does the government do with all this money? Now I'm even looking at the allocation of government budgets. With Bitcoin, this financial system is not linked to any central bank or government and operates according to established rules. For me, this is really amazing. When I saw Article 13 (probably referring to Article 13 of the Bitcoin white paper), I was always fascinated by it. This financial system is independent of any government, operates freely, and people can trade freely and give it value. So, I think these basic principles will always be valid. Blockchain does have practical application scenarios, although it sometimes goes through periodic bubbles. These noises are interesting and we spread and participate in them, but they cannot cover up the real value of blockchain. "

▲ Camila Russo's sharing at Aleph ▲

Chain reaction: The profound impact of high inflation on consumption and savings concepts  

In the past 20 years, countless Argentines have suffered similar experiences to Camila Russo. Severe years of inflation have profoundly affected Argentines' judgment of money. The high inflation environment makes saving unattractive. Since the interest on money in the bank cannot keep up with the rate of inflation, saving is considered a "losing business." The continuous depreciation of the peso (ARS) has also increased Argentines' strong demand for a stable currency and the consumption concept of "spending as soon as possible to avoid depreciation."

Coincidentally, high inflation has also had a profound chain reaction on the exchange rate of the Argentine peso (ARS), and has spawned two different exchange rate systems. Before I came to Argentina, I had heard that the peso (ARS) had a so-called official exchange rate and a "blue dollar" exchange rate (black market exchange rate). All the advice I can read tells you that the best currency for foreigners in Argentina is the US dollar (the real hard currency there); and if you need to use pesos, it is recommended to go to the black market to exchange currency. Because the official exchange rate is too low, and you can't exchange too many pesos at a time, because cash depreciates too quickly.

▲ The peso (ARS) depreciates too quickly,

People usually exchange currencies on the black market, and the US dollar is the hard currency.  ▲

During the period during which Aleph was operating, the official exchange rate was about 1 USD to 1,000 Argentine pesos, but the black market rate (the blue rate) was as high as 1 USD to 1,300 pesos, and could even be offered higher in some places. Argentina's monetary system and exchange rate management have changed many times over the past few decades, especially during periods of high inflation and economic crisis, when the gap between the official rate and the blue rate widened. Many Argentines and businesses would exchange dollars on the black market to protect their wealth, and the depreciation of the peso also increased the demand for foreign exchange.

▲ Consumer prices (i.e. inflation rate) in Argentina

Comparison with the world and the UK. Image source: The Economist▲

Complicated entrepreneurial process, high taxes and difficulties in investing in public goods

If high inflation makes the daily life of the Argentine people miserable, then Argentina's extremely high tax burden and cumbersome entrepreneurial process make Argentina's start-ups face many obstacles and difficulties, which has led to Argentina's entrepreneurial culture being suppressed for a long time.

First of all, Argentina's business registration process is extremely cumbersome and lengthy. Taking Shenzhen, China, where I am, as an example, the government's support for start-ups, especially high-tech enterprises, is very strong. There are special incubation bases, tax exemptions, and entrepreneurial subsidies. The entire application process can be completed entirely online. If all the materials are complete, it will take no more than a week from application registration to approval.

In Argentina, if you want to start a startup, you need to prepare a lot of documents and materials, plus the complicated application process, which often requires at least six months.

Argentina's taxation has always been diverse and messy. In terms of types, there are national taxes, city taxes and regional taxes, and whenever a region has no money, it will introduce various tax bills. This has led to many companies and individuals paying all kinds of unreasonable taxes. In the capital Buenos Aires, if a company pays taxes normally, it needs to pay nearly 70% of corporate income tax; if an individual pays all taxes legally and in compliance, the income tax is as high as 109%, which has led many people and companies to choose not to pay taxes or register companies overseas to avoid taxes.

This has led to another vicious cycle, that is, the government lacks funds due to insufficient tax revenue, and does not have enough income to invest in public goods, such as transportation, medical care and other livelihood infrastructure. At the same time, due to insufficient funds and frequent strikes, the sustainability of public services has been seriously affected.

▲ Tens of thousands of Argentines protested against the budget cuts of the Mile Plan.

Image source: NEWS WIRES ▲

Argentina's Crypto Awakeningand Crecimiento's Vision

Argentina seems to be trapped in an endless economic storm. The depreciation of deposits and soaring prices have forced Argentines to rethink the nature of "value". Traditional currencies and economic systems are no longer the carriers of trust, and the belief in cryptocurrency and decentralization has taken root in this land.

