CoinDesk reported:
For example, in countries with high inflation like Turkey and Argentina, with rates of 38.2% and 115.6% (as of June 2023), respectively, residents scramble to convert their income and savings into U.S. dollars for protection. Meanwhile, they face capital controls limiting foreign currency holdings and a central bank-set currency exchange rate that may undervalue their currency by up to 50%, as witnessed with Argentina’s peso.