Argentine President sees no reason to oppose Bitcoin adoption

[Leviathan.007]

There seems to be a growing interest in bitcoin and cryptocurrencies in South and Central America, with Argentina also pointing to the acceptance of bitcoin.
Speaking to local media, Caja Negra, President Alberto Fernandez addressed issues related to the government's view of digitalization. Asked about Argentina's plan to offer its central bank (CBDC) digital currency, Fernandez said:
"I don’t want to go too far out on a limb but there is no reason to say ‘no’. Perhaps that is a good path to take […] Everything is possible. They say the advantage is the inflationary effect is largely canceled out."
Argentina has been grappling with inflation for years. The head of state believes that the use of bitcoin can neutralize the effects of inflation. On the other hand, he also expressed his concerns about this issue.
"It’s a global debate, and I must confess that it’s a topic [that should be approached with] caution. In my case, there is caution because of how unfamiliar it is and because it’s hard to understand how this fortune materializes."
Last month, El Salvador became the first country to accept bitcoin as a legal entity. Since then, several other countries have shown interest in dealing with bitcoin.


Source: https://btcpeers.com/argentine-president-sees-no-reason-to-oppose-bitcoin-adoption/

[Kong Hey Pakboy]

Cause there's no reason to oppose it, President Fernandez sees what other countries don't see which is the worth of bitcoin in terms of economic and social contribution. I do hope that these vision of him don't stray far away when he steps down someday and his predecessor should be able to continue or improve it. I think Argentina is going to be the second country that will officially adopt bitcoin and hopefully more countries including their neighbors in the Latin America would go on and follow their footsteps.

[Kimberl2020]

With the global new crown epidemic in the past two years, everyone knows that the economies of all countries are not good.

Inflation has led to a sharp rise in gold this year, or a positive increase in bitcoin consumer prices will also erode the value of bonds, and their return rates are already low. Therefore, these countries need to look for investments with better returns.

Inflation is an invisible tax, a tax levied on everyone who holds cash, and it is always inevitable. It is the real "thief" of wealth. Choosing the right investment is the best way to fight inflation. Bitcoin is the best choice.

[mindrust]

Because there isn't any.

As long as the gov gets his share (taxes), it should be fine. Maybe they figured out that bitcoin is unusable as a currency and pose no threat to their local currency so they don't care about it.

[dothebeats]

There's no real reason to oppose bitcoin adoption honestly, and the government together with the citizens will benefit a lot from it. Good to see that the president considers all angles first before making a decision to oppose it. Most governments would surely just drop the idea down the drain without even considering the positive effects of bitcoin into their economy and society.

The country is a prime example of a nation stricken by fiat devaluation which can benefit from unconventional techniques like adopting cryptocurrencies.

[Karartma1]

Despite Argentina's strict currency controls, the current president has a broader, modern, digital vision. In fact, he noted the growing perception of Bitcoin as a hedge against inflation in the global economy.
However, highlighting concerns about Bitcoin's price volatility, he stated that cryptocurrencies are a social-economic topics that should be approached with a good deal of caution.
Whenever you want, President, we are ready.
To be noted that Argentina has one of the most exciting bitcoin communities in the world, lots of great bitcoiners from there.

[cryptomaniac_xxx]

I kinda interpret it as a wait and see attitude, he is not sure about it because of so many issues, like volatility and it's supposedly (psuedo) anonymity. But if the neighbouring countries go full bitcoin mode, then there's no doubt that with any sitting President, it doesn't make sense to oppose bitcoin because they might be left out.

[The Cryptovator]

Although the most developed country doesn't allow Bitcoin officially but very rarely do they oppose it. Because Bitcoin keeps role on a national economy & would help the growth of the economy as well. I believe day by day a major part of developed countries would start accepting Bitcoin. The problem only developing & poor countries. Because even they can't analyze Bitcoin technology properly. I am saying it because my government even not encourage me to analyze Bitcoin technology where developed countries have been accepting Bitcoin.

[Poker Player]

I saw the news and it caught my attention as well. A country that has hyperinflation for a long time because of how accustomed its rulers are to spend, and in one or continuous flight forward, does not see problems with Bitcoin? WTF? Surely because they see a business opportunity in being among the first to adapt, like El Salvador, because otherwise I do not understand.

[hugeblack]

The new thing in this news is the beginning of understanding and accepting Bitcoin instead of saying that it is a currency that is used to promote drugs or terrorism and is not a model for quick and easy profit.

I am not interested in accepting Bitcoin in Argentina because it requires people to use and understand Bitcoin which will take a little time.

[buwaytress]

Just a populist statement really, I would feel. Argentinians haven't been on the crumbling fiat yoke as bad as the Zimbabweans or Venezuelans but they've been feeling the pinch all right and the US dollar's the preferred coin there, even if begrudgingly. They want a change, they want something a bit (a lot) better than what they've got. I can't say if Bitcoin's the answer for them but the president knows he has nothing to lose to seemingly support it.

[famososMuertos]

There seems to be a growing interest in bitcoin and cryptocurrencies in South and Central America, with Argentina also pointing to the acceptance of bitcoin.
...//.....
Source: https://btcpeers.com/argentine-president-sees-no-reason-to-oppose-bitcoin-adoption/

The regions you mention have been in a trend for years to accept what bitcoin means as a means of investment and currency. Only, as always happens, politicians are attracted to bitcoin, because it is news and they know that there are votes there, why they had not spoken before, at least any other politician who shows that he had bitcoin in his thoughts as an economic tool, deserves more credibility when mentioning the subject.

