Argentina President Milei Embraces Bitcoin for Currency Competition
The President of Argentina, Javier Milei, recently voiced his support for Bitcoin (BTC) as part of his strategy to promote free currency competition in the country. Milei’s approach allows Argentinians to choose which currency to use based on their individual needs and preferences.
President’s Stance on Bitcoin Similar to El Salvador
By expressing his pro-Bitcoin stance, President Milei aligns himself with the approach taken by El Salvador, where BTC was made legal tender in September 2021. During his election campaign, Milei had promised to shut down the Central Bank of Argentina, halt the use of the Argentine Peso (ARS), and consider dollarizing the country, mirroring El Salvador’s adoption of the American dollar in 2001.
- However, garnering full support in Parliament remains a challenge for Milei to achieve his goal of dollarizing Argentina and introducing BTC as legal tender.
- Regulatory authorities in Argentina are in discussions with their counterparts in El Salvador regarding the adoption of BTC.
Efforts to Regulate Crypto Platforms
Shortly after taking office, President Milei implemented a mandatory registration process for crypto platforms in Argentina. The establishment of the Registry of Virtual Asset Service Providers (VASP) aims to regulate platforms and individuals engaged in buying, selling, trading, transferring, and storing cryptocurrencies.
- This registration requirement serves to combat money laundering, terrorism financing, and the proliferation of weapons of mass destruction.
- Despite this regulatory move, Bitcoiners and supporters of cryptocurrency were critical of the decision, hoping for a more progressive approach similar to El Salvador’s.
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