Regulation
Argentine regulators discuss Bitcoin adoption with El Salvador
On Thursday, May 23, Argentina’s National Securities Commission (CNV) began discussions with El Salvador’s National Digital Assets Commission (CNAD). This meeting highlights a growing interconnectedness between the two nations, particularly focusing on Bitcoin (BTC) adoption and regulation strategies.
Is Argentina going the way of Bitcoin in El Salvador?
Roberto E. Silva, President of the CNV, accompanied by Vice President Patricia Boedo, met with Juan Carlos Reyes, President of the CNAD, to deepen El Salvador’s pioneering journey as first nation to officially incorporate Bitcoin as legal tender. The discussions aimed to draw inspiration from the Central American country’s regulatory and operational experiences with digital assets, according to an official. Press release.
Dr. Silva expressed his admiration for El Salvador’s leadership in the field of digital assets, noting: “El Salvador has become one of the leading countries, not only in the use of Bitcoin, but has also excelled in the world of crypto assets. It created a specific commission, the National Commission for Digital Assets (CNAD), and therefore has very valuable experience for the CNV at this time. He further highlighted the intention to “strengthen ties with the Republic of El Salvador” and explore possible collaboration agreements.
Dr. Boedo shared learnings from his recent technical visit to El Salvador, highlighting important lessons learned from their approach to cryptocurrency regulation and market development. “I would like to highlight El Salvador’s experience in the world of crypto-assets. I had the opportunity to exchange experiences during my visit to this country and I believe that it is essential to continue strengthening ties with a pioneer Republic in this area, which has extensive experience in the field.” , she said.
From the Salvadoran perspective, Juan Carlos Reyes highlighted Argentina’s technological prowess and its proactive stance towards effective industrial regulation. “Argentina is a pioneer in technology and the National Securities Commission understands and wants to work effectively with the industry and create appropriate regulations,” Reyes said. He appreciated the bilateral dialogue, which marks a step forward in establishing a robust regulatory framework for digital assets.
The discussions come at a time when Argentina is actively exploring enhanced regulatory measures for Bitcoin and other cryptocurrencies. During the last developments, CNV, together with the Financial Information Unit (UIF) and the Argentine Chamber of Financial Technologies, have initiated discussions aimed at implementing new regulations for Bitcoin exchanges. This follows confirmation in March of supervisory and regulatory frameworks being put in place for cryptocurrency exchanges.
These agreements between Argentina, under the liberal president elected in November, Javier Mileiand El Salvador, illustrate a serious attempt by both governments to harness the potential of Bitcoin and digital currencies while ensuring strong regulatory measures are in place.
Notably, it was not revealed whether Argentina had sought advice on how to make Bitcoin legal tender or adopt it for its treasury.
At press time, BTC was trading at $68,400.
Featured image created with DALL·E, chart from TradingView.com