Argentina is in talks with El Salvador about Bitcoin adoption strategy

According to Argentina’s National Securities Commission (CNV), Argentinian regulators are discussing Bitcoin adoption with El Salvador’s regulators.

El Salvador became the first country in the world to adopt Bitcoin as legal tender under the presidency of Nayib Bukele. Bukele has successfully taken the country’s economy to the next level with the help of Bitcoin adoption. Due to the adoption of Bitcoin, the tourist places in El Salvador attracted a large number of tourists from all over the world to the country. This country has been buying Bitcoin every day and also mining Bitcoin through volcano-powered Bitcoin mining operations.

The official report from Argentina’s CNV confirmed that Argentina’s top officials held a meeting with El Salvador’s National Digital Assets Commission last week.

The CNV official visited El Salvador to learn about Bitcoin regulation from El Salvador’s regulatory authorities so that they can implement a better Crypto regulatory framework in the country.

According to reports, the Argentine government wants to establish multiple ties with El Salvador to grow in a healthy environment.

Argentina, inflation and Bitcoin

The current economic situation for Argentina is very bad as the country faces high inflationary pressures since the COVID-19 pandemic.

Due to inflation, the majority of people are shifting their monetary investments to gold, silver, Bitcoin and some stablecoins pegged to the US dollar.

According to the report, Argentinian crypto investors are buying at a very high price. Notably, the Bitcoin trading price is 56% higher Year-to-date (YTD) in the US dollar pair, but the BTC price is 71% higher in the Argentine peso pair.

So here we can consider that Argentinian government officials are looking forward to adopting the best method to combat rising inflation through perfect Bitcoin regulation.

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