Two sides of the coin:

A broad cryptocurrency user base and excellent crypto builders

According to statistics, 9.7% of the population in Argentina holds cryptocurrencies, far higher than the global average of 3% (Note: does not include user data of centralized product service providers). Argentina has the highest cryptocurrency adoption rate in the world. Among the 130 million visitors to the world's 55 largest exchanges, 2.5 million are from Argentina. SimilarWeb data shows that Argentina is the largest market for Binance, one of the world's largest cryptocurrency exchanges, accounting for 6.9% of its total visits. [4]

Ethereum founder Vitalik also mentioned that when he traveled in Argentina, he was surprised to find that he was "recognized more often on the streets of Buenos Aires than in San Francisco." Many local people understand and accept cryptocurrencies, and he even easily found coffee shops that accept Bitcoin and Ethereum payments.

▲ Vitalik is with people in Argentina ▲

This may be the two sides of the coin. Under the high pressure of inflation, not only a broad cryptocurrency user base has emerged, but also well-known crypto projects such as POAP (Proof of Attendance Protocol); many internationally used ERC or EIP standards were also proposed by Argentine developers. For example, the ERC20 and ERC721 templates of the OpenZeppelin team are widely used around the world.

Even due to high inflation, Argentina's middle class, which should have no worries about food and clothing, needs to engage in the crypto industry to earn more money to ensure their lives: many government employees, university professors, teachers, and even doctoral students, basically have a part-time job in crypto. This is one of the important reasons why Argentina has produced so many outstanding crypto builders and core project contributors.

▲ There are many crypto projects built by Argentine developers like POAP

▲

Crypto pragmatism: urgent need for survival

In other countries, the use of cryptocurrency may be more because of the attractiveness of encryption technology; in Argentina, the purpose of doing so is more for survival.

The users here are not here for technology, but because they have urgent needs. They are not the typical "geeks" or technology fans, nor are they here to follow hot spots. They just need a stable financial tool to prevent their assets from depreciating.

This is the fundamental difference between the Argentine crypto market and other countries. In a country with a stable economy, people may not have such a strong motivation to try cryptocurrencies. They may feel that fiat currency is safe enough and there is no need to explore alternatives. But in Argentina, the pressure of currency devaluation forces people to consider multiple options. In the United States or Europe, many people are attracted by the "future vision" of encryption. They like the idea of ​​decentralization or want to stay away from the traditional financial system. But in Argentina, these ideas are secondary. Users focus on the actual effect: Can this thing preserve my wealth? Can it make it easier for me to use US dollars? Can it make me worry-free in my daily life? These are what they care about.

Crecimiento: The mission of leading Argentina to become a crypto nation

On Crecimiento’s Twitter account, its profile reads: “A movement transforming Argentina into the world's first crypto nation.”

▲ Crecimiento Official Twitter▲

In Argentina’s current turbulent economic and political environment, how can people better protect their wealth, get their lives back on track, and enable Argentina to get rid of its current economic difficulties, and even have a global impact at the crypto level?

This is why Crecimiento was born: the core purpose of the Crecimiento movement is to promote the establishment and development of the crypto ecosystem in Argentina within three years. If you want to build a more inclusive and stable economic system through crypto technology and decentralized finance (DeFi), you first need to establish a special economic zone with long-term economic stability, attract global investment and talent, and create a lasting business environment; at the same time, through blockchain native technology, establish solutions to existing problems.

Crecimiento means "growth" in Spanish. When this power is injected into the crypto field, it becomes a unique form of growth-a technology-driven, organic force for social change.

Aleph: Pop-up city and innovation accelerator

The beginning of Crecimiento: the spark of pop-up city

Aleph, as an experiment of "one part Zuzalu, one part Devconnect", is the spark that Crecimiento brought to the world. [5]

During this four-week pop-up city, I witnessed the collision of global encryption technology and economic models, and also felt the experiment of bottom-up self-organization and community autonomy. In Aleph Hub, a co-working space that can accommodate 1,000 people, crypto builders, policymakers and investors from all over the world gathered together to explore how to use crypto technology to meet people's needs and truly solve the problems they face through diverse activities and in-depth discussions.

▲ Aleph Hub at night, open 24 hours a day, 7 days a week.

