Argentina and El Salvador are in talks about Bitcoin adoption. With El Salvador’s pioneering steps in cryptocurrency and Argentina’s recent movements towards integrating Bitcoin, this meeting could mark a significant step forward.
Argentina’s interest in strengthening ties with El Salvador could accelerate global cryptocurrency trends. Explore the details of this pivotal discussion and its implications for the future of digital assets.
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Meeting Between Representatives of Argentina and El Salvador
On May 23, 2024, the Argentine government announced that the Argentine Securities Commission (CNV) had a meeting with the Digital Assets Committee (CNAD) of El Salvador, a country that has adopted Bitcoin (BTC) as legal tender.
The meeting included the chairman and vice-chairman of the CNV, who exchanged views with the chairman of the CNAD on the “expansion of cryptocurrency use in the overall economy.”
El Salvador is known for being the first country to officially adopt Bitcoin as one of its legal currencies in 2021 and continues initiatives such as purchasing one Bitcoin every day.
Exploring the Possibility of a Cooperation Agreement
In an official statement, the Argentine government praised El Salvador as “the first country in the world to introduce Bitcoin as an official currency along with the US dollar in 2021, and a pioneer in cryptocurrency development in the region.”
Argentina expressed its desire to “strengthen relations with El Salvador” and reported that it is exploring the possibility of concluding a cooperation agreement with El Salvador.
Roberto E. Silva, chairman of the CNV, stated, “El Salvador, which has established a special committee called the Digital Assets Committee (CNAD), possesses very valuable experience for the CNV.”
El Salvador is emerging as one of the leading countries not only in the use of Bitcoin, but also in the crypto asset industry.
Having established a special committee called the Commission for Digital Assets (CNAD), El Salvador has very valuable experience for CNV.
We intend to explore the possibility of signing a cooperation agreement with the Republic of El Salvador in order to strengthen our relationship.
Advancing Cryptocurrency Adoption in Argentina
According to the official announcement, the Argentine Securities Commission (CNV) aims to establish appropriate regulations while efficiently cooperating with the cryptocurrency industry.
Since El Salvador is at the forefront of cryptocurrency adoption, this meeting was likely intended to obtain information and advice from El Salvador.
In Argentina, Javier Milei, known as a “Bitcoin supporter,” was elected president in November 2023. However, the core of his financial policy was “complete dollarization” rather than BTC, leading some to call for policies that would strengthen the Bitcoin industry.
Despite this, the movement to adopt cryptocurrencies has progressed. In December 2023, the “use of Bitcoin and cryptocurrencies in contracts” was permitted, and in March of this year, it was reported that the Cardano Foundation partnered with the government of the Entre Rios province in northeastern Argentina.
The movement to adopt Bitcoin and other cryptocurrencies is expanding in various countries worldwide. If Argentina’s adoption of cryptocurrencies becomes full-fledged, it is expected that the global trend of cryptocurrency adoption could further accelerate.
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