Will Argentina have Bitcoin reserves?
Several nations are already evaluating the possibility of allocating part of their resources to create a cryptocurrency reserve. What happened in the country
Several nations are already evaluating the possibility of allocating part of their resources to create a cryptocurrency reserve. What happened in the country
Donald Trump's proposal to create a strategic Bitcoin reserve in the United States generated great interest, not only in the crypto community, but among other nations.
Even consulting firms such as VanEck suggest that a proposal of this style would reduce the US's external debt by 36% by 2050, a proposal aligned with the plan of Senator Cynthia Lummis, who advocates for the country to accumulate one million bitcoins in the next five years.
National Bitcoin Reserve: Will it take place in Argentina?
The project to implement a national Bitcoin reserve is latent in Argentina. Although there was no direct mention, the free currency competition system advocated by President Javier Milei includes the possibility that citizens can save and trade crypto assets freely.
The lifting of the restrictions that the Government promised for 2025 is the condition for banks and wallets to be able to offer crypto products. And that the BCRA, regulator of both types of entities, after modifying its organic charter, can have digital currencies within the Treasury, as is the case today with dollars, gold and other assets.
In fact, there is already a recent project to allocate 1% of the reserves to BTC. The programmer Santiago Siri recommended a similar plan in 2014, but it was ignored by the Government of Cristina Fernández. Thus, the BCRA:
Could have acquired 5% of the reserves in Bitcoin ($1.775 billion)
That would have been equivalent to 5.84 million BTC ($280 each at the end of that year)
That amount currently represents $550 billion ($95,000 each BTC)
This sum exceeds the Argentine GDP: US$460,000 M