Now, that does not remove good intentions and Argentina has something of that mix of situations that must occur, at least the ventures, exchange, and that effervescent spirit for bitcoin exists in "part" of the population.

I think that initially for an adoption as a local currency it is not so much about what the politicians think or as they exercising their power of speech around bitcoin, it is about people in how they develop individually and collectively in relation to the Bitcoin environment .

[nightxglow]

What the president said is true though, there's no reason for them to oppose bitcoin adoption, since bitcoin surely has many advantages that can help the country. Even if there will surely be some minor problems, but if the country is ready and want to adopt it, they will make sure to prevent any trouble heading and prepare the best for it right? It's good enough if the country shows an interest in bitcoin adoption, if then the plan is carried out, then it will be a great step for bitcoin acceptance in the world.

[SFR10]

Unfortunately, that's just another article with a misleading headline... The part where he said "there's no reason to say no" was meant for their own CBDC, not BTCitcoin!

The head of state believes that the use of bitcoin can neutralize the effects of inflation.

I didn't like the fact that he pointed to both BTCitcoin and their own CBDC ^{[if there'll be any]}, as a way to indirectly tackle issues surrounding inflation.
^{- Clearly, he doesn't want to go with a route [direct approach] that happens to be a lot easier [SMH].}

[Coyster]

The president also responded to questions about the country's possible CBDC plan, thus that makes this news somewhat interesting, it'll be great to finally get to see a country that understands that Bitcoin is decentralized, while CBDC are centralized, meaning that they are in no sort of competition whatsoever, and there is no need to start issuing sanctions or bans to stop the growth of Bitcoin. The thing is, I think the Argentine government are somewhat aware that Bitcoin isn't opposing their fiat currency, thus there is no reason to oppose it or try to prevent it's citizens from using it, but we would have to keep our fingers crossed on what actually the governments plans are.

[Kakmakr]

Most third world countries fight high inflation and a devaluation of their reserve currencies. High taxes and VAT are also making foreign investment difficult, because these companies can just chose to shift businesses to countries with lower taxes. If a currency like Bitcoin can be used, it will cancel most of these problems.

With a Gross Domestic Product of about $400 billion, Argentina is one of the strongest economies in Latin America, so it will be great if they could accept Bitcoin as a currency. 

[Kittygalore]

What the president said is true though, there's no reason for them to oppose bitcoin adoption, since bitcoin surely has many advantages that can help the country. Even if there will surely be some minor problems, but if the country is ready and want to adopt it, they will make sure to prevent any trouble heading and prepare the best for it right? It's good enough if the country shows an interest in bitcoin adoption, if then the plan is carried out, then it will be a great step for bitcoin acceptance in the world.

That's because we are biased towards bitcoin remember that the economy and bitcoin isn't linear that if we were to add two and two together, we will experience prosperity. No, that's not how that works, there might be some aspects in the economy that might be destroyed when bitcoin gets adopted, so not all countries share the same sentiment as the Argentine president.

[aoluain]

Just a populist statement really, I would feel. Argentinians haven't been on the crumbling fiat yoke as bad as the Zimbabweans or Venezuelans but they've been feeling the pinch all right and the US dollar's the preferred coin there, even if begrudgingly. They want a change, they want something a bit (a lot) better than what they've got. I can't say if Bitcoin's the answer for them but the president knows he has nothing to lose to seemingly support it.

Yea from the statement they want a change and a bit more control over their "currency"
in a time when inflation is rising. Using the U.S Dollar doesnt give them any control when
the U.S devalues it.

I don’t want to go too far out on a limb but there is no reason to say ‘no’. Perhaps that is a good path to take […] Everything is possible.
They say the advantage is the inflationary effect is largely canceled out.

We have to admire hi for even considering it though, its a bold move and an unpopular move
in the eyes of many other governments.

There is also the consideration of how to make Bitcoin work when coupled to a countries financial
policy or visa-versa, fitting a countries economy around Bitcoin!

It’s a global debate, and I must confess that it’s a topic [that should be approached with] caution. In my case, there is caution because of how
unfamiliar it is and because it’s hard to understand how this fortune materializes.

[BrianH]

I saw the news and it caught my attention as well. A country that has hyperinflation for a long time because of how accustomed its rulers are to spend, and in one or continuous flight forward, does not see problems with Bitcoin? WTF? Surely because they see a business opportunity in being among the first to adapt, like El Salvador, because otherwise I do not understand.

I guess when you compare smaller countries' "hyperinflation," Bitcoin volatility looks practically stable!

It seems the smaller countries will become rich off of Bitcoin while the first and second world countries are going to become poor. Wealth will become concentrated in these smaller companies that realize the economic benefit from mining and development and leave places like the US, Europe, China and India, unless people convince their political representatives that they should have the freedom to access cryptocurrencies.

The problem is, the more powerful countries are controlled by the elites and banks, who don't want to lose their control. These smaller countries have less stable central governments, but that also means their central governments have less power over them financially. There is no tech oligarchy lording over them and spying on their every transaction. In a weird way, they have more economic freedom.

[isaac_clarke22]

~

I don't see why would anyone would see Bitcoin as a threat anyway. If Bitcoin was meant to destroy local currencies then it should already have been able to back in 2010s. People would still be able to transact BTC without taxes through p2p though. The only way that I think that they can get some tax out of every BTC transaction especially in merchants is by using custodial wallets.