Argentina plans to adopt Bitcoin
The president of Argentina shared his opinion on Bitcoin in an interview on the Filo.news channel. Alberto Fernández was asked about the issuance of a central bank digital currency (MNBC), but also about a possible adoption of BTC, on the model of El Salvador. In this regard, the President replied:
“I don’t want to go too far, […] but there is no reason to say “no”. Maybe this is a good way to go. “
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Like Salvadoran President Nayib Bukele, his Argentinian counterpart sees Bitcoin as a way to fight the rampant inflation that affects the country’s fiat currency, the Argentinian Peso (ARS). He thus specifies:
“They say the advantage is that the effect of inflation is largely canceled out. “
This is a particularly crucial asset for the country. Argentina is facing one of the most severe inflations in the world. We learned yesterday that it had reached 29% from January to July 2021, that is to say the threshold that had been set for the entire year. For a century, annual inflation has averaged + 105%, according to the Argentine Chamber of Commerce.
👉 To go further – Bitcoin to fight inflation?
Latin America, land of cryptocurrency
Argentina is just the latest in a growing list of Latin American countries considering cryptocurrency adoption. The price increases are particularly affecting the region, which is why a series of measures related to digital assets have been put in place.
In El Salvador, in addition to adopting BTC as a legal currency, the government has chosen to distribute cryptocurrency to all residents. In Uruguay, a bill aims to promote payments in digital assets. Paraguay also considered adopting cryptos, through the voice of one of the government officials. The arrival of Argentina in these ranks would therefore be further confirmation that Bitcoin has its role to play in the region.
👉 On the same subject – Bank Of America optimistic about the adoption of Bitcoin in El Salvador
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About the author: Marine Debelloir
Deputy Editor-in-Chief on Cryptoast, I fell into the pot of cryptocurrencies a few years ago. I am passionate about the innovative technologies that arise from the blockchain and I like to find the most delicious information to share with you.
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