The Argentine government is looking to learn from El Salvador’s experience of adopting Bitcoin as legal tender. The South American country’s securities regulator, the National Securities Commission [CNV] conducted a meeting with El Salvador’s National Commission of Digital Assets [CNAD] recently. Adoption and regulation were the focal points of the meeting.
Impressed by El Salvador’s progress, CNV President Roberto Silva pointed out that that the Central American country has emerged as one of the “leading countries,” not only in the use of Bitcoin, but has also been able to “stand out” in the broader “world of crypto assets.” Looking to capitalize on the same, he said,
“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.”
Argentina has started tightening regulatory screws of late. In March for instance, it announced that companies offering crypto-related services ought to register with the government to adhere to the country’s Anti-Money Laundering [AML] and Combating the Financing of Terrorism [CFT] rules.
Argentina’s local currency has only been weakening with time against the US dollar, and perhaps, the country is looking to gravitate toward Bitcoin to improve the state of affairs.
El Salvador’s CNAD president, Juan Carlos Reyes, emphasized that “Argentina is a pioneer in technology” and the NSC “understands and wants to work with the industry efficiently and create appropriate regulation.”
El Salvador was the first country that adopted Bitcoin as legal tender. It has been making rapid additions to its treasury as well. As reported in a recent article, the Central American nation has been successful in earning more than 470 BTC via mining rewards since 2021.
