On Thursday, May 23, Argentina’s National Securities Commission (CNV) participated in discussions with El Salvador’s National Commission for Digital Assets (CNAD). This meeting highlights the growing interconnectedness between the two countries, with a particular focus on Bitcoin (BTC) adoption and regulation strategies.
Will Argentina follow El Salvador's Bitcoin path?
Roberto e Silva, President of CNV, along with Vice President Patricia Boydo, met with Juan Carlos Reyes, President of CNAD, to delve into El Salvador's pioneering journey as the first country to officially integrate Bitcoin as a legal tender. The discussions aim to leverage the Central American country's regulatory and operational expertise regarding digital assets, according to one of the officials press release.
Dr. Silva expressed his admiration for El Salvador’s leadership in the field of digital assets, noting that “El Salvador has emerged as one of the leading countries, not only in the use of Bitcoin but has also excelled in the world of crypto assets. It has created a specific committee, the National Commission for Digital Assets (CNAD), and therefore has expertise that is of great value to the CNV at this time. He also stressed the intention to “strengthen relations with the Republic of El Salvador” and explore potential cooperation agreements.
Dr. Boydo shared her insights from her recent technical visit to El Salvador, emphasizing important lessons learned from her approach to cryptocurrency regulation and market development. “I want to highlight El Salvador’s experience in the world of crypto assets. I had the opportunity to exchange experiences during my visit to that country and I believe it is necessary to further strengthen relations with a leading republic in this field, which has extensive experience in this field,” she said.
From the Salvadoran perspective, Juan Carlos Reyes pointed to Argentina's technological prowess and its proactive stance toward effective regulation of the industry. “Argentina is a leader in technology, and the National Securities Commission understands and wants to work efficiently with the industry and establish appropriate regulations,” Reyes said. He expressed his appreciation for the bilateral dialogue, which represents a step forward in establishing a strong regulatory framework for digital assets.
The discussions come at a time when Argentina is actively exploring enhanced regulatory measures for Bitcoin and other cryptocurrencies. In recent developments, CNV, together with the Financial Information Unit (UIF) and the Argentine FinTech Chamber, participated in discussions aimed at implementing new regulations for Bitcoin exchanges. This follows confirmation in March of a move forward with supervisory and regulatory frameworks for cryptocurrency exchanges.
These agreements between Argentina, under the liberal president elected in November, Javier Miley, and El Salvador, demonstrate a serious attempt by both governments to harness the potential of Bitcoin and cryptocurrencies while ensuring strong regulatory measures.
Notably, it has not been revealed whether Argentina has requested guidance on how to make Bitcoin a legal tender or adopt it for its treasury.
At press time, Bitcoin was trading at $68,400.
Featured image created with DALL·E, chart from TradingView.com