In a significant development for the cryptocurrency industry in South America, Argentina is aiming to boost the adoption of cryptocurrencies by leveraging the collaboration with El Salvador. In light of this movement, Argentine authorities have highlighted that in 2021, El Salvador became the first country in the world to incorporate the largest cryptocurrency in the market, Bitcoin, along with the US dollar as its official currency, and is also a pioneer in cryptocurrency development in the region.
In an official statement, the National Securities Commission of Argentina (CNV) confirmed that the country is considering cooperating with El Salvador in the adoption of Bitcoin. Recently, Argentine and Salvadoran regulators met to discuss the plans.
Roberto E. Silva and Patricia Boedo, president and vice president respectively of the National Securities Commission (CNV), met with the president of the National Commission for Digital Assets (CNAD) of El Salvador, Juan Carlos Reyes, to discuss Bitcoin regulation strategies in El Salvador. During the talks, the authorities highlighted the growth of cryptocurrency usage in economies in general and, in particular, in the case of El Salvador.
“El Salvador has emerged as one of the leading countries, not only in the use of Bitcoin but also in the world of crypto assets. It has created a specific commission, the National Commission for Digital Assets (CNAD), and therefore has valuable experience that is very valuable to the CNV at this time,” Silva stated. He also said, “We want to strengthen ties with the Republic of El Salvador, and therefore we will explore the possibility of signing collaboration agreements with them.”
It is worth noting that in December, amid Argentina’s fiscal and regulatory landscape, President Javier Milei presented an innovative bill focused on the regularization of undeclared assets, including cryptocurrencies. This project, which is part of the “Law of Foundations and Starting Points for the Freedom of Argentines,” proposes a path for cryptocurrency holders to regularize their tax situation with reduced fines.
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