As a researcher, I find President Milei’s stance on Bitcoin intriguing and significant for the global cryptocurrency landscape. The exchange between him and Gurbacs on X, formerly known as Twitter, showcases Argentina’s approach to supporting the use of various currencies, including Bitcoin, within its economy. This policy is a departure from El Salvador’s more singular focus on Bitcoin as legal tender.
In a conversation on X, previously referred to as Twitter, Argentine President Javier Milei expressed his continued backing for Bitcoin. He highlighted the importance of currency choice in Argentina during this exchange. The discussion was initiated by a friendly message from the president on the social media site, which subsequently led to a talk about Bitcoin.
Milei Reiterates His Support For Bitcoin
President Milei’s tweet, “Hello everyone…!!!” drew a lighthearted retort from Gabor Gurbacs, founder of PointsVille and strategist at Tether, who quipped, “Bitcoin for all. :)” In response to Milei’s stance on cryptocurrencies, he clarified, “There will be a free market for currencies, so feel free to use Bitcoin if you prefer. You can also opt for other options like WTI, BTU, and the most suitable one for your business. From an accounting perspective, this is addressed through the functional currency method.”
The Argentine government’s stance allows for the use of multiple currencies, such as Bitcoin (BTC), within its economy without objection or opposition. This viewpoint was confirmed by Gurbacs, who expressed his agreement and appreciation: “That makes sense. Competition is beneficial. Thank you, President Milei.”
Yet, the conversation brought up valid concerns regarding the feasibility of using Bitcoin as a widespread currency. One participant raised an issue with regulatory complications, stating, “Hi Javier, it’s important to acknowledge that we cannot employ Bitcoin as a currency if regulations demand us to calculate capital gains for each transaction.”
One criticism came from a user named Calibre Culture, who expressed disappointment that President Milei hasn’t adopted El Salvador’s singular focus on Bitcoin. He stated, “It’s unfortunate that Milei doesn’t stick to the El Salvador model, focusing solely on Bitcoin. It would expedite progress and shield against fraudulent cryptocurrencies.” Gurbacs countered this opinion by advocating for “sufficient competition.”
Instead of “On the contrary,” you could use “However, in contrast” or “Despite this, it’s important to note that.”
But Argentina Is Not Following El Salvador’s Playbook
Lately, there has been a significant increase in false reports concerning Milei’s position regarding Bitcoin. These reports falsely claim that Milei intends to make Bitcoin Argentina’s official currency. However, it is essential to note that these claims are unfounded and do not align with his true intentions. Instead, Milei’s administration has advocated for the dollarization of the Argentine economy and has not proposed adopting Bitcoin as a legal tender.
In a recent gathering, the local regulators and El Salvador’s Crypto Active division director held discussions centered around self-custody rights and suitable regulatory structures for crypto assets. Contrary to anticipation, this session did not involve any Bitcoin standard plans, instead focusing on establishing a well-balanced regulatory landscape for digital currencies in compliance with Financial Action Task Force (FATF) recommendations.
Argentina’s strategy includes rigorous rules for Virtual Asset Service Providers (VASPs) to adhere to Financial Action Task Force (FATF) recommendations, signaling a cautious, not complete, adoption of cryptocurrencies within the country’s economic system. Milei’s pro-Bitcoin views expressed on social media represent a segment of this policy, which champions economic liberty and sensible regulation rather than a shift towards a Bitcoin-led economy.
At press time, BTC traded at $65,297.
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2024-06-20 11:11