In a significant development for the cryptocurrency industry in South America, Argentina is taking steps to promote the adoption of cryptocurrencies by exploring a collaboration with El Salvador regarding Bitcoin (BTC). Argentine authorities have acknowledged that El Salvador made history in 2021 by becoming the first country to adopt Bitcoin as an official currency alongside the US dollar, as well as being a pioneer in cryptocurrency development in the region.
The Argentine National Securities Commission (CNV) has officially confirmed that the country is considering cooperation with El Salvador in terms of adopting Bitcoin. Recently, regulators from Argentina and El Salvador held meetings to discuss their plans.
Roberto E. Silva, the President, and Patricia Boedo, the Vice-President of the CNV, met with Juan Carlos Reyes, the President of the National Digital Assets Commission (CNAD) of El Salvador, in order to discuss Bitcoin regulatory strategies in El Salvador. During these discussions, authorities emphasized the increasing use of cryptocurrencies in economies in general and specifically highlighted El Salvador’s case.
“El Salvador has emerged as a leading country not only in the use of Bitcoin but also in the world of crypto assets. They have established the National Commission for Digital Assets (CNAD), which gives them valuable experience that the CNV can benefit from at this time. We aim to strengthen our ties with the Republic of El Salvador and therefore explore the possibility of signing collaboration agreements with them,” stated Silva.
It is important to note that in December, amid Argentina’s fiscal and regulatory landscape, President Javier Milei introduced an innovative law focused on regularizing undeclared assets, including cryptocurrencies. This project, which is part of the “Law of Bases and Starting Points for the Freedom of Argentines,” offers a pathway for crypto asset holders to rectify their tax situations by paying reduced fines.
Disclaimer: The author’s views and opinions, as well as those of individuals mentioned in this article, are for informational purposes only and should not be considered financial, investment, or other advice. Investing or trading cryptocurrencies carries the risk of financial loss.
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