Argentina’s minister of foreign affairs legalized the use of Bitcoin in settling legally binding contracts and making payments within the country.
Argentina has announced its intention to partner with El Salvador to advance the adoption of Bitcoin.
According to an official report from the Argentinian National Securities Commission (CNV), the agency’s president, Roberto Silva, and vice president, Patricia Boedo, met with Juan Reyes, the president of El Salvador’s National Digital Assets Commission (CNAD), last week to discuss El Salvador’s experience in adopting Bitcoin.
Argentina And El Salvador on BTC Adoption Strategy
The report disclosed that Silva and Boedo discussed the increasing use of digital assets in global economies, exchanging ideas with Reyes about El Salvador’s progress in this area.
“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…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,” Silver said.
The Central American country made headlines in 2021 when it became the first to widely adopt Bitcoin as its legal tender under President Nayib Bukele’s administration. Over the years, the country has introduced various Bitcoin-related initiatives, such as Bitcoin bonds, volcano-powered Bitcoin mining, and a citizenship-by-Bitcoin-investment program, adopting a strategy that enables it to accumulate and retain the asset. By mid-May, El Salvador had mined 474 BTC using volcanic energy and held approximately 5 750 BTC.
Also, El Salvador established the CNAD particularly to manage and enhance its crypto operations, and Argentina is seeking to follow a similar path.
“I had the opportunity to exchange experiences during the visit to that country, and it seems essential to me to continue strengthening ties with a Republic that is a pioneer in the subject and has vast experience in the subject,” Vice President Boedo said.
Progressively Accepting Bitcoin
Argentina is progressively becoming more Bitcoin-friendly. Bitcoin advocate and politician Jaivier Milei won Argentina’s presidential run-off in November. Milei’s victory brought hope to the country struggling with economic meltdown and hyperinflation. The Argentine peso has been in a state of continuous decline.
A month later, Argentina’s minister of foreign affairs approved and legalized the use of Bitcoin to settle legally binding contracts and make payments within the country.
Argentina recently introduced the Registry of Virtual Asset Service Providers, a regulatory body dedicated to the local crypto sector.
