Argentinian regulators discuss Bitcoin adoption with El Salvador, opening possibility of friendly regulation

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27th May 2024 – (Buenos Aires) Argentinian regulators have engaged in discussions with their counterparts in El Salvador regarding the adoption of Bitcoin (BTC), as confirmed by the National Securities Commission of Argentina (CNV) over the weekend.

According to an official statement from the CNV and a report from Criptonoticias, high-ranking officials from both countries met with the head of El Salvador’s National Digital Assets Commission last week. The purpose of the meeting was to explore potential cooperation agreements related to digital assets.

The visit of Argentinian officials to El Salvador was aimed at understanding how the government regulates Bitcoin. Criptonoticias described the two nations as forging an “alliance, with Bitcoin at the centre of the conversation.”

CNV President Roberto Silva and Vice President Patricia Boedo participated in the talks, meeting with Juan Carlos Reyes, the President of El Salvador’s National Commission for Digital Assets (CNAD).

The Argentinian officials expressed their interest in learning more about El Salvador’s experience in adopting Bitcoin as legal tender. Silva praised El Salvador for its prominent role in the use of Bitcoin and crypto assets, recognizing the value of their experience for the CNV. He emphasized the desire to strengthen ties with El Salvador and explore the possibility of signing collaboration agreements.

Boedo had already visited El Salvador in March for preliminary technical meetings. During these discussions, she also addressed key elements of Bitcoin regulation with her counterparts.

Reyes highlighted Argentina’s status as a pioneer in the technology sector and expressed the CNV’s intention to work efficiently with the Bitcoin and digital assets industries while establishing appropriate regulation.

This development brings some reassurance to the Bitcoin and crypto communities in Argentina. Despite President Javier Milei’s pro-Bitcoin stance, the country has yielded to pressure from the International Monetary Fund (IMF) regarding crypto regulation. In an attempt to appease the IMF and secure financial packages, Argentina has introduced various regulations concerning crypto exchanges.

However, Criptonoticias observed that the growing closeness between Argentina and El Salvador opens up the possibility of more friendly and relatively unrestrictive regulations being implemented in Argentina.