Argentine President Javier Milei recently reiterated his support for incorporating Bitcoin (BTC) and other currencies into the national economy, emphasizing his desire to promote competition between currencies.
This is in response to comments made by Gabo Gubackis on Twitter, who said that his government would allow people to use Bitcoin as well as other forms of currency, such as West Texas Intermediate (WTI) and British Thermal Units (BTU), with a focus on what he called functional currency methods.
Milei’s stance echoes that of El Salvador, but Argentina faces specific issues related to hyperinflation and uncertainty surrounding digital assets. However, Milei plans to integrate Bitcoin into the Argentine economy.
This news brings hope to the crypto community once again, especially since the confirmation by the Argentine Foreign Ministry in February 2023 that Bitcoin contracts would be allowed.
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This is the amount of Bitcoin held by Coinbase.
However, the Milei government has also faced criticism for tightening regulations on Virtual Asset Service Providers (VASPs) in response to the Financial Action Task Force’s (FATF) requirements.
Looking ahead, with ongoing inflation and economic instability, these measures embracing currency competition could potentially change Argentina’s economic landscape. The implementation and adoption of these measures in the coming months remains speculative.
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