Bitcoin Community's Three Key Requests to Argentina's New President Javier Milei

Explore how Argentina's Bitcoin community is influencing the new Milei administration with three key requests.

This insightful article delves into the intersection of politics, economics, and cryptocurrency, revealing the potential impact on global financial landscapes.

Cryptocurrency Enthusiasts Pin High Hopes on Milei Administration in Argentina

Javier Milei, the newly inaugurated president of Argentina, has garnered significant attention and expectations from the local cryptocurrency community.

Known as a libertarian advocating for radical reforms like the abolition of the Central Bank and the Argentinian Peso, and the dollarization of the economy, Milei has made headlines for his actions, such as destroying a model of the Central Bank on television and previously expressing support for Bitcoin.

As a known Bitcoin advocate, his future policies are drawing widespread interest. According to the Latin American cryptocurrency news site "Cryptonoticias," the Argentinian Bitcoin community has expressed three specific requests to President Milei.

Protecting National Privacy Should Be a Priority

Camilo Jorajuría, the vice president of the non-profit organization "Bitcoin Argentina," urges the Milei administration to respect national privacy and enable citizens to make payments in any desired medium and currency.

He advocates avoiding the stringent measures set by the Financial Action Task Force (FATF), particularly the "Travel Rule," which aims to identify senders and recipients of cryptocurrencies, a measure criticized for violating privacy rights.

Jorajuría also suggests that Argentina should seek advice from the Salvadoran government, the first to adopt Bitcoin as a legal tender, to gain more insights and benefits.

Commencing Central Bank Closure and Currency Reforms Is Crucial

Adam Dubov, an advisor and columnist, insists that President Milei should start implementing the promised reforms of closing the Central Bank and initiating currency reforms.

While Dubov believes that Milei is likely to proceed with the closure of the Central Bank, he notes that it may take some time before these efforts begin.

Dubov anticipates that if Milei starts dismantling the regulatory framework of the Central Bank of Argentina (BCRA), fintech companies and banks might quickly start offering Bitcoin-related investment products to their customers.

Strengthening the Bitcoin Industry Is Essential

Monica Taher, a former employee of the Salvadoran government, argues for the advancement of policies to strengthen the Bitcoin industry.

She notes that if the Milei administration creates a cryptocurrency-friendly environment, companies and investors might shift their focus from El Salvador to Argentina, given its more developed infrastructure in water, electricity, transportation, and natural resources, and a significantly larger market.

The recent trend of national adoption of Bitcoin, including a proposal by German Federal Parliament member Johanna Kotar to recognize Bitcoin as legal tender in Germany, suggests that widespread adoption of BTC in various countries could further expand these efforts.

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