Argentine President Javier Milei Supports Bitcoin And Competition For Currency

JAKARTA - Argentina's president, Javier Milei, expressed his intention on June 19 to strengthen his pro-crypto stance by supporting an open market for currency, including Bitcoin. Milei has expressly stated that there will be open market participation for Bitcoin along with other transaction units in Argentina.

Milei's support for Bitcoin comes amid efforts to save Argentina's economy, which has been struggling since taking office in December 2023. The president, known as an old crypto supporter, praised the monetary system driven by the scarcity of Bitcoin as a form of empowerment for citizens.

Milei's latest comments received a positive response from the Bitcoin community, including well-known figures such as former VanEck executive Gabor Gurbacs, highlighting a new economic approach in Central and South America, particularly in Argentina and El Salvador, as a world-studded model.

Quoted from CryptoNews, Gurbacs said in a tweet, "The work carried out by Presidents @JMilei and @nayibbukele on the free market, Bitcoin as well as local safety and prosperity is highly commendable. The world has a lot to learn from the blueprints of modern economies in Central and South America, with Argentina and El Salvador taking the lead."

Argentina accelerated its crypto adoption, by holding high-level talks with El Salvador to learn from its experience of using Bitcoin as legal tender. Suriname's presidential candidate, Maya Parbhoe, also promised to adopt El Salvadoran Bitcoin if elected, with the aim of replacing Suriname's dollar with Bitcoin.

Although Milei is very enthusiastic about Bitcoin, his government is facing criticism, especially from the crypto community, because of regulatory measures that are considered restrictive. Earlier this year, the Argentine government passed legislation to tighten regulations against virtual asset service providers a decision deemed contrary to Milei's pro-crypto stance.