Argentina on the Bitcoin Path: Can It Learn From El Salvador?

• Argentina’s National Securities Commission met with El Salvador’s officials.
• Back in March, President Bukele unveiled El Salvador’s 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 Salvador’s 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 Salvador’s brave Bitcoin path took nearly three years to come to fruition.

With thousands of students graduating from the Mi Primer Bitcoin program, El Salvador is also praised for its transparency. The Latin American country’s re-elected President, Nayib Bukele, disclosed a physical Bitcoin vault back in March 2024, which can be publicly tracked online.

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Bukele’s pledge to buy one Bitcoin a day has resulted in over $73 million in unrealized profits, while the Latin American country’s plan to become a major player in Bitcoin mining comes with natural resource advantages, such as the famed El Salvadoran volcanoes.

According to the country’s Bitcoin mining project’s whitepaper, renewable sources can boost El Salvador’s mining farms to 241 MW, making it among the most efficient in the current market.

Argentina’s 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 CNV’s President Roberto E. Silva and Vice President Patricia Boedo, were discussing with El Salvador’s National Digital Assets Commission (CNAD) President Juan Carlos Reyes.

“El Salvador’s experience in digital assets is remarkable. My visit allowed for an exchange of valuable insights, and it’s crucial that we continue to build our relationship with a nation that has a wealth of expertise in this area,” emphasized Boedo.

Meanwhile, El Salvador’s Juan Carlos Reyes expressed gratitude for Argentina’s enthusiasm and called the country “a pioneer in technology”, which received a substantial push towards economic digitization when Argentina’s presidential election was won by Javier Milei, who started serving as the country’s president back in December 2023.

As the Argentine economic crisis continues due to the Argentine Peso gradually dropping against the United States Dollar (USD), Argentina’s 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

• Argentina’s path to financial independence via Bitcoin is somewhat different from El Salvador’s, given that the International Monetary Fund (IMF) signed off on newly elected president Javier Milei’s $44 billion program.
• The support-winning Javier Milei program unlocked around $800 million, while IMF representatives praised Javier Milei’s shock therapy strategy half a year after the Argentinian President’s 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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