Javier Milley confirms his support for Bitcoin and cryptocurrencies to support Argentina's economy
In a recent statement, Argentine President Javier Milley reiterated his support for the use of Bitcoin (BTC) and other currencies in the national economy.
Bitcoin and Beyond: Milly's Vision for Argentina's Free Currency Competition
Milley's statement responded to Gabor Gurbacs, former director of digital asset strategy at VanEck, who responded to his tweet welcoming "Bitcoin for everyone."
Milley stressed that his administration would allow free competition for currencies, including Bitcoin and other assets such as West Texas Intermediate (WTI) oil and British thermal units (BTU).
“There will be free competition for currencies, so if you want to use Bitcoin, there will be no problems. You can also use other units, such as WTI, BTU, and the unit that is most suitable for your business. It is more from an accounting point of view. It is solved by the functional currency method.”
From a different perspective, Milley's statement can be seen as inspired by the Nayib Bukele administration in El Salvador, which allowed the free trading of Bitcoin. However, the Argentine context is slightly different from El Salvador.
The country is struggling with inflation from previous years and tax uncertainty associated with cryptocurrencies. In addition, Argentina has a marked preference for stablecoins as a means of payment.
Despite these challenges, Mele remains determined to institutionalize more Bitcoin in the Argentine economy, albeit “in his own way.” In December 2023, the Minister of Foreign Affairs, International Trade and Worship confirmed that the government would allow contracts in Bitcoin, raising hope in the crypto community.
Milley's administration has also faced criticism.