Argentina aims to learn from El Salvador's Bitcoin success

Argentina wants to learn from El Salvador’s experience of Bitcoin adoption and other cryptocurrency activities.

The government of Argentina is working with El Salvador to learn from its experience of Bitcoin (BTC) adoption and other cryptocurrency activities.

Argentina’s securities regulator, the National Securities Commission (CNV), held a meeting with El Salvador’s National Commission of Digital Assets (CNAD) to address crypto adoption and regulation in the two countries, according to an official announcement by CNV.

At the meeting on May 23, CNV president Roberto Silva, CNV vice president Patricia Boedo and CNAD president Juan Carlos Reyes discussed El Salvador’s experience of being the first country in the world to adopt Bitcoin as legal tender in September 2021.

The officials exchanged approaches and concepts of cryptocurrency use in global economies, particularly focusing on El Salvador’s Bitcoin case.

CNV president Silva stressed that El Salvador has not only emerged as a global leader in Bitcoin adoption but has also excelled in the broader cryptocurrency industry. He highlighted the importance of industry insights discovered by CNAD, which oversees and regulates the digital asset market in El Salvador. Silva stated:

“We want to strengthen ties with the Republic of El Salvador, and therefore, we are going to explore the possibility of signing collaboration agreements with them.”

CNV vice president Boedo, who visited El Salvador to participate in meetings on market development in March, emphasized the crucial 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 the industry efficiently and create appropriate regulation,” El Salvador’s official Reyes said.

Related: Bitcoin hits record in Japan, Argentina and Philippines’ local currency

The news comes amid Argentina moving forward with regulating the local cryptocurrency market and passing registration requirements for crypto firms in April. The country has been actively moving into cryptocurrency since Bitcoin-friendly politician Javier Milei became Argentina’s president in late 2023.

In late 2023, Argentina’s foreign affairs minister, 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.