Bobos & Wojaks

Get Rich Or Die Tryin

Argentina’s President Aims To Regulate Bitcoin

 

The idea of a central bank digital currency was welcomed by Argentina’s president, but it was rejected by the country’s central bank governor.

 

President Alberto Fernandez of Argentina has expressed his support for digital assets, claiming that there is no reason to prohibit the rising asset class.

Fernandez was asked whether he would explore studying the central bank digital currency (CBDC) or whether he would recognise Bitcoin as legal tender, as El Salvador had done previously, in an interview with the local media Caja Negra on August 12. The year of the system.

“I don’t want to go too far physically . However, there is no reason to say no”  Fernando declared, adding: “They say the advantage is that the inflation result is basically invalid. “

 

Inflation is a stumbling block for former Argentine President Bourgeois Mauricio Macri’s government. According to government data, the value of 100 Argentine pesos was comparable to 661 pesos after Macri left office in 2019.

 

Despite Argentina’s severe currency controls, the current president noted that Bitcoin is becoming more widely recognised as a hedge against inflation in the global economy. However, Fernandez cautioned that the bitcoin business is still going through a rough patch:

 

“Because of how strange it is, be careful, because you need to know how this wealth is realized. Many people in the world have these considerations, which is why the project or system is still not expanding. [more than it has]. However, this is one thing and needs to be considered.”

 

Argentine central bank governor Miguel Pez appears to be threatening to crack down on the firm, despite the president’s openness to investigating digital assets.

 

On August 10, Pesce spoke at the Argentine Government Institute of Finance’s Digital Finance Forum. His target is cryptocurrencies, which he describes as a threat to economic stability, prompting the development of new regulations in this sector.

 

According to Pesce, he aims to “ regulate the intersection of Bitcoin, payment systems and trading markets,” and warned that this cryptocurrency “may cause serious damage to domestic currency stability.”