Argentina's president considers Bitcoin (BTC) adoption

Argentina considers adopting Bitcoin

The president of Argentina has shared his views on Bitcoin in an interview on the Filo.news channel. Alberto Fernández was asked about issuing a central bank digital currency (MNBC), but also about a possible adoption of BTC, following the model of El Salvador. On this subject, the president replied:

I don’t want to get too far ahead of myself, […] “but there’s no reason to say ‘no'”. Maybe this is a good way to go.

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Fighting inflation

Like El Salvador’s President Nayib Bukele, his counterpart in Argentina sees Bitcoin as a way to fight the rampant inflation affecting the country’s fiat currency, the Argentine peso (ARS). He thus states:

We say the advantage is that the effect of inflation is largely cancelled out.

This is a particularly crucial asset for the country. Argentina is facing one of the most severe inflation rates in the world. Yesterday it was reported that it had reached 29% from January to July 2021, the threshold that had been set for the entire year. For a century, annual inflation has averaged +105%, according to the Argentine Chamber of Commerce.

To go further – Bitcoin to fight inflation?

Latin America, home to cryptocurrencies

Argentina is just the latest in a growing list of Latin American countries considering cryptocurrency adoption. Price hikes are particularly affecting the region, which is why rounds of digital asset-related measures have been put in place.

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In El Salvador, in addition to adopting BTC as a legal currency, the government has chosen to distribute the cryptocurrency to all residents. In Uruguay, a bill aims to promote payments in digital assets. Paraguay has also considered the adoption of cryptos, through one of the government representatives. The arrival of Argentina in these ranks would thus be one more confirmation that Bitcoin has its role to play in the region.

Related News – Bank Of America optimistic about Bitcoin adoption in El Salvador

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About the author: Marine Debelloir

Argentina's president considers Bitcoin (BTC) adoption

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Associate Editor on Cryptoast, I fell into the crypto-currency pot a few years ago. I’m passionate about the innovative technologies that come from blockchain and I love digging up the juiciest news to share with you.
All articles by Marine Debelloir.