Shift

Cryptocurrency

Bitcoin

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  <figure class="aligncenter size-full"><img decoding="async" width="640" height="390" src="https://cdn.thebittimes.com/images/2024/05/28/963a6de34454719aeed48fecdeb4589f.webp" alt="Argentina Now Looks to El Salvador for Bitcoin Adoption Strategy" class="wp-image-45667" srcset="https://cdn.thebittimes.com/images/2024/05/28/38dd64fa887477f2e792063ecc7a0237.webp 820w, https://cdn.thebittimes.com/images/2024/05/28/38dd64fa887477f2e792063ecc7a0237.webp 300w, https://cdn.thebittimes.com/images/2024/05/28/38dd64fa887477f2e792063ecc7a0237.webp 768w" sizes="(max-width: 640px) 100vw, 640px" data-recalc-dims="1">
   <figcaption class="wp-element-caption"><sub>Source: <em>CNV</em></sub>
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 <p class=""><strong><em>Argentina</em> wants to collaborate with <em>El Salvador</em> to enhance its adoption of <em>Bitcoin</em> and other cryptocurrencies. </strong>Officials from <em>Argentina’s National Securities Commission (CNV)</em> met with representatives from <em>El Salvador’s National Digital Assets Commission (CNAD)</em> to discuss El Salvador’s experiences and strategies in Bitcoin adoption.</p>
 <h3 class="wp-block-heading" id="learning-from-a-pioneer">Learning from a Pioneer</h3>
 <p class="">El Salvador has emerged as a global leader in cryptocurrency adoption, being the first country to recognise Bitcoin as legal tender in 2021. The government has implemented various Bitcoin-related projects, including bonds, volcano-powered Bitcoin mining, and a citizenship-by-Bitcoin-investment program. As of mid-May, El Salvador had mined 474 BTC using volcanic energy and held over 5,750 BTC.</p>
 <p class="">Argentina faces significant economic challenges, such as high inflation and currency volatility, which have driven increased Bitcoin trading and crypto adoption since 2017. Many Argentinians view cryptocurrencies as a hedge against economic instability. The government aims to create regulations to help the economy and protect its citizens.</p>
 <h3 class="wp-block-heading" id="a-shift-towards-cryptocurrency-regulation">A Shift Towards Cryptocurrency Regulation</h3>
 <p class="">Since the election of Bitcoin-friendly <em>President</em> <em>Javier Milei</em> in late 2023, Argentina has been making strides towards integrating cryptocurrencies into its economy. The CNV has established the Registry of Virtual Asset Service Providers, a regulatory body for the local crypto sector, and legalised the use of Bitcoin in settling legally binding contracts and payments.</p>
 <p class="">The potential cooperation between Argentina and El Salvador could signal a shift in Argentina’s approach to crypto, paving the way for a more regulated and secure environment. <em>CNV President Roberto Silva</em> intended to strengthen ties with El Salvador, highlighting the benefits of learning from their experience.</p>
 <h3 class="wp-block-heading" id="optimising-argentina-s-crypto-landscape">Optimising Argentina’s Crypto Landscape</h3>
 <p class=""><em>El Salvador’s President</em>, <em>Nayib Bukele</em>, has praised the economic benefits of Bitcoin adoption, citing increased tourism and business investments. Argentina hopes to replicate some of these successes and avoid pitfalls by collaborating with El Salvador.</p>
 <p class="">In April, Argentina mandated that crypto companies register with the government, a step towards a safer and more organised crypto market. This move reflects the country’s proactive stance in developing a robust regulatory framework for cryptocurrencies.</p>
 <p class="">By working with El Salvador, Argentina aims to create a system that will boost its economy and ensure the safety of people’s money. This collaboration could inspire other countries to consider how they can incorporate cryptocurrencies into their economies.</p>
 <h3 class="wp-block-heading" id="conclusion">Conclusion</h3>
 <p class="">The partnership between Argentina and El Salvador represents a significant step towards a more regulated and secure cryptocurrency environment. By learning from El Salvador’s pioneering efforts, Argentina hopes to navigate its economic challenges and create a more stable financial landscape.</p>
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/argentina-now-looks-to-el-salvador-for-bitcoin-adoption-strategy-tbt90199.html">https://thebittimes.com/argentina-now-looks-to-el-salvador-for-bitcoin-adoption-strategy-tbt90199.html</a></p>

Argentina Now Looks to El Salvador for Bitcoin Adoption Strategy

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TheBitTimes

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