Argentine Congressman Ignacio Torres has prepared a bill to regulate the cryptocurrency industry. It will be presented to the Argentine parliament next week.
Efraín Barraza, COO of the Argentine branch of the Athena Bitcoin ATM network, and Alberto Vega, CEO of Bithan, took part in the preparation of the bill. They noted the need