According to an official report from the National Securities Commission of Argentina (CNV), regulators from Argentina met with their counterparts in El Salvador to discuss Bitcoin (BTC) adoption. Argentinian officials from the CNV met with El Salvador’s National Digital Assets Commission last week to learn about the Salvadoran government’s approach to regulating BTC.
Strengthening Ties Through Bitcoin
CNV President Roberto Silva and Vice President Patricia Boedo met with Juan Carlos Reyes, the President of El Salvador’s National Commission for Digital Assets (CNAD). The report indicates that both nations are forming an alliance with Bitcoin at the center of their discussions.
Silva stated, “El Salvador has emerged as one of the leading countries, not only in the use of Bitcoin, but also in the [wider] world of crypto assets.” He further added, “We want to strengthen ties with El Salvador. So we will explore the possibility of signing collaboration agreements with [the Salvadoran government].”
Reyes emphasized that the CNV aims to work efficiently with the digital asset industry and create appropriate regulations.
Argentina’s Economic Challenges
Argentina’s economy has faced significant challenges over the last few years, with inflation rising by triple-digit percentages. According to an official report, economic activity in Argentina fell 8.4% in March compared to the previous year, marking the fifth consecutive monthly decline and the steepest drop since 2020.
Also Read: Argentina’s Crypto Stance Under President Milei Sparks Debate Among Bitcoin Enthusiasts
New Leadership and Bitcoin Advocacy
In November 2023, Argentina elected Javier Milei as the new president. Milei is a strong Bitcoin advocate and has expressed a desire to dollarize the Argentine economy while rejecting an invitation to join the BRICS (Brazil, Russia, India, China, South Africa) alliance. Recently, Milei has made headlines for favoring BTC over the US dollar.
Bitcoin’s recent resurgence may have influenced the new president to reconsider his strategy. El Salvador, which has adopted Bitcoin as legal tender, is sitting on a nearly $84 million profit after BTC reached an all-time high in March.
