The President of Argentina, Javier Milei, has expressed his support for Bitcoin (BTC), regarding the free currency competition in the country. With his strategy, Argentinians can choose which currency to use based on their needs.
Argentina: the President in favor of Bitcoin for his free currency competition strategy
In a tweet, the President of Argentina, Javier Milei, expresses support for Bitcoin (BTC) for its free currency competition strategy. This tweet comes in response to a tweet by Gabor Gurbacs, former director of digital asset strategy at VanEck, who suggested “Bitcoin for everyone”.
Habrá libre competencia de monedas así es que si querés usar el Bitcoin no habrá problemas… y también podrás usar otras unidades como el WTI, BTU y la que te resulte más acorde en tu negocio…
Es más contablemente se resuelve por el método de moneda funcional…
— Javier Milei (@JMilei) June 19, 2024
“There will be free competition between currencies, so if you want to use Bitcoin there will be no problems… and you can also use other units of measure like WTI, BTU and the one you consider most suitable for your business… Accounting is resolved with the functional currency method…”
Specifically, Milei has expressed his support for the use of Bitcoin (BTC) along with other currencies of the country. In this way, Argentinians can choose which currency to use based on their needs.
Argentina: the position of the President in favor of Bitcoin as in El Salvador
With this tweet, the President of Argentina confirms his pro-Bitcoin stance, much praised during the election campaign.
His strategy of free currency competition should follow what happened in El Salvador, the country that made BTC legal tender in September 2021.
In this regard, as reported last May 2024, it emerged that Milei had promised during the election campaign that he would close el Banco Central de la República Argentina, block the use of the Argentine Peso (ARS) currency, and would proceed to dollarize the country. A bit like what happened in El Salvador in 2001, with the disappearance of the national currency and the use of the American dollar.
The current problem in achieving this is managing to obtain full support in Parliament, which has not yet been achieved.
Only with the dollarization of Argentina, Milei will be able to proceed to make BTC legal tender in the country, as in El Salvador. Not only that, Argentine regulatory authorities are already in contact with their counterparts in El Salvador, precisely for the adoption of BTC.
In reality, the President and Vice President Roberto E. Silva and Patricia Boedeo of the National Securities Commission of Argentina (CNV) have already met, along with the President of the National Commission for Digital Assets (CNAD) of El Salvador, Juan Carlos Reyes.
The registration of crypto platforms
Talking about progress after being elected President of Argentina, last April it emerged that Milei introduced the mandatory registration process for crypto platforms. For this, the Registry of Virtual Asset Service Providers (VASP) was established.
And so, the platforms and individuals who buy, sell, trade, transfer, and store crypto, will have to comply with mandatory registration.
This registration will serve to prevent money laundering, the financing of terrorism, and the proliferation of weapons of mass destruction.
However, this choice had been heavily criticized by Bitcoiners, and by all those who hoped that Argentina would also do like El Salvador.