Argentina to cooperate with El Salvador in accepting Bitcoin: Report

Argentine authorities are looking to work with authorities in Bitcoin-friendly El Salvador to boost their adoption of the digital asset.

According to an official report from Argentina's National Securities Commission (CNV), the agency's president and vice president Roberto Silva and Patricia Boedo held a meeting last week with Juan Reyes, president of El Salvador's National Digital Assets Commission (CNAD). To discuss the experience of accepting Bitcoin in the Central American country.

Argentina El Salvador adoption strategy for BTC

The report states that Silva and Boedo exchanged ideas with Reyes about the trip to El Salvador so far and discussed the growing use of cryptocurrencies in the global economy.

“El Salvador has become one of the leading countries not only in the use of bitcoin, but also in the world in crypto assets” We want to strengthen the relationship with the Republic of El Salvador and so we go. To explore the possibility of signing cooperation agreements with them, Silva said.

Remember that El Salvador was the first country to recognize Bitcoin as legal tender in 2021. Over the years, the country has announced a number of Bitcoin-related projects, including Bitcoin bonds, volcano-powered Bitcoin mining, and citizenship-by-Bitcoin-investment. program, and adopted a strategy that allows the property to be stored and maintained. Since mid-May, the country has mined 474 BTC using volcanic power and has held more than 5,750 BTC.

El Salvador created the CNAD specifically to regulate and improve crypto operations, and Argentina is looking to follow suit.

CNV Vice President Boedo supported Silva's opinion: “I had the opportunity to exchange experiences during my visit to that country, and I think it is important to strengthen relations with the Republic, which is a pioneer in this subject.” With extensive experience in this subject.

Embrace Bitcoin

Argentina, meanwhile, is becoming more Bitcoin-friendly as the years go by. In November, Bitcoin proponent and far-right Liberian Javier Mille won Argentina's presidential election. Miley's victory brought hope to the country, which was in the midst of an economic crisis and struggling with high inflation.

A month later, Argentina's Minister of Foreign Affairs legalized the use of Bitcoin to settle legally binding contracts and make payments. Additionally, Argentina recently launched a registry of virtual asset service providers, a regulatory body exclusively for the local crypto sector.