El Salvador’s embrace of Bitcoin and other cryptocurrency activities may teach Argentina a thing or two.
Argentine officials are collaborating with their El Salvadorian counterparts to study the latter’s Bitcoin and cryptocurrency adoption practices.
The National Securities Commission (CNV), which is in charge of securities regulation in Argentina, met with the National Commission of Digital Assets (CNAD), which is in charge of the same function in El Salvador, to discuss the regulation and acceptance of cryptocurrency in both nations.
On May 23, Juan Carlos Reyes (CNAD president), Patricia Boedo (CNV vice president), and Roberto Silva (CNV president) met to talk about El Salvador’s experience with Bitcoin as authorized currency in September 2021.
Focusing on El Salvador’s Bitcoin instance in particular, the authorities discussed various ways and ideas on cryptocurrency’s role in global economies.
El Salvador has not only become a world leader in Bitcoin usage, but has also thrived in the wider cryptocurrency economy, according to CNV president Silva. He stressed the significance of data gathered by El Salvador’s central bank (CNAD), which controls the country’s digital asset market.
According to Silva, “signing cooperative agreements with the Republic of El Salvador is something we want to investigate in order to further our relations with that country.”
El Salvador’s knowledge and experience in the cryptocurrency sector are vital, according to CNV VP Boedo, who visited the country in March for market development discussions.
Reyes, an official from El Salvador, said that the National Securities Commission understands and wants to work with the sector effectively and provide suitable laws, and that Argentina is a pioneer in technology.
The announcement follows Argentina’s April passage of registration requirements for crypto businesses and subsequent steps toward regulating the local cryptocurrency sector. After Bitcoin-friendly politician Javier Milei took office as president of Argentina in late 2023, the nation began to make significant strides towards cryptocurrencies.
Diana Mondino, Argentina’s minister of international affairs, made claims towards the end of 2023 that the government was working on a decree to make Bitcoin and other cryptocurrencies legal tender in Argentina, subject to specific regulations.
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