Will Argentina Be The Next El Salvador To Accept Bitcoin As Legal Tender?

[pooya87]

Milley sees Bitcoin as a transformative solution to improve her standard of living in Argentina. He envisions it as a way to return control of money to the private sector. Milley sees the decentralized nature of Bitcoin as the right way out of the centralized control exercised by Argentina's traditional financial institutions, including the central bank.

That is crazy talk. Bitcoin is not some magic money that can solve economic problems like this and improve standard of living! Specially because of its volatile nature it is not even ready to do such a thing at this stage.

Seriously, politicians should start consulting with actual economy experts and start actually solving the issues in their economy instead of trying to look for some "magical way" to make the problems go away.

BTW in case of El Salvador, they didn't improve their economy by adopting bitcoin as legal tender. They did it by a lot of work in the financial sector, attracting foreign investors, easing laws for financial institutions, battled corruption and crime in the country, ... and a lot more.

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[davis196]

AFAIK, Argentina is a presidential republic, but the president there is definitely not a dictator and cannot decide anything on his own.
Milley's party doesn't have a majority in the Congress and Senate of Argentina. I don't know if he even has his own party or coalition.
I don't believe that Milley will impose both the USD and Bitcoin as legal tenders in Argentina, because he will face severe resistance in the Congress and Senate. His economical and financial program seems very radical and libertarian, so the left wing politicians in Argentina will try everything they can to stop him.

[Fiatless]

The government cannot function without the central bank and will not (cannot) replace that with Bitcoin.

I wonder how Javier Milei will run a large economy like Argentina without a central bank. I know that some small economies don't have a central bank such as Andorra, Isle of Man, Kiribati, Nauru, Palau, etc. He talk about the dollarization of the Argentine economy which might mean that the Latin American nation will have to depend on the monetary policies of the the Federal Reserve.

Milley sees Bitcoin as a transformative solution to improve her standard of living in Argentina. He envisions it as a way to return control of money to the private sector. Milley sees the decentralized nature of Bitcoin as the right way out of the centralized control exercised by Argentina's traditional financial institutions, including the central bank.

I see this as a political statement targeted at getting the votes of the people. I am sure he is aware that bitcoin cannot single-handedly change the fortune of the already battered Argentine economy. Argentina's friendliness with Bitcoin will attract investors and tourists to the country and it could also help in building an inflation-resistant economy. But it should be noted that bitcoin is not the only solution to the economic problems of the third biggest economy in Latino America.

[ImThour]

The best any government would love do for its citizens is to provide great laws that are Crypto friendly. Legal tender is too much to ask as of now from a country as big as Argentina. I can see small African and Asian countries implementing Crypto/Bitcoin as a Legal Tender sooner or later but not any big country to be very honest. Maybe once Apple and Google implement it into our day to day life, sure.

[Kelvinid]

Well, we can't just say it now as it will depend on the leaders --their market approach and education dissemination to their countrymen. Knowledge is very important otherwise, their intention to accept and legalize Bitcoin as a payment option will only just fail. Acceptance will just done when people have already understood it clearly and so these business operators are also welcome for such changes. After all, it relies on the implementation of the government and the support of the community otherwise, it won't succeed.

[CryptoHeadlineNews]

Milley was elected president of Argentina at a time when the country was in the midst of an economic crisis. Inflation is increasing in the countryArgentina's annual inflation has exceeded 140 percent.
Milley sees Bitcoin as a transformative solution to improve her standard of living in Argentina. He envisions it as a way to return control of money to the private sector.

Milley sees the decentralized nature of Bitcoin as the right way out of the centralized control exercised by Argentina's traditional financial institutions, including the central bank. So far, however, Milley has not explicitly proposed making Bitcoin legal tender in Argentina.

If Milley proposes and implements it, Argentina will be the second country to use bitcoin as legal tender. As before, El Salvadar became the first country to use Bitcoin as legal tender in 2021.

First of all, I wish to congratulate the president-elect of Argentina, and it will really be a privilege if he is a lover of Bitcoin, as his ability to create a conducive atmosphere for bitcoin, will likely alter an increase in adoption, and slight movement of an increase in price of Bitcoin. Secondly after El- Salvador adopted BTC as legal tender, "Central African Republic" on April 25th 2022 made an announcement making them the second country to adopt BTC as legal tender, of which if Argentina happens to make such move, they are likely to be either the third or fourth on the list. Thirdly, adoption of Bitcoin do not automatically skyrocket the economic worth of a nation, but with well strategic plan geared towards producing results, just as in the cause of El-Salvador whereby after it's adoption, it brought in many bitcoin related investor & tourist into the country, increasing its gross domestic capital & e.t.c.

[Blitzboy]

The election of Javier Milley as president of Argentina was a turning point, especially when you consider the country's unbelievable 140% inflation rate. His support for Bitcoin starts an interesting debate: can Bitcoin really help Argentina's economy? Accepting Bitcoin is a brave step toward decentralization that could protect you from inflation and policies set by state banks. But Bitcoin's value changes a lot, which is not a good thing; it threatens the security of the economy. Also, Bitcoin's widespread use needs a lot of technological infrastructure, public teaching, and regulatory challenges. Therefore, Milley's ideas are in line with new ways of solving money problems, but making Bitcoin a legal form of payment needs careful thought. Will this risk pay off, or will it make an economy that is already weak even more complicated?

