When libertarian politician Javier Milei was elected president of Argentina towards the end of last year, many in the worlds of traditional finance and digital assets speculated that the seemingly pro-Bitcoin leader might help spur increased use of cryptocurrencies in South America's second-largest economy.
Critics of the new regulation see it as adding an unnecessary layer of compliance that will complicate crypto adoption rather than encourage it. In December, two weeks after Milei took office, in what appeared to be a sign that his government was committed to embracing digital assets, Argentina announced that bitcoin could be used as currency in official contracts. Many Argentinians have turned to crypto as an alternative as their local peso has eroded in value.
Bitso Argentina Country Manager Julián Colombo downplayed the potential impact of the new regulation and the idea that Milei is a true advocate for digital assets. "I don't see a political implication of the level that some media are giving to ,” Colombo told The Block. “President Milei is not personally involved in this process and, contrary to what has been said during the campaign, he is not a president for whom cryptocurrencies are a priority at this time.
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