This is how Bitcoin regulation is perceived in Argentina

More than a quarter has passed since the regulation of the Bitcoin ecosystem in Argentina was established, starting with exchanges and similar platforms, and the community has divided opinions. Some say that users reject these regulations, while others maintain that it fosters interest in these digital assets.

Since March, Argentina’s National Securities Commission has been given the power to create and control a registry of companies providing services for bitcoin (BTC) and cryptocurrencies. This is in accordance with the guidelines of the Financial Action Task Force (FATF).

In practice, this means that exchanges, wallets, payment gateways and similar applications operating in Argentina must register with the securities regulator of that country. With this, They aim to prevent financial crimes such as money laundering. and financing of terrorism.

Franco Amati, founder of the NGO Bitcoin Argentina and enthusiast of the largest digital asset on the market, told CriptoNoticias that the regulations in that country “harm the use of bitcoin and similar technologies.”

“These regulations are part of an imposition by the International Monetary Fund (IMF) with the previous national government, and which the new government ignored either due to ignorance or for convenience in its positioning with the organization for future credit negotiations,” said Amati.

In his opinion, the regulations in force in Argentina were established with the “pusilanimity of many of these cryptocurrency platforms.” “Without even offering resistance in terms of expression, where there was nothing to lose,” he questioned.

Amati believes that These regulations “clearly slow down and hinder” the development of the Bitcoin ecosystem in the land of tango and mate. In addition, it warns that the privacy and security of users of exchanges and other platforms registered with the CNV Argentina, “are at greater risk.” And that is why “Argentine users, in general, reject these regulations.”

The Bitcoiner agreed with the premise that Argentina has one of the worst regulations for the cryptocurrency ecosystem. This is according to the analysis firm CoinCub, which placed this country alongside Nigeria, China and Russia. as the most restrictive nations for the emerging market.

“That is probably the case,” Amati said. “Presidency after presidency, Argentina has been either liberticidal or bureaucratically Orwellian on the issue,” he reflected, recalling the scenarios of obstacles and prohibitions that the ecosystem has experienced for three governments.

For him, Javier Milei, a libertarian economist who has been Argentina’s president since last year, “could be said to have been the most neutral, and in terms of expression, even positive.” “But he did not veto the new regulations when they came from Congress,” he recalled.

A growing interest

The bitcoiner’s vision was contrasted by Alejandro Estrin, who is the country manager of OKX Argentina. This is one of the largest bitcoin and cryptocurrency exchanges on the market.which has a notable presence in the South American country.

Speaking to CriptoNoticias, Estrin said that “solid regulatory frameworks” serve to “protect users while encouraging innovation.” He also said that, currently, in Argentina there is a “growing interest in cryptocurrencies,” even in the midst of regulatory confusion.

Estrin says that Argentina “is a bastion for the adoption of cryptocurrencies in the world.” This is because that nation has demonstrated “tremendous potential in the adoption of cryptoassets, driven by its population with high knowledge in technology and its openness to innovation.”

“We see in Argentina a highly educated community eager to explore new technologies. The level of education and adaptability of users makes the country a key market for the adoption of cryptocurrencies in the region,” he added.

Estrin did not reveal the number of users from Argentinanor which is the most used cryptocurrency. Although he did reiterate that in that country There is “growing awareness and acceptance of cryptoassets.”

The OKX executive mentioned that the exchange operates “in full compliance with the regulations” of Argentina. Although they did not clarify why are not reflected in the CNV registry. He also said that they are “closely monitoring regulatory developments” in that South American nation.

“And we stand ready to adapt our products as needed to ensure full compliance,” Estrin said.

Although views differ when expressing themselves on regulation in Argentina, The truth is that the ecosystem keeps moving. And in all its areas. Beyond trading and negotiation with cryptoassets, digital mining, which is the backbone of Bitcoin, is in full swing in that nation, with new projects arriving more and more.

So is the development of Bitcoin and other blockchains, as well as cohesion in grassroots communities. In addition, there are already hundreds of businesses accepting crypto assets as a means of payment in various cities of the country, demonstrating the presence of this market in Argentina, with all regulations.