[taufik123]

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Acceptance will just done when people have already understood it clearly and so these business operators are also welcome for such changes. After all, it relies on the implementation of the government and the support of the community otherwise, it won't succeed.

Of course there must be initial education that needs to be done to provide an understanding of how Bitcoin or crypto works, and they must know what the risks are.
The government cannot immediately adopt it because this will impact how they use it and when they fail they will not use it again. Early understanding is very important.

Javier Milei as the new president of Argentina has an Anti-Central Bank stance.
This anti-central bank stance is particularly influential amid Argentina's annual inflation of 140 percent, highlighting Milei's determination to make changes.
Milei's ambitious plans include closing the central bank, adopting the U.S. dollar as Argentina's currency, and implementing a decentralized financial system.

But despite him being one of the supporters of the crypto asset Bitcoin, Javier Milei does not want to make Bitcoin legal tender.

[pooya87]

So I checked him out and surprise surprise he is not exactly a politician! Although he has more experience than Zelensky I'd call him Zelensky 2.0, someone who has little to no understanding of politics but has risen to power taking control of a country and ruining it in his term. Everything he says is quite radical, it is not just about accepting bitcoin as legal tender, he wants to shut down the country's banking system and practically all control the government has on the economy!!!

If that weren't enough, he wants to sever ties with all Argentina's neighbors and specifically with BRICS! This in both short term and long term could devastate Argentina's economy. Specially when there is a $10 billion deficit and almost $300 billion in external debt that the country has to pay as the interest rates keep on rising!!!
That is all on top of 120-130% inflation rate.

I honestly hope they don't accept bitcoin as legal tender because if they do, we are going to continue having to debunk the FUD that this decision ruined economy of Argentina...

[Ahli38]

I don't think it will take steps like those taken by El Salvador and the Central African Republic. Because it seems like Javier Milei only sees Bitcoin as an investment and hedging tool. I even heard that there will be dollarization there. But the worsening inflation conditions there will mean that the government there will not have many choices. But making Bitcoin as a means of payment there for now may not be a solution. However, the most important thing is that residents there are free to own bitcoin by using it as an investment and hedging tool. But we don't know,  when the economic situation there will improve. Especially after bitcoin adoption became more widespread there. So there could be a pressing need from residents there who will start to get used to bitcoin and will make people need to pay with bitcoin. So it is possible that one day bitcoin will also become a legal means of payment there if this has become a need for the majority of people there who are now starting to choose bitcoin when their currency there experiences a fairly deep decline in value.

[avikz]

I personally wouldn't be surprised if Argentina legalizes Bitcoin now. Currently Argentina is facing severe financial crisis and battling with high inflation rate. The new President has to look into this to make things better for his people. Considering argentinian currency is failing miseurably there is a possibility for Bitcoin to get ligalized just to bring in stability within the economy.

I think an immediate change is not going to happen. But over the course of next few months, we might hear encouraging news about it. But please don't expect that Argentina is going to remove their own currency completely.

[Bobrox]

Regarding some medias, Milley sees have announced become Argentina president and I don't know about him exactly his opinion about bitcoin and will make it as legal tender transaction payment. In Argentina have many economic cases right now and I doubt the new Argentina president Milley sees will have difference viewed with bitcoin and make it as legal payment. Current their country face economic crisis its not easy for adopting bitcoin as legal payment transaction, I think need waiting recovery from economic crisis and advertising bitcoin for their people about advantage and profitable earning in the future when bitcoin have been investment assets.

Actually many people hope new president give new viewed about bitcoin and will make it as legal payment currency, but its not easy waiting the parliament approving agree or not to make bitcoin as legal currency transaction in Argentina.

[Aanuoluwatofunmi]

We hope to see that Argentina becomes the second El-Savador even though Central African Republic became the second country to make bitcoin a legal tender, but there's no much about them ever since, now that the bitcoin pro president elect in Argentina has emerged, we are more of being in anticipation of what he's up to do with this his tenure base on all he had promised concerning bitcoin adoption and all its users in Argentina to have a user friendly bitcoin enabling environment and fare regulations towards every other crypto users in the country.

[synchronym]

op Since this is a matter of politics, political leaders make various promises, and it remains to be seen how much this will materialize. I think every country has some young voters. And now most of the youngsters are interested in Bitcoin. In that case, Argentina's newly elected president, Javier Milley, may have used this opportunity. Who sought votes by telling young voters about crypto-currencies. Javier Milley became the President of Argentina. It remains to be seen how well Javier Milley succeeds in fulfilling his promise

[alankasman]

What I see is that the issue of adoption is also used as a tactic in seeking support and acceptance. If you say it hasn't been realized until then, it's better to be positive first, it's not impossible to realize it because usually there are things to do in the first 100 days where he has to prioritize current issues related to real economic conditions at that time to be immediately addressed. Perhaps, after these stages, he will continue his vision and mission which will be implemented one by one, including discourses such as El Salvador and sitting down with the parties by seeing that the biggest risk is regulation, which could limit his ability to provide services or outright prohibit them. and that is the first thing that must be strengthened.
     

