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Argentina seeks Bitcoin adoption lessons from El Salvador 

Argentina seeks Bitcoin adoption lessons from El Salvador

Argentina’s National Securities Commission (CNV) recently met with El Salvador’s National Commission of Digital Assets (CNAD) to gain insights into Bitcoin (BTC) adoption and crypto regulation, according to an official report

This collaboration comes as Argentina’s political and regulatory landscape grows increasingly Bitcoin-friendly under the leadership of President Javier Milei.

On May 23, CNV president Roberto Silva, CNV vice president Patricia Boedo, and CNAD president Juan Carlos Reyes discussed El Salvador’s pioneering role as the first country to adopt Bitcoin as a legal tender in September 2021. Silva emphasized El Salvador’s leadership in crypto assets, stating:

 “El Salvador has emerged as one of the leading countries, not only in the use of Bitcoin, but has also stood out in the world of crypto assets.”

Silva also highlighted the importance of learning from El Salvador’s experience, noting,

 “We want to strengthen ties with the Republic of El Salvador and therefore, we are going to explore the possibility of signing collaboration agreements with them.”

El Salvador has undertaken several Bitcoin-related projects, including Bitcoin bonds, volcano-powered Bitcoin mining, and a citizenship-by-Bitcoin-investment program.

As of mid-May, the country had mined 474 BTC using volcanic energy and held over 5,750 BTC, according to sources. The CNAD was established to oversee and enhance these crypto operations, a model Argentina is keen to follow.

Argentina’s progressive approach

Argentina’s interest in El Salvador’s experience coincides with its own steps towards regulating the local cryptocurrency market. Recently, Argentina’s largest electricity company, YPF Luz, partnered with Genesis Digital Assets Limited (GDA) to establish a new Bitcoin mining facility using stranded gas for power generation.

In April, Argentina’s CNV implemented registration requirements for crypto firms, signaling a proactive regulatory approach. In November, Argentina created the Registry of Virtual Asset Service Providers to regulate the local crypto sector. 

The government’s move towards cryptocurrency regulation gained further momentum with the election of Bitcoin-friendly politician Javier Milei as president in late 2023. Milei’s administration has shown openness towards embracing cryptocurrencies, with plans to legalize their use for payments under certain conditions.

Indeed, Diana Mondino, the minister of foreign affairs, international trade, and worship of Argentina, referenced a decree legitimizing the use of specific assets in contracts and for payments, including Bitcoin, in an X post on December 21.

Looking ahead

Interestingly, Argentine President Milei has received support from CEO of Tesla (NASDAQ: TSLA) Elon Musk, who predicted a period of prosperity for the country following Milei’s win, as Finbold reported in late November.

As Argentina explores avenues for crypto integration, collaboration with El Salvador provides a strategic opportunity to leverage the latter’s pioneering initiatives in the crypto space.

This partnership underscores the global significance of cryptocurrency adoption and the growing importance of regulatory frameworks to govern digital assets effectively.

Meanwhile, Bitcoin was changing hands at $68,188, down 0.12% for the day, and advancing 7.7% on its monthly chart, according to the latest information retrieved on May 28.

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