Argentina’s New President Might Just be a Bitcoin Supporter

[mtnsaa]

"Mauricio Macri was sworn as the new president of Argentina on December 10, 2015. He confronts enormous economic challenges. He received a country with an inflation rate estimated at between 15 to 27 percent, foreign reserves at a ten-year low, plus a decade-long series of struggles with holders of defaulted debt. One of his highest priorities is to grapple with the nation’s currency controls. Also, he has vowed to end corruption, poverty and drug trafficking.

Interestingly, President Macri has just created a new national Ministry of Modernization. And, he immediately appointed as the Minister of Modernization none other than the man who organized and participated in the First Bitcoin Forum in Buenos Aires, Mr. Andrés Ibarra."

Full Article: https://news.bitcoin.com/argentinas-new-president-might-just-bitcoin-supporter/

If Argentina implements Bitcoin at a regional level it will have a HUGE impact on the market since it could be a very rich and powerful country if it's properly administrated with many resources. Plus it can set the the tone for others to follow. What do you guys think?

[OROBTC]

...

mtnsaa

I have heard that Argentina has a rather lively BTC market among the technologically minded.  I know two people who go there fairly regularly and bring BTC to sell (for a substantial premium due to Argentine capital controls).

Their new president could do a number of things to help his country.  Loosening up silly regulations and controls would help.  And a friend of Bitcoin would help not only him, but all of us here...

He has a big job ahead, Kirchner really messed up the country.

[mtnsaa]

I'm not from Argentina but from a near-by country so I'm aware about Argentina relation with Bitcoin. Xapo's CEO for example is argentinian and as you said due to devaluation it was highly adopted by many people (not by the mainstream but still). But this intrigues me because I know Macri is keen to implement "modern" ideas as he was mayor of Buenos Aires not long ago.

[AtheistAKASaneBrain]

There's definitely a strong connection since that guy is one of the Bitcoin pioneer sin Argentina. The new president better get with the times and realize the fact that his country is only going to stand the test of time if they get on Bitcoin early on. They are free to end up as they always do again if they ignore to do so tho.

[techmanuk]

"Mauricio Macri was sworn as the new president of Argentina on December 10, 2015. He confronts enormous economic challenges. He received a country with an inflation rate estimated at between 15 to 27 percent, foreign reserves at a ten-year low, plus a decade-long series of struggles with holders of defaulted debt. One of his highest priorities is to grapple with the nation’s currency controls. Also, he has vowed to end corruption, poverty and drug trafficking.

Interestingly, President Macri has just created a new national Ministry of Modernization. And, he immediately appointed as the Minister of Modernization none other than the man who organized and participated in the First Bitcoin Forum in Buenos Aires, Mr. Andrés Ibarra."

Full Article: https://news.bitcoin.com/argentinas-new-president-might-just-bitcoin-supporter/

If Argentina implements Bitcoin at a regional level it will have a HUGE impact on the market since it could be a very rich and powerful country if it's properly administrated with many resources. Plus it can set the the tone for others to follow. What do you guys think?

Can't see any large countries like Argentina pushing the currency out at regional levels any time soon.

I imagine that a country in financial trouble will ne the first to do so. I thought a few years ago that Iceland might look at it, but I guess not...

[lolgato]

If he is a bit coin supporter that's great news for us

[techmanuk]

If he is a bit coin supporter that's great news for us

At this stage, any leaders with power are a boost.

It's just waiting for one of these people in power to make a move.

[WENGER]

Imagine what can start there, a new Bitcoin implementation at a regional level. That's more than huge mainly to the fact that it certainly makes a big wave in the economy and it will surely shouts the word Bitcoin to all those who don't know it even though Argentina is one of the early adopted countries in this field. Many (other countries) will surely take interest if this happens.

[louisLavery]

If a country adopts bitcoin as its currency what's it going to use for cash?

[calkob]

If he's a supporter of anything that brings freedom and liberty to the people of Argentina then he's probably going to die in a plane crash in the next 12 months unless he changes his ways........

