According to an official report of the National Securities Commission of Argentina (CNV), regulators from Argentina met with their counterparts in El Salvador to discuss the adoption of Bitcoin (BTC). Argentinian CNV officials met with El Salvador's National Digital Assets Commission last week to learn how the government regulates BTC.
CNV President Roberto Silva and the regulator's vice president Patricia Boedo met with Juan Carlos Reyes, the president of El Salvador's National Commission for Digital Assets (CNAD). According to the report, both countries form a 'alliance, with Bitcoin at the center of the conversation.'
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Silva stated: 'El Salvador has become one of the leading countries not only in the use of Bitcoin, but also in the [wider] world of crypto assets.' The CNV chairman further added: 'We want to strengthen ties with El Salvador. That is why we will investigate the possibility of concluding cooperation agreements with [the Salvadoran government].'
Reyes emphasized that the CNV 'wants to work with the [digital asset] make industries efficient and create appropriate regulations.'
Will Bitcoin Boost Argentina's Economy?
The Argentine economy has taken a heavy toll in recent years. Inflation in the country has risen by three-digit percentages. According to an official report, economic activity in the country fell by 8.4% in March from a year earlier. The drop marked the fifth monthly decline in a row and the steepest decline since 2020.
Argentina elected Javier Milie as its new president in November 2023. Milie is a strong supporter of Bitcoin (BTC) and expressed a desire to dollarize the Argentine economy while declining an invitation to join the BRICS (Brazil, Russia, India, China, South Africa). alliance. However, Milie has recently made headlines for choosing BTC over the US dollar.
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It is possible that the recent resurgence of Bitcoin (BTC) has prompted the new president to reconsider his strategy. El Salvador is posting gains of nearly $84 million following BTC's recent run to an all-time high in March.