That also explains why Axie, a metaverse "play-to-earn," animated-pet-training video game inspired by Pokemon but fueled by cryptocurrency rewards, has surged in popularity over the past year in the South American country.

Argentina is on the brink of financial crisis after a shocking primary election saw President Mauricio Macri lose to Alberto Fernandez and his running mate, former president Cristina Fernandez de Kirschner. The S&P Merval Index plummeted 48% Monday, the second-largest single-day drop for any stock market since 1950.

A massive electrical failure has left all of Argentina and Uruguay without power, according to a major Argentine electricity provider. Reports said the power cut had also affected parts of Brazil and Paraguay. Argentine media said the power cut occurred shortly after 07:00 (12:00 GMT), causing trains to be halted and failures with traffic signalling.