Photographed by: Twone ▲

Hotbed for blockchain startups

At the same time, communities and excellent project developers from all over Argentina and even Latin America also came here. One of Crecimiento's goals is to make Argentina a hotbed for blockchain startups. As mentioned above, Argentina currently has many problems, such as complex and heavy taxation, lengthy registration process for start-ups, and difficulty in financing, but these problems can be solved through blockchain. For example, company registration on the chain can significantly shorten the registration time. At the same time, the establishment of blockchain infrastructure can attract more international funds to flow into Argentina, providing employment and economic growth opportunities.

Aleph is also determined to provide more practical help to start-ups in this regard. Juan Benet, the founder of Protocol Labs and one of the core contributors of Crecimiento, said at the opening ceremony of Aleph, "It only takes more than a hundred startups, more than 5,000 crypto jobs, to bring crypto value to Argentina... Argentina could be the first country to reach the escape velocity of cryptocurrency and the world's first end-to-end crypto-driven country."

Driven by this concept, Aleph has selected 67 companies from seed rounds to round A to enter the incubation, covering the topics that Argentina is most concerned about: decentralized finance (DeFi), stablecoins, zero-knowledge technology, privacy protection, on-chain governance, and physical assets on the chain. By being selected by Aleph, these companies not only receive resource support and professional guidance, but also can use this platform to directly contact global investors and partners, thereby accelerating the realization of their business goals.

▲ 67 startups selected by Aleph ▲

One of the projects that impressed me the most was the application that educates children to establish the concept of saving. As mentioned above, Argentina's years of hyperinflation have made many people, especially the younger generation, lack a good concept of saving and consumption, resulting in a lack of a good life.

I saw even some Argentines describe themselves like this: "I'm 30 years old and I don't know what life is like without inflation. I really hope that I can live a stable life for at least a few years... one day..."

▲ A message from an Argentine:

"I'm 30 years old and I don't know what life is like without inflation." ▲

By setting simple and interesting savings goals for children, children can earn extra savings by completing housework or responsibilities, helping them understand the importance of anti-inflation savings while building financial assets. I think this is a good way to cultivate money concepts and savings habits. If it can be popularized, it will even be a very useful thing for Argentina's current situation or future.

▲ Startups selected by Aleph are conducting project roadshows▲

Crypto experience during Aleph

Cryptocurrency exchange points can be seen everywhere on the streets

In Buenos Aires, you only need to use Google Maps to search for keywords like "money exchange", and dense red dots will appear on the map. You just need to walk to the nearest one.

At currency exchange points, most of them can use crypto currencies such as USDT to exchange pesos (ARS), and the process is generally convenient. From this point, we can also see that the popularity of cryptocurrency in Argentina is relatively high.

▲ Currency exchange points like this can be seen everywhere on the streets ▲

South American market with great potential:

The popularity of UBI provides another source of income

When I was at Aleph, I saw a World ID van parked downstairs of the Aleph Hub almost every day, ready for people who wanted to verify their irises anytime and anywhere. At the same time, in the co-working space of the Aleph Hub, the World ID team and the iris scanning machine also welcome people to register at any time.

▲ WLD's vehicle is parked in front of the gate of Aleph Hub.▲

In Aleph's sharing, WLD members shared WLD's current user situation and future development direction. As of August 2024, World Coin has about 13.6 million users worldwide, of which 6.4 million are verified users. Among them, South America accounts for a very large share of the global market, and the number of local users in Argentina is about 2.3 million, which is about 1/3 of the verified users.

At the same time, considering Argentina's severe high inflation and the depreciation of the peso (ARS), most of Argentina's WLD users are real users. Worldcoin has attracted a large number of users to register and use it with the UBI (Universal Basic Income) model. Many people regard it as an effective means to combat economic uncertainty and inflation. Users only need to go through a simple verification process to receive WLD tokens regularly. This stable source of income provides a new economic security for many Argentine residents.

Application of $morfi token:
Using $75 UBI per week for offline encrypted payments

$morfi token is an ERC-20 token running on the ZKsync Era network. During Aleph, participants can receive 75 $morfi tokens every day (1 morfi token = $ 1000 ARS) and can spend them at designated merchants cooperating with Aleph, mainly for purchasing food, coffee and other services.

