Regulation
Impact on Bitcoin Adoption and Security Issues Discussed
- Franco Amati criticizes the regulation, arguing that it limits the use of Bitcoin and compromises the privacy and security of users.
- Alejandro Estrin highlights the growing interest in cryptocurrencies in Argentina, considering the protective and innovative regulations.
More than three months after Argentina implemented regulations on the Bitcoin ecosystem focused on exchanges and similar platforms, the local crypto community remains divided. While some argue that users despise these regulations, others argue that they increase interest in these digital assets.
AS we have underlined In Crypto News Flash, since March, Argentina’s National Securities Commission has been authorized to establish and supervise a registry of Bitcoin and cryptocurrency service providers. This step is in line with the Financial Action Task Force (FATF) guidelines, which aim to prevent financial crimes such as money laundering and terrorist financing.
Franco Amati, founder of the NGO Bitcoin Argentina, criticized the regulations. He said that these rules, originally imposed by the International Monetary Fund (IMF) and maintained by the new government, harm the use of Bitcoin and similar technologies. He expressed disappointment that cryptocurrency platforms did not openly resist these measures.
“These regulations are part of an imposition by the International Monetary Fund (IMF) on the previous national government, and which the new government has allowed to pass out of ignorance or convenience in its positioning with the organization for future credit negotiations,” Amati said.
Amati argues that the regulations hinder the development of the Bitcoin environment in Argentina and jeopardize the privacy and security of users on registered exchanges and platforms. As a result, he noted, Argentine users generally oppose these regulations. He agreed with analytics firm CoinCub, which ranked Argentina among the most restrictive nations for cryptocurrencies, similar to Nigeria, China, and Russia.
On the other hand, Alejandro Estrin, country manager of OKX Argentina, one of the largest bitcoin and cryptocurrency exchanges, offered a contrasting view. Estrin suggested that “robust regulatory frameworks” protect users while also promoting innovation. He noted a growing interest in cryptocurrencies in Argentina, despite regulatory uncertainty.
“We see in Argentina a highly educated community eager to explore new technologies. The level of education and adaptability of users make the country a key market for cryptocurrency adoption in the region,” he said.
Cryptocurrency Flash News described Argentina as a stronghold for global crypto adoption, driven by a tech-savvy population open to innovation. Highlighted the educated and adaptable community eager to explore new technologies, positioning Argentina as a key market for crypto adoption in the region.
Although the outlook on regulation in Argentina varies, the cryptocurrency ecosystem continues to thrive. In addition to trading and negotiating cryptocurrencies, digital extraction and blockchain development are flourishing, with new projects emerging all the time. Additionally, hundreds of businesses in various cities now accept cryptocurrencies as payment, underscoring the market’s presence in Argentina, despite the regulatory law.
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