Expectations for Change in Argentina’s Economic Trajectory
The cryptocurrency community in Argentina is hopeful for swift changes in the country’s economic trajectory as Javier Milei assumes leadership. The Bitcoin community has outlined three specific requests for the new government.
Request for Privacy and Freedom in Crypto Transactions
The Vice President of NGO Bitcoin Argentina, Camilo Jorajuría, emphasized the importance of respecting people’s privacy and called for individuals to be able to pay for goods and services with any currency accepted by the general populace. Jorajuría urged Milei to support a market that operates outside the Financial Action Task Force (FATF) regulations, which require recording the identities of crypto fund senders and receivers.
Praise for El Salvador’s Adoption of Bitcoin
Jorajuría also highlighted El Salvador’s adoption of Bitcoin as a positive step and encouraged Milei to consider similar initiatives in Argentina. The FATF Travel Rule, which aims to tackle issues around terrorism financing and anti-money laundering rules, gained worldwide attention after its enforcement announcement in the United Kingdom.
Dissolution of Apex Bank to Foster Free Currency Competition
Experts have urged Milei to proceed with his plans to dissolve the Banco Central de la República Argentina (BCRA). Adam Dubove, a columnist and entrepreneur, believes this would open up the market and promote free currency competition. Dubove suggested that without BCRA regulations, local crypto firms and commercial banks could offer investment options tied to cryptocurrencies. Mónica Taher, who served in President Nayib Bukele’s government during El Salvador’s Bitcoin law, supported this idea, stating that creating a crypto-friendly investment environment would benefit Argentina’s long-term economic health.
Potential Economic Benefits of Embracing Crypto
Argentina, currently facing economic challenges with high inflation and poverty rates, could benefit from embracing cryptocurrencies. By becoming a crypto-friendly country, Argentina could attract investment and create jobs, potentially helping to improve its economic situation.
Hot Take: Crypto Leaders in Argentina Push for Dismissal of FATF Travel Rules
The cryptocurrency community in Argentina is optimistic about the potential changes under Javier Milei’s leadership. They are urging the new government to prioritize privacy, freedom, and the adoption of cryptocurrencies as a means of improving the country’s economic trajectory. By dismissing the FATF Travel Rules and promoting a crypto-friendly environment, Argentina could attract investment, foster free currency competition, and address its economic challenges. The success of El Salvador’s adoption of Bitcoin serves as inspiration for these requests. It remains to be seen how Milei’s government will respond to these calls from the crypto community.
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