▲ Stores that support $morfi token will be displayed with an "M" icon on the map.▲

In order to test the offline payment process of $morfi token and want to understand what the stores that support cryptocurrency payments are like, I randomly selected a coffee shop on the map and walked in. There was a $morfi token payment QR code next to the cash register. After choosing a cup of coffee and a croissant, the boss entered the amount and I scanned the code to pay. Everything went smoothly.

▲ $morfi token can be paid by scanning the code, the whole process is convenient and smooth ▲

The owner of the coffee shop is Venezuelan and came to Buenos Aires to open a coffee shop. Although his English is not very good and I can hardly speak Spanish, we communicated with Google Translate throughout the process.

Venezuela is also a South American country that has suffered from corruption and government inaction, which has led to it becoming one of the countries with the highest crypto adoption. Locals use blockchain for information security, personal privacy protection and fund transfer.

I asked him why he wanted to support cryptocurrencies in his store and how many customers paid with cryptocurrencies, and his answer touched me:

"I'm not an expert in cryptocurrencies, but I have invested some money in it (don't think I'm a millionaire, haha). Then the people from morfi came and told me about this event, and I thought the idea of ​​this cafe was great (this cafe is mine). I think cryptocurrencies, wallets, tokens, blockchains are the future, if not already leading the trend. It helps me attract people to the cafe and keeps me in sync with the entire world system."

▲ We use Google translate to communicate ▲

Quark ID: The social identity aggregator of the future

In addition to the popularity of crypto payments, during Aleph, we also experienced Quark ID, a decentralized identity authentication system (DID) solution. Every day when I enter the Aleph Hub, I need to use Quark ID to scan the code, generate ZK authentication, and verify that I am a member of Aleph.

Perhaps everyone is already familiar with DID, but the difference is that Quark ID was incubated by the city of Buenos Aires. This also shows that perhaps in the future, Quark ID can become a social identity aggregator, including ID cards, passports, student cards, etc. - a country puts its own national infrastructure on the blockchain, which is very rare in the current sovereign state category.

Crecimiento's driving force and uncertainty

Government level:
The concerns of the Milei government and policy inconsistency

Crecimiento and Aleph can take root in Argentina, which is inseparable from the current Milei (Javier Milei) government.The current Argentine President Milei is known for his radical economic reform policies. He strongly supports market liberalization and believes that crypto technology is a possible way to get rid of the existing financial system.

Milei's interest in cryptocurrency coincides with his political stance: he advocates a small government and a free economy, and believes that crypto technology can promote economic development without direct government control.

With the support of the Milei government, the Argentine Securities and Exchange Commission (CNV) promised not to impose strict restrictions on cryptocurrencies like the US Securities and Exchange Commission (SEC).

But the real challenge is how to sustain crypto-friendly policies? The Argentine president’s term is four years, and frequent changes in government are a major factor in Argentina’s policy uncertainty, which is a huge risk point for the support and policy continuity of long-term projects such as the Crecimiento movement. Because in previous history, it is not uncommon for new governments to completely revoke existing policies when they come to power.

Academic level:
Experimental references for reforms and sandbox experiments in different special economic zones

Coincidentally, the 120th anniversary of the birth of Deng Xiaoping, the chief architect of China’s reform and opening up, happened to be the Regulation Day organized by Aleph. On this day, they invited government leaders and scholars from home and abroad to the venue to share and discuss regulatory policies for the crypto industry.

On Regulation DAY, I had an in-depth one-on-one conversation with Professor Robert C. Haywood. Professor Robert is a member of the Community Matters Institute and has worked with governments in 172 countries to create sustainable economies through the creative use of special economic zones, enabling countries to create "communities of opportunity". He came to China before China joined the WTO and witnessed the development and reform process of China's special economic zones such as Shenzhen and Tianjin. He has experienced many things firsthand. He mentioned that Shenzhen chose strict physical isolation (inside and outside the customs) in the early days of reform, and used barbed wire to separate the boundaries to ensure the limitations of experimental effects. This approach avoids the impact of reform on other parts of society and enables the special zones to develop rapidly within a controllable range.

In contrast, Argentina's sandbox experiment is "borderless". Professor Robert reminded that although this free experimental approach has brought innovation space to Argentina, policy incoherence may become a potential hidden danger. Therefore, the success or failure of the crypto movement will depend on whether it can grow rapidly within the current policy opportunity window.

Education: Cultivating crypto talents,
Ethereum and Solidity courses enter the high school education system

During Aleph, I was excited to learn that with the support of the ETH Kipu Foundation, Ethereum and Solidity courses have been officially incorporated into the high school education system in Buenos Aires.

