Gairika Mitra
Officials at a recent cryptocurrency conference in Buenos Aires expressed optimism about the future of digital currencies in Argentina, highlighting a shift in regulatory attitudes and new initiatives aimed at fostering sector growth.
The Tech Forum event saw participation from key regulatory figures, including Alejandro Rodríguez Ariola, a lawyer for Argentina’s National Securities Commission (CNV), who emphasized the regulator’s evolving stance and active engagement in fostering technological advancements in the finance sector.
Gonzalo Chiarullo, Director General of Investment Promotion and Foreign Trade for the City of Buenos Aires, moderated the event and spoke of the historical resistance of the CNV toward cryptocurrency development. “We all know that the CNV is or was extremely against crypto development,” he remarked. However, he noted that times have changed. “The current situation is different,” Chiarullo stated, highlighting the CNV’s increasing involvement in industry events like Tech Forum.
Ariola echoed this insight, saying: “The fact that the CNV is here is already revolutionary.”
He pointed out that the regulator’s participation in technological events signals a commitment to innovation and technology. Ariola also announced new regulations for virtual asset service providers (PSAV) that are currently open for public consultation. “This is very important because we are waiting for the industry’s contributions so that the regulation can be perfected,” he noted.
Balancing Regulation and Innovation: A Path Forward for Argentina’s Crypto Sector
The discussions at Tech Forum also revolved around the balance between regulation and innovation within financial markets. Ariola stressed the importance of protecting investors’ rights while fostering industry growth. “We know that it is a very important industry and the idea is for it to grow and develop, but always within the framework of protecting the rights of investors with clear rules of the game,” he stated.
Teófilo Beato, director of Crecimiento Argentina — a movement aiming to position Argentina as a blockchain technology hub — highlighted the dynamic state of the crypto and blockchain sector in the country. “Today the ‘crypto’ and ‘blockchain’ sector is in turmoil,” he said. Beato praised recent regulatory changes that permit the creation of companies with capital contributions in cryptocurrencies, a concept once deemed radical. He cited the establishment of an SRL using stablecoin USD Coin (USDC) and BTC as a landmark achievement for the sector.
Despite the momentum, Beato noted that the Central Bank of Argentina (BCRA) is lagging in its initiatives. He referred to a series of restrictive measures the BCRA imposed in May 2021 and subsequent years, including a ban on banks offering cryptocurrencies. However, he expressed optimism about the future, asserting that, “sooner rather than later these types of prohibitions and restrictions will be lifted.”
A Chainalysis report noted that Argentina is at the forefront of cryptocurrency adoption in the region, with an estimated $91.1 billion in value received. This places it just ahead of Brazil, which follows closely with an estimated $90.3 billion.
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Gairika holds positions in BTC. This article is provided for informational purposes only and should not be construed as financial advice. The Shib Magazine and The Shib Daily are the official media and publications of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.