There is no emphasis that I read in the OP on making Argentina a country that will make Bitcoin legal tender like El Salvador.
Correct me if I'm wrong. Javier Milei, who is still a candidate and has not officially become President of Argentina, has never said that if he is elected he will make Bitcoin legal tender during his leadership. Javier Milei has only embraced Bitcoin but he is not in the outlined policy as I know from investopedia.

Earlier this year, Milei referred to bitcoin as a representation of the "return of money to its original creator, the private sector."

The 100 days you mean if he has carried out his duties as President. In my opinion, the president's job is not easy because what he manages is very broad and all sectors need his attention.

[kryptqnick]

I've recently watched a video explaining what's wrong with Argentina's economy, and it seems that the main problem is decades of economic mismanagement, which makes it really hard to fix because there's a need for stable economic adequacy, but coming to it might make things even worse temporarily for the population that is already struggling so much due to hyperinflation and ridiculous prices.
Milei is certainly against the Central bank, which especially makes sense due to how terribly things have been for local fiat there, and with 140% annual inflation I honestly think that Bitcoin would be much better for them than local fiat is, even if Bitcoin continues in a bearish trend. Of course, Bitcoin doesn't scale well, so I think they'd need custodial wallets with instant transactions, like in the case of El Salvador. But articles do emphasize that he hasn't suggested making Bitcoin legal tender yet, so we don't know if he ends up going for it or not. To be honest, things are so bad in Argentina that I believe that there isn't much risk in switching to Bitcoin, apart from potential pressure from the IMF, and Argentina depends on those loans...
Let's also remember that he's a president, not an absolute monarch, so even if he decides that Bitcoin is a great idea, it doesn't mean he'll succeed implementing it.

[philipma1957]

picture source   picture source

Javier Milley has won Argentina's second round of presidential elections. In Argentina's second round of presidential elections, Miley's opponent was left-wing candidate Sergio Massa.

Almost 90 percent of the votes have been counted in Argentina's presidential election. According to the preliminary results, Millei got about 56 percent of the votes. Masa got about 44 percent of the vote.

In other words, Milley won by a margin of more than 10 percent of votes over Masa.

Milley was elected president of Argentina at a time when the country was in the midst of an economic crisis. Inflation is increasing in the countryArgentina's annual inflation has exceeded 140 percent.
Milley sees Bitcoin as a transformative solution to improve her standard of living in Argentina. He envisions it as a way to return control of money to the private sector. Milley sees the decentralized nature of Bitcoin as the right way out of the centralized control exercised by Argentina's traditional financial institutions, including the central bank. So far, however, Milley has not explicitly proposed making Bitcoin legal tender in Argentina. If Milley proposes and implements it, Argentina will be the second country to use bitcoin as legal tender. As before, El Salvadar became the first country to use Bitcoin as legal tender in 2021.

My wife has a lot of family in Argentina having a BTC favoring president is good. I do have 2 good friends that lived in NYC the moved back home to Argentina.

Maybe a road trip is in order for me. Argentina has been an interesting country for decades maybe a right wing style President that pushes BTC would be good for them.

[cabron]

Nothing yet has been confirmed about the information that he will make BTC a legal tender. But because this country had this high inflation rate, there has to be done with their currency or the financial system for that matter.

The country though has hundreds of active volcanoes, which should be beneficial just like El Salvador. If they can follow what Bukele did, then it's cool. It's not as hard to do what Bukele has done after all they are just in one continent.

[GigaBit]

If a country is conducted by a leader who is interested in Bitcoin then we can certainly expect their positive view of using Bitcoin. Earlier we saw in the case of El Salvador how that country's leader, Nayeb Bukele, accept Bitcoin as a legal tender. They have provided all sorts of benefits for the adoption of Bitcoin. As a result, the country has received special attention from the world, and a positive attitude has been created in almost everything, including investment. Since Javier Milley has a positive attitude towards Bitcoin, we can consider him as a fan of Bitcoin. Since he hasn't officially announced anything yet, I won't be too keen on him. But his victory in the election is undoubtedly a positive message for Bitcoin followers.

[coolcoinz]

I don't expect him to do that. What's important for me and many bitcoiners around the world is the fact that a libertarian has become a president, contrary to what many other countries in South America did when they allowed socialists and communists to lead them. Not only a libertarian but a supporter of independent money.

What does it change? He may not have enough leverage to make bitcoin a legal tender, or stop the money printing, but there are other things he'll change for sure.
First of all you won't see bitcoin ownership, mining and trading banned or restricted in any way. You will be able able to safely invest.
It's possible, even very likely that bitcoiners will see tax cuts in Argentina, which could influence migration.
The president is a person who appears in the media all the time. He's going to put ideas of freedom everywhere he appears and I'm sure he's going to mention bitcoin too. This is going to have enormous impact on people who are still deciding if this is some imaginary money or a real payment system and investment asset.