The courses range from basic blockchain concepts to complex smart contract development, ensuring that students can keep pace with global technology trends. At the same time, the program also sets up online Solidity courses, with the goal of training 500 young people over the age of 18 to enable them to develop decentralized applications (dApps) and further promote the blockchainization of the local economy.

Romina, one of the important promoters of this educational reform, mentioned the years of hard work she has put in. She quoted the core concept of Ethereum: Ethereum is not only a blockchain, but also a protocol that promotes human collaboration. This is exactly the significance of Argentina's educational reform - through blockchain technology, a generation of crypto talents who can cope with future challenges are cultivated.

▲ Ethereum and Solidity courses enter the high school education system ▲

Community level: bottom-up organization and construction of overseas open source projects and grassroots communities

Argentina needs blockchain, just as blockchain needs Argentina. At the current stage of blockchain focusing on practical applications, people are asking everywhere "how can we better conduct mass adoption", and Argentina provides an excellent testing ground. There are real social problems here that can be solved through blockchain technology. If reliable data and long-term support can be provided, Argentina may become a demonstration of global blockchain applications and even promote this model to other countries.

Open source projects and grassroots communities such as Protocol Labs, the mu, social layer, and 4seas saw this and came here from all over the world to inject the power of blockchain into Argentina's economic and social structure. This is a bottom-up movement. They hope to promote the development of crypto start-ups, attract more overseas capital inflows, and create local jobs by actively communicating with the government. More importantly, this kind of ecological construction can not only bring economic prosperity, but also gradually rebuild the trust between the government and the people, laying the foundation for Argentina's future development.

▲ Crecimineto’s supporters and communities ▲

Crecimiento’s organizers and builders hope to establish a more permanent policy and regulatory framework that can even survive changes in government. Juan Benet mentioned at Aleph's Regulation Day: "To achieve economic success, you need an environment that can support many successful technology companies, and a top-notch economy with durability so that companies do not encounter frequent rule changes or unstable conditions as they grow. This is actually what special economic zones like Dubai and Singapore have achieved - attracting global talent and investment by creating stable and long-term conditions."

▲ Juan's sharing at Regulation Day▲

Postscript: Witness all this happening

Aleph, as a pop-up city that only lasted for a month, is just the beginning of the huge wave of Crecimiento's crypto movement. So, after the pop-up city ends and people disperse, will Argentina return to its original path, or has the change actually already quietly taken place?

When people talk about Aleph again many years later, will they remember that afternoon filled with the aroma of yerba mate and barbecue?

Flying from China to this farthest South American land on the map, everything is unfamiliar. Although the language is not fluent, everyone I met in Argentina made me feel warm and kind. The museum aunt and Uber driver who tried to communicate with me in Chinese, the photographer who flew the drone with me, the South American teammates who participated in the hackathon together, and the ice cream shop owner who smiled and gave me an extra ball, they all together constituted my more three-dimensional memory of Argentina.

Seeing encryption and blockchain technology enter people's daily lives here, this direct and practical application makes me excited. This is not just a testing ground for technology, but also a social change that is actually happening.

Recently, there have been many debates in the Ethereum community. The bloated Layer 2 and the contradiction between Ethereum's idealism and reality have caused many people to question whether Ethereum can continue to lead the crypto world forward? Some people say that what Ethereum is talking about now is too empty, focusing too much on technical vision and ignoring market demand. However, standing on the streets of Buenos Aires, seeing cryptocurrencies help people fight inflation and enter classrooms to educate the younger generation, I feel that the power is still real and alive.

In Argentina, I witnessed that cryptocurrency is no longer just the patent of technology enthusiasts, no longer just a speculative tool in the financial market, it has become one of the infrastructures of society and a part of ordinary people's lives. Crypto technology here shows not only the possibility of technology, but also a new attempt at social structure and human collaboration.

Perhaps, this is the deeper meaning of Ethereum's existence-it is not only a blockchain, but also an experiment on the future social form. Cryptocurrency brings not only the redistribution of wealth, but also the reconstruction of the trust mechanism of human society. We question and criticize, but we also expect it to lead us to a broader future. Argentina has shown me this possibility. It is a microcosm of the crypto world, a place that is trying to change life with technology.

That's why I am willing to witness it all.