
- Argentina’s National Securities Commission met with El Salvadorโs officials.
- Back in March, President Bukele unveiled El Salvadorโs physical BTC vault.
- In late 2023, Argentina penned a decree to open doors for national crypto use.
Argentinian authorities started the week by opening discussions with El Salvadorโs National Commission of Digital Assets (CNAD). Last Thursday, a preliminary meeting was held in El Salvador, where Argentina and El Salvadoran officials exchanged knowledge about blockchain technology adoption and cryptocurrency use on a national and global level.
As Argentina has 46,235 million residents, the learning curve with El Salvador as a great example is crucial. The Bitcoin revolution brought 6,336,000 people to El Salvador, paving the way for thriving tourism in new landmark spots like the famed Bitcoin Beach, a severely reduced crime rate, and the internet giant Google settling in its inaugural El Salvadorean office a month ago.
How Is El Salvador Faring Three Years into Brave BTC Bet?
Since September 2021, El Salvador has been the pioneering country in Bitcoin adoption. The Central American nation was the first to adopt Bitcoin as legal tender. Met with a turbulent start, El Salvadorโs brave Bitcoin path took nearly three years to come to fruition.
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With thousands of students graduating from the Mi Primer Bitcoin program, El Salvador is also praised for its transparency. The Latin American countryโs re-elected President, Nayib Bukele, disclosed a physical Bitcoin vault back in March 2024, which can be publicly tracked online.
Bukeleโs pledge to buy one Bitcoin a day has resulted in over $73 million in unrealized profits, while the Latin American countryโs plan to become a major player in Bitcoin mining comes with natural resource advantages, such as the famed El Salvadoran volcanoes.
According to the countryโs Bitcoin mining projectโs whitepaper, renewable sources can boost El Salvadorโs mining farms to 241 MW, making it among the most efficient in the current market.
Argentinaโs Bitcoin Revolution to Tackle Key Social Issues
Per the official notice from the Argentinian National Securities Commission (CNV) on May 23, 2024, the government officials, including CNVโs President Roberto E. Silva and Vice President Patricia Boedo, were discussing with El Salvadorโs National Digital Assets Commission (CNAD) President Juan Carlos Reyes.
โEl Salvadorโs experience in digital assets is remarkable. My visit allowed for an exchange of valuable insights, and itโs crucial that we continue to build our relationship with a nation that has a wealth of expertise in this area,โ emphasized Boedo.
Meanwhile, El Salvadorโs Juan Carlos Reyes expressed gratitude for Argentinaโs enthusiasm and called the country โa pioneer in technologyโ, which received a substantial push towards economic digitization when Argentina’s presidential election was won by Javier Milei, who started serving as the countryโs president back in December 2023.
As the Argentine economic crisis continues due to the Argentine Peso gradually dropping against the United States Dollar (USD), Argentinaโs adoption of Bitcoin as legal tender could free the country from the financial restraints caused by the devaluation of its national currency, the Argentine Peso.
On the Flipside
- Argentinaโs path to financial independence via Bitcoin is somewhat different from El Salvadorโs, given that the International Monetary Fund (IMF) signed off on newly elected president Javier Mileiโs $44 billion program.
- The support-winning Javier Milei program unlocked around $800 million, while IMF representatives praised Javier Mileiโs shock therapy strategy half a year after the Argentinian Presidentโs inauguration.
Why This Matters
The collaboration between El Salvador and Argentina marks a critical moment in the history of blockchain technology adoption. Latin American countries adopting Bitcoin as legal cash can bridge the gap between social classes, solve infrastructural issues, and boost tourism.
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