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Cryptocurrency adoption: President Alberto Fernandez is open to crypto

2 min read

TL;DR Breakdown

• Argentine president to create a project for cryptocurrency adoption.
• The BCRA has a different view on using crypto in Argentina.

Argentine president, Alberto Fernandez, declares that he is open to adopting cryptocurrencies. He said there is a great cryptocurrency debate at the national and international levels and knows that this issue must be resolved. He even claims that the crypto market is vague.

Fernandez spoke about the cryptocurrency market on the Black Box platform, where he expressed his attraction to the cryptos. The Argentine reporter Julio Leiva spoke with the President about the government crypto plan. In this way, Fernández revealed that his administration is investigating virtual currencies and legalizing them in Argentina.

The Argentine president allows for debate on cryptocurrency adoption

cryptocurrency adoption

The Argentine president, who had been indifferent to cryptocurrencies, may have changed his mind and intends to adopt them. Alberto Fernández said in a report that the cryptocurrency market should be studied with caution by people unaware of it, including himself. Some enthusiasts have no idea where the tokens gain value, and all those doubts need to be addressed.

The journalist in the debate with Fernández insisted on asking him if he had plans to enter into cryptocurrency adoption like other Latin American countries. The reporter supports his question with the actions recently taken by El Salvador.

Fernandez says that cryptocurrency adoption is possible due to the virtual market prevents devaluation. However, he also talks about the insecurity of transactions, scam systems, and money laundering subject to crypto.

The Argentine president ended the meeting by saying that his government should not ignore the cryptocurrency market because it could bring good news. Fernández insisted that crypto could prevent the inflation of the Argentine peso by bringing a fresh financial model for citizens.

Fernández and Central Bank of Argentina at loggerheads

Although the Argentine president wants to adopt cryptocurrency, the Central Bank authorities in the country differ. The BCRA representative, Miguel Pesce, affirms that the bank is creating a project to regulate the cryptocurrency market. Pesce affirms that the regulatory plan against BTC was intended to be launched on the 11th of August, but due to internal problems, it was not completed.

The BCRA President thinks that the insertion of the new financial market with the traditional market could bring problems eventually. With this announcement, the crypto landscape in Argentina expects either cryptocurrency adoption by the President or final regulation by the BCRA. Meanwhile, Argentines enjoy crypto transactions with no central authority stopping them in the meantime.

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All content in this article is for informational purposes only and in no way serves as investment advice. Investing in cryptocurrencies, commodities and stocks is very risky and can lead to capital losses.

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