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Argentinians Oppose IMF Requirement to Slow Crypto Adoption in the Country

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Argentine public involved in the bitcoin industry is denouncing a perceived anti-crypto condition included by the new IMF agreement. The agreement, which restructures and provides additional facilities to the government in order to pay the $45 billion owing to the fund, also hints at a series of steps aimed at restricting the country’s crypto industry’s expansion.

A purported anti-crypto requirement in Argentina’s recently ratified contract with the IMF has Argentinians discussing the consequences for the country’s crypto adoption. The arrangement, which helps to restructure Argentina’s $45 million debt with the international body, will provide the country with much-needed time to settle this loan.

The contentious remark snuck into the law project that allows the aforementioned debt refinancing declares:

“The National Government, for a better safeguard of financial stability, will discourage the use of cryptocurrencies in the prevention of money laundering and informality, likewise the digitization of payments will have official incentives and additional protection will be given to the financial consumer.”

According to some in the country, this hints at the introduction of rules and measures that could hinder the country’s adoption of cryptocurrencies.

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Argentina’s crypto community is already attempting to comprehend the agreement’s potential ramifications and how it will affect the industry’s participants. Most agree that there is currently not enough information to assess the impact of this remark on actual crypto usage, which has lately achieved record highs.

Bitcoin Argentina, a non-profit group dedicated to rewarding bitcoin usage and knowledge, sent a letter to the government requesting all data relevant to the implementation of these new policies aimed at slowing cryptocurrency adoption in the country.

Some have indirectly challenged this portion of the deal, making statements in favour of bitcoin adoption. This is true for Franco Bianchi, CMO of Lemon, an Argentine firm that provides cryptocurrency payment options. According to Bianchi, the best approach would be to “work in a setting of clear rules that stimulate the adoption of crypto assets, as several nations are doing, which encourages positive laws on the usage of cryptocurrencies.”