El Salvador and Argentina Join Forces to Regulate Cryptocurrencies
Date: 2024-12-12 Author: Oliver Abernathy Categories: IN WORLD
As noted by CNAD Chairman Juan Carlos Reyes, the key area will be joint work on the formation of a legal framework for the digital economy. According to him, Argentina occupies a leading position in the region due to its technological achievements, while El Salvador has unique experience in the field of crypto regulation. This cooperation, Reyes believes, will bring significant benefits to both parties.
El Salvador became the first country in the world to officially recognize Bitcoin as legal tender three years ago. This step, according to Reyes, gives El Salvador an important advantage, allowing it to share successful practices with Argentina, which is currently facing serious economic challenges. In particular, the introduction of cryptocurrencies can become a tool for Argentina to stabilize the economy and combat hyperinflation.
Since the beginning of the current year, inflation in Argentina has reached 107%, while last year this figure was 211%. In the context of such high economic instability, cryptocurrencies are considered as a possible way to strengthen the country's financial system.
According to a report by the analytical company Chainalysis, Argentina has become the leader among Latin American countries in terms of cryptocurrency market growth. It has overtaken countries such as Brazil, Mexico and Venezuela, which confirms its significant potential in this area.
New agreements between El Salvador and Argentina are aimed at strengthening their positions in the global crypto economy and creating advanced regulatory standards.
