On Thursday, May 23, the National Securities Commission (CNV) of Argentina held talks with the National Commission of Digital Assets (CNAD) of El Salvador. This meeting highlights a growing interconnection between the two nations, focusing particularly on bitcoin (btc) adoption and regulation strategies.
Is Argentina following the path of El Salvador's bitcoin?
Roberto E. Silva, president of the CNV, together with vice president Patricia Boedo, met with Juan Carlos Reyes, president of the CNAD, to delve into El Salvador's pioneering path as the first nation to officially incorporate bitcoin as legal tender . The discussions aimed to leverage the Central American country's regulatory and operational experiences with digital assets, according to an official Press release.
Dr. Silva expressed his admiration for El Salvador’s leadership in the digital asset space, noting: “El Salvador has become one of the leading countries, not only in the use of bitcoin but has also stood out in the world of crypto assets. “It has created a specific commission, the National Commission for Digital Assets (CNAD), and that is why it has experience that is very valuable for the CNV at this time.” In addition, he emphasized the intention to “strengthen ties with the Republic of El Salvador” and explore possible collaboration agreements.
Dr. Boedo shared insights from her recent technical visit to El Salvador, highlighting important learnings from her approach to cryptocurrency regulation and market development. “I want to highlight El Salvador's experience in the world of crypto assets. I had the opportunity to exchange experiences during my visit to that country and I believe that it is essential to continue strengthening ties with a pioneering Republic on the subject, which has vast experience on the subject,” she stated.
From the Salvadoran perspective, Juan Carlos Reyes highlighted Argentina's technological prowess and its proactive stance towards efficient regulation of the industry. “Argentina is a pioneer in technology and the National Securities Commission understands and wants to work efficiently with the industry and create appropriate regulations,” stated Reyes. He appreciated the bilateral dialogue, which marks a step forward in establishing a robust regulatory framework for digital assets.
The discussions come at a time when Argentina is actively exploring improved regulatory measures for bitcoin and other cryptocurrencies. In recent developments, the CNV, together with the Financial Information Unit (UIF) and the Argentine Fintech Chamber, participated in discussions aimed at implementing new regulations for bitcoin exchanges. This follows a confirmation in March regarding the advancement of supervisory and regulatory frameworks for cryptocurrency exchanges.
These agreements between Argentina, under the liberal president elected in November, Javier Milei, and El Salvador, illustrate a serious attempt by both governments to harness the potential of bitcoin and digital currencies, while ensuring the implementation of robust regulatory measures.
In particular, it has not been revealed whether Argentina has requested guidance on converting bitcoin into legal tender or adopting it for its treasury.
At the time of publication, btc was trading at $68,400.
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