[Its About Sharing]

A large country needs to step up to the plate and buy like a Billion USD worth of BTC (and not saying they are doing so.)
Then they need to put a ton of money into development as well, so they can get it ready to function as a currency.
Till then, it can be a store of value for the Country as clearly Bitcoin can't handle the TPS yet.

[mtnsaa]

Well I wasn't thinking they will actually adopt Bitcoin as national currency which is rather over the top, but they may implement it somehow at some level for exchanges, digital payments for services or government taxes and things like that.

[spud21]

Well I wasn't thinking they will actually adopt Bitcoin as national currency which is rather over the top, but they may implement it somehow at some level for exchanges, digital payments for services or government taxes and things like that.

There must be poor people in Argentina who don't own phones or computers. They could only deal with traditional fiat. There are also stories of blackouts in parts of Argentina over the years. Debit cards would be as useless as Bitcoins during those times, fiat would be the only viable option.

Argentina using Bitcoin on the same level as debit cards would be the most I could envisage it doing, but I don't think it will happen soon.

[mtnsaa]

Well it's not all or nothing of course, but if they introduce Bitcoin as an alternative and become a Bitcoin friendly country that would be a huge push for people to notice. Argentina has a long history of parallel currencies because of how unstable their economy either on short or long periods. That's why Bitcoin flourished there in the first place and many entrepreneurs got interested in it, like Wences Casares from Xapo.

[notbatman]

If a country adopts bitcoin as its currency what's it going to use for cash?

A Bitcoin backed peso in Argentina's case.

[maokoto]

I am Spanish and use to talk in exchanges chat a lot with people from Argentina (also México and Venezuela) so I can affirm that there is a quite lively community of Bitcoin and crypto users in general in those countries.

This gives hope and is great news to read. Thanks for sharing.

[mtnsaa]

The real debate is not if Argentina adopts Bitcoin as the local currency (that would be crazy and not sure if it can actually work, Bitcoin price could be easily manipulated by other countries or Argentina itself if they buy a huge share). What I can envision happening is the government backing Bitcoin alternative payment method. From paying parking tickets to fees or small taxes, that sort of thing.

You could pay those with regular cash or pesos, but just giving people this option for new generations could be amazing for the development of Bitcoin.

[7788bitcoin]

Bitcoin offers no help to government control over economy... So even if he is a supporter I am sure he will not use bitcoin for political reason....

[mtnsaa]

But maybe he can introduce it in public places, like paying for parking fees, tolls, etc, that sort of things, you guys are thinking too big for now hehe. The idea would be a country accepting BTC as method of payment for certain things, tolls. It won't replace the local currency or be mandatory, just an option for people to get more familiar with it considering Argentina has already a very active Bitcoin community.

[n2004al]

"Mauricio Macri was sworn as the new president of Argentina on December 10, 2015. He confronts enormous economic challenges. He received a country with an inflation rate estimated at between 15 to 27 percent, foreign reserves at a ten-year low, plus a decade-long series of struggles with holders of defaulted debt. One of his highest priorities is to grapple with the nation’s currency controls. Also, he has vowed to end corruption, poverty and drug trafficking.

Interestingly, President Macri has just created a new national Ministry of Modernization. And, he immediately appointed as the Minister of Modernization none other than the man who organized and participated in the First Bitcoin Forum in Buenos Aires, Mr. Andrés Ibarra."

Full Article: https://news.bitcoin.com/argentinas-new-president-might-just-bitcoin-supporter/

If Argentina implements Bitcoin at a regional level it will have a HUGE impact on the market since it could be a very rich and powerful country if it's properly administrated with many resources. Plus it can set the the tone for others to follow. What do you guys think?

This is a very good news. A supporter of bitcoin become President of a country and his first choice in a new Ministry (for more named with a name full of meaning) is a pure bitcoiner. Cannot be better. As for the role of bitcoin in all this story, according to me can be its acceptance as a national currency beside the peso. But it will be hard to become reality. If made will be a very revolution in the true meaning of this word. Will have a big impact in all the countries and will be the first true experiment with bitcoin used as a legal money within a country. If can be made something other for bitcoin in Argentine is only that because with actual legislation bitcoin is considered money but not national currency. So if will have the courage to make it legal currency (national money) will be the maximum that can be made. Will have the courage? Only him know that.