GET 10% OFF ON YOUR FIRST ORDER. FOR A LIMITED TIME ONLY. Use code: WELCOME on checkout

Argentina Explores Bitcoin Collaboration with El Salvador to Boost Crypto Adoption

The National Securities Commission of Argentina (CNV) confirmed the country is considering cooperating with El Salvador on Bitcoin adoption. This follows an important meeting between Argentinian and Salvadoran regulators last week.

Officials from Argentina’s CNV met with Juan Carlos Reyes, head of El Salvador’s National Digital Assets Commission (CNAD), to discuss El Salvador’s Bitcoin regulation strategies.

Learning from El Salvador’s Experience

High-ranking CNV officials, including President Roberto Silva and Vice President Patricia Boedo, visited El Salvador. The President highlighted Argentina’s proactive stance in learning and praised El Salvador’s progress in forming cooperation agreements.

“El Salvador has emerged as a leading country in the use of Bitcoin and the broader world of crypto assets. We want to strengthen ties with El Salvador. We will explore signing collaboration agreements with their government,” Silva stated.

The CNV’s efforts could relieve Argentina’s Bitcoin community. Despite President Javier Milei’s pro-Bitcoin stance, Buenos Aires faces pressure from the IMF to regulate crypto exchanges.

The country faces severe economic challenges, including high inflation and currency depreciation, have spurred Bitcoin trading. Crypto adoption has increased since 2017, with many using it for everyday transactions. The country has also seen a rise in crypto startups, offering innovative solutions to economic challenges.

Read more: Crypto Adoption in Argentina: Everything To Know

Most-purchased cryptocurrencies by fiat currency on exchanges.
Most-purchased cryptocurrencies by fiat currency on exchanges. Source: Chainalysis

Strict currency controls have led to a surge in stablecoin use. These digital assets provide a hedge against currency restrictions. A report by Bitso indicated that 60% of crypto trading volume in Argentina comes from stablecoins like USDT or USDC.

El Salvador, under President Nayib Bukele, became the first country in the world to adopt Bitcoin as legal tender. Bukele’s initiative has significantly boosted the country’s economy. BTC adoption has attracted global tourists to El Salvador’s popular destinations. Additionally, the country buys the asset daily and mines it using energy from volcano-powered operations.

The potential cooperation between Argentina and El Salvador could signal a shift in Argentina’s approach to crypto. With significant crypto adoption among its population, this move might pave the way for a more regulated and secure environment.

The post Argentina Explores Bitcoin Collaboration with El Salvador to Boost Crypto Adoption appeared first on BeInCrypto.

Latest Press

post-thumbnail
News
4 hours ago
Bitcoin Price Stalls at $64,807 as Cash-and-Carry Strategy Dominates Market
Bitcoin’s price has been range-bound, influenced by the cash-and-carry arbitrage strategy. Institu...
READ MORE
post-thumbnail
News
4 hours ago
Ripple Faces Legal Limbo as SEC’s Top Crypto Enforcer Resigns
David Hirsch, SEC’s head of crypto enforcement, resigns after nearly a decade. His departure marks...
READ MORE
default post thumbnail
News
4 hours ago
Curve (CRV) Bounces 40% From All-Time Low As Whales Go On Shopping Spree
Curve Finance’s native token, CRV, saw a dramatic 30% price drop a week ago. The crash, which incl...
READ MORE
default post thumbnail
News
4 hours ago
Bitcoin Market Alert: German Government Agency Sends $425M Worth Of BTC To Exchanges
Bitcoin (BTC) recently plunged to a one-month low of $64,000, causing concern among bullish investor...
READ MORE
default post thumbnail
News
4 hours ago
Solana Down 40% But Analyst Says Now’s The Time To Buy SOL
Solana, one of the top altcoins, trailing Ethereum and the BNB Chain, has not been spared in the rec...
READ MORE
default post thumbnail
News
4 hours ago
Dogecoin Weighted Sentiment Drops To 2024 Lows, What Does This Mean For Price?
The crypto industry is now going through another turbulent period, as evidenced by price data in the...
READ MORE
default post thumbnail
News
4 hours ago
Dogecoin, Cardano “Very Bullish” Based On MVRV: Santiment
The on-chain analytics firm Santiment has revealed that Dogecoin and Cardano are two assets that loo...
READ MORE
default post thumbnail
News
4 hours ago
CertiK Faces Fallout After Confessing $3 Million Heist From Kraken, What’s Next?
Cryptocurrency exchange Kraken has announced that it has fallen victim to a major security flaw that...
READ MORE
default post thumbnail
News
4 hours ago
SynFutures to Expand its Perp Markets to Base with New Memecoin Initiative
Singapore, Singapore, June 19th, 2024, Chainwire SynFutures, the leading DeFi derivatives protocol, ...
READ MORE
default post thumbnail
News
4 hours ago
Brett Price Prediction And A New Base Meme Coin To Watch
The broad-based recovery in altcoins today is once again showing the upside potential of Base meme c...
READ MORE

Publish an article now

Unlock the power of media for instant visibility to the target audience, major SEO boost, greater website traffic and conversion rates.

click here to get started