Argentina's Crypto Sector Anticipates Reforms under President Javier Milei's Leadership
Summary:
Argentina's cryptocurrency community anticipates progressive changes under the presidency of libertarian Javier Milei. They express hope that Milei might follow El Salvador's lead in endorsing cryptocurrency. As per a Latin American news outlet, Bitcoin advocates plead for citizen privacy and encourage Milei to decline the implementation of the Financial Action Task Force 'Travel Rule'. Expectations involve Milei adhering to his pre-election commitment to radical economic modifications, including terminating Central Bank of Argentina's regulatory structure. Although excitement builds within the crypto sector, caution is advised as any proposed "Bitcoin-friendly" law is notably absent in Milei's official program.
The cryptocurrency community in Argentina anticipates significant change following the inauguration of libertarian Javier Milei as president. They are hopeful Milei will emulate Nayib Bukele of El Salvador and radically embrace cryptocurrency usage. The Latin American news source, Cryptonoticias, outlined three expectations from the Bitcoin sector on Milei's first day in office. Vice President of NGO Bitcoin Argentina, Camilo Jorajuría, pleaded with Milei to safeguard citizen privacy, advising against the implementation of the Financial Action Task Force (FATF) ''Travel Rule'', which mandates that virtual asset service providers disclose sender and receiver data.
Critics have questioned whether Milei will follow through on his pledge to abolish Argentina's central bank. Camilo Jorajuría, an advocate of cryptocurrency, encouraged Argentina to follow El Salvador’s approach regarding Bitcoin regulation. Adam Dubove, a local crypto voice and journalist, encouraged President Milei to adhere to his proposed radical fiscal alterations and commence deconstructing Central Bank of Argentina's (BCRA) regulatory framework.
Meanwhile, Mónica Taher, formerly employed by the El Salvador government, expressed optimism over Milei's perspective on cryptocurrencies, suspecting that Argentina's larger economy can attract investment away from El Salvador if the government bolsters the digital ecosystem. During the presidential campaign, Milei promised to bring about substantial economic reforms, including the dissolution of the BCRA and complete dollarization of the economy. However, Fernando Nikolić, a Bitcoin proponent and founder of media analyst firm Bitcoin Perception, cautioned about excessive excitement among the cryptocurrency community, noting that Milei does not have an official "Bitcoin-friendly" law in his policy package.
Published At
12/11/2023 2:30:28 PM
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