Milei Pushes Free Currency Circulation
Argentinian President Javier Milei outlined key policy initiatives for 2025, emphasizing free currency circulation and cryptocurrency-friendly regulation.
New policy under consideration would allow Argentines to transact in any currency they like, including Bitcoin, push financial freedom and flexibility across the country.
Argentina’s Bitcoin Policy Will Follow El Salvador’s Way
Miley too Announce Comprehensive tax reform aimed at reducing state taxes by 90%. The plan aims to reduce financial pressure on citizens and empower each state to establish its own tax system and promote localized economic decision-making.
“People have been talking about free circulation for a year, but there is no real free competition between fiat currencies and Bitcoin. When you trade with dollars or euros, the exchange rate difference with pesos is not subject to income tax, while with Bitcoin would need to pay income tax. This significantly increases the cost, hinders the use of Bitcoin as a currency, and makes the use of Bitcoin more complicated,” Ricardo Mihura, President of ONG Bitcoin Argentina, told BeInCrypto.
June 2024, Milei strongly advocates for Bitcoin adoption and unrestricted currency competition in Argentina. when his sight echoes El Salvador embraced Bitcoin earlyit still fits Argentina’s unique economic landscape.
Despite the criticism, Milei maintains that he sees cryptocurrencies as an important tool for economic transformation. Argentina has come a long way Incorporate cryptocurrencies into its financial framework. 2023, Government legalizes Bitcoin contracts.
Under Milei’s leadership and his commitment to fintech freedom, cryptocurrencies may become even more important in the Argentine economy.
“I personally welcome a reduction in the role of the state in the economy. However, in the crypto-economy, the direct and indirect burdens on government have increased and appear to continue to grow. Regulatory, institutional and administrative obligations are imposed only to deepen the challenges that Bitcoin aims to challenge The illusion of control,” Ricardo Mihura, president of ONG Bitcoin Argentina, told BeInCrypto.
Cryptocurrency Momentum in South America
Argentina’s focus on cryptocurrencies mirrors broader adoption trends across South America. In Brazil, the central bank Partnering with Chainlink and Microsoft Developing DREX, a trade-focused central bank digital currency (CBDC).
Additionally, Brazil is leading the way in crypto ETF adoption, launching The first Solana ETF and BlackRock’s Ethereum ETF It was listed on the B3 stock exchange earlier this year.
At the same time, Venezuela’s cryptocurrency market has experienced significant growth. As BeInCrypto reported earlier, The market grew by 110% year-on-year By the second quarter of 2024, it will reach $11.7 billion.
This growth coincides with the appreciation of the U.S. dollar, making Venezuela one of the fastest-growing cryptocurrency markets in Latin America.
this Strong momentum in South America Reflecting the region’s potential to become a global leader in cryptocurrency adoption. Under Milley’s forward-looking policies, Argentina played a pivotal role in the region.
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