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 Gubek on Twitter, who said that his government would enable people to use Bitcoin as well as other forms of currency, such as West Texas Intermediate (WTI) and British Thermal Units (BTU), with the focus on what he calls functional currency methods.
Milei’s stance echoes that of El Salvador, but Argentina faces unique issues related to rampant inflation and uncertainty surrounding digital assets. However, Milei plans to integrate Bitcoin into the Argentine economy.
This news brings hope to the cryptocurrency community once again, especially since the Argentine Ministry of Foreign Affairs confirmed in November 2023 that it would begin allowing Bitcoin contracts.
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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 inflation persisting 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 remain uncertain.
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