Argentina President hints country may adopt Bitcoin

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TL;DR Breakdown

  • Argentina president hints country could adopt Bitcoin
  • Argentine Central Bank head against Bitcoin adoption
  • Central bank head says Bitcoin a threat to economic stability

Argentina President Alberto Fernandez has said that the country is open to the idea of adopting Bitcoin as a legal currency. Alberto, during an interview, said that the country has no reason to push back adopting the emerging asset class.

“I don’t want to go too far out on a limb […], but there is no reason to say ‘no,’” Fernando stated when he was asked if Argentina is open to recognizing Bitcoin as a legal tender just like El-Salvador did.

According to the Argentina President, there is a big discussion around the value and use of cryptocurrencies in Argentina and all over the world.

While answering, he also raised concern over adopting Bitcoin, stating that some big scams have been verified to be done using cryptocurrencies. However, he expressed optimism that Bitcoin could be adopted in Argentina, bringing important advances to the inflation problem.

Despite Argentina President claim on Bitcoin, Central Bank states otherwise

Although the president has said the country is open to Bitcoin, the head of Argentina’s central bank, Miguel Pesce, had said otherwise.

While speaking at the Argentine Institute of Executive of Finance’s Digital Finance Forum, Pesce described crypto as a threat to economic stability and foreshadowing tighter regulations for the sector.

Pesce said that Bitcoin fails to generate any value for investors except during short-term hype cycles. He also said the digital asset is a commodity and said BTC is not a financial asset like the country’s Nation Security Commission has described it.

The Central Bank head warned that crypto could be detrimental to domestic financial stability as he expressed intention to seriously regulate Bitcoin payment and traditional payment system and Exchange market. He also said there is no exploring a Central Bank Digital Currency for Argentina.

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