Argentina Learns from El Salvador's Experience in Bitcoin Adoption and Crypto Regulation

JAKARTA - The Argentine government is working with El Salvador to study the experience of adopting Bitcoin and other crypto activities. Argentina's securities regulator, the National Securities Commission (CNV), held a meeting with El Salvador's National Commission of Digital Assets (CNAD) to discuss crypto adoption and regulation in both countries, according to an official announcement from CNV.

At a meeting held on May 23, CNV President Roberto Silva, CNV Vice President Patricia Boedo, and CNAD President Juan Carlos Reyes discussed El Salvador's experience as the first country in the world to adopt Bitcoin as legal tender in September 2021.

The officials exchanged approaches and concepts for the use of cryptocurrencies in the global economy, particularly focusing on the case of Bitcoin in El Salvador.

Strengthening Cooperation

CNV President Silva emphasized that El Salvador has not only emerged as a global leader in Bitcoin adoption but is also ahead in the cryptocurrency industry in general. Silva highlighted the importance of industry insights discovered by CNAD, which oversees and regulates the digital asset market in El Salvador. 

"We want to strengthen ties with the Republic of El Salvador, and therefore, we will explore the possibility of signing a cooperation agreement with them," Silva said.

CNV Vice President Boedo, who visited El Salvador to participate in a meeting on market development in March, emphasized the important role of El Salvador's expertise in the crypto industry.

"Argentina is a pioneer in technology and the National Securities Commission understands and wants to work with this industry efficiently and create appropriate regulations," said El Salvador official Reyes.

Argentina's Steps in Crypto Regulation

This news comes amid Argentina moving forward in regulating the local cryptocurrency market and establishing registration requirements for crypto companies in April. The country has been actively moving towards cryptocurrencies since Bitcoin-supporting politician Javier Milei became President of Argentina in late 2023.

In late 2023, Argentina's Minister of Foreign Affairs, Diana Mondino, claimed that the government was preparing a decree to legalize the use of Bitcoin and other cryptocurrencies in the country for payments under certain conditions.

With this collaboration, Argentina hopes to take advantage of El Salvador's experience to develop effective regulations and support the development of the crypto industry in its country.