Argentina to adopt Bitcoin. Collaborating with El Salvador

05/27/2024

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Argentina plans to adopt Bitcoin and is looking for ways to cooperate with El Salvador, which was the first country to accept Bitcoin.

An announcement from the Argentinian National Securities Commission (CNV) detailed a recent dialogue between its top executives, Roberto Silva and Patricia Boedo, and El Salvador's Juan Reyes, head of the National Digital Assets Commission (CNAD), focusing on El Salvador's pioneering efforts in embracing Bitcoin.

Argentina Seeks Insight from El Salvador on Bitcoin Integration

During the exchange, Silva and Boedo delved into discussions on the accelerating adoption of digital currencies across the globe, gleaning insights from Reyes about El Salvador's progress in this domain.

It's noteworthy that El Salvador set a global precedent by legalizing Bitcoin as an official currency in 2021. Since then, the nation has initiated a variety of Bitcoin-centric initiatives, such as the issuance of Bitcoin bonds, the exploitation of geothermal energy for Bitcoin mining, and offering citizenship in exchange for Bitcoin investments, while adopting a strategy focused on accumulating the cryptocurrency. By mid-May, El Salvador had successfully mined 474 BTC utilizing geothermal energy and had accumulated a total of over 5,750 BTC.

With the establishment of the CNAD, El Salvador has taken a structured approach toward managing its cryptocurrency ventures, a model Argentina is inclined to emulate.

Argentina's Growing Affinity for Bitcoin

Argentina itself is progressively adopting a more Bitcoin-friendly stance. The election of Bitcoin advocate and fervent libertarian Javier Milei as president in November injected a wave of optimism into a country struggling with economic challenges and rampant inflation.

Subsequently, in December, the Argentine minister of foreign affairs validated Bitcoin for contractual agreements and domestic payments. Moreover, Argentina has recently introduced the Registry of Virtual Asset Service Providers, aimed at regulating the local cryptocurrency market.

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