Search Results for: Argentina

Argentina’s Central Bank is endorsing a proposal for a Central Bank Digital Currency, referred to as the ‘digital peso’, as a solution to escalating inflation. Through blockchain technology, the use of this digital currency would offer operational traceability and potentially broaden the tax base without heightening tax rates.

“The SEC and Coinbase are in court, debating securities registration for crypto assets. Meanwhile, Argentina’s presidential candidates propose differing cryptocurrency solutions to economic issues: introducing a digital currency or supporting Bitcoin and abolishing the central bank.”

Argentina’s second-leading presidential candidate, Sergio Massa, plans to launch a national central bank digital currency (CBDC) if elected, aiming to combat the country’s escalating inflation. Massa believes that a strong digital economy, supported by a CBDC, offers a better solution than relying on the U.S. dollar, a strategy that is in direct contrast with competitor Javier Milei, who favours a pro-Bitcoin, anti-central bank approach.

In the upcoming Argentinian elections, top candidate Sergio Massa proposes the creation of a Central Digital Currency, aiming to rejuvenate an economy reeling from long-term hyperinflation. However, his rival, Javier Milei, favors a complete shift to the US dollar, accusing the peso of facilitating government corruption.

Argentinian economist and politician, Diana Mondino, has hinted that Argentina might soon become a ‘Bitcoin haven’. Her party’s leader, Javier Milei, also supports Bitcoin, fuelling speculation about the country’s warming stance on cryptocurrencies. Despite this, their preferred solution to Argentina’s inflation crisis is dollarization, suggesting dollar dominance over crypto presently.

“The Argentine Agency for Access to Public Information (AAIP) is scrutinizing Worldcoin’s data harvesting practices in Argentina, questioning the balance between innovation provided by blockchain technology and regulatory concerns. This probe into Worldcoin’s security protocols and data processing methods raises skepticism around blockchain entities’ practices and their wider implications.”

Crypto miners in Argentina face a steep rise in power costs following revised electricity rates from the Ministry of Economy. The new rates categorise crypto mining with heavy industries, significantly ramping up costs as subsidies are removed. This could impact the future of local crypto activities.

“A new survey by Bitso reveals that 75% of Argentinians are aware of cryptocurrency, with the data suggesting a significant skew towards the younger generation. However, despite this increased awareness, only 8.5% expressed high confidence in crypto’s future, pointing to apprehension about its volatility and previous market downturns.”

“Matba Rofex, Argentina’s renowned stock exchange, has launched its first Bitcoin index-based futures contract, giving qualified investors regulated access to crypto markets. However, the inherently volatile nature of cryptocurrencies demands caution and vigilance from participants.”

The Central Bank of Argentina has prohibited payment providers from facilitating crypto transactions to minimize the country’s payment system exposure to digital assets. This decision affects all coins and tokens in Argentina, potentially impacting the nation’s growing crypto industry amidst ongoing economic crisis and hyperinflation. Argentina’s fintech community remains skeptical about this stance.

Argentina’s central bank bans payment platforms from offering cryptocurrencies, impacting companies like Ualá and Mercado Libre. Amidst high inflation, the clampdown aims to mitigate risks and protect customers, potentially limiting Argentinians seeking to safeguard savings amidst economic turmoil.

“Sam Altman, leader of Worldcoin and OpenAI, discussed his concern about US government’s aggressive regulation of the cryptocurrency industry. While accepting the need for regulatory oversight, he criticized the government’s stern approach, arguing it stifles the potential of digital assets particularly Bitcoin (BTC), and highlighted the surveillance risks of Central Bank Digital Currencies (CBDCs).”

“Kenyan parliamentary committee calls for a clampdown on Worldcoin’s operations over data privacy violations. Despite Worldcoin’s skyrocketing popularity, it stirs regulatory turmoil globally. The committee not only demands cessation of Worldcoin but even proposes a new digital asset framework and regulations for cybercrimes and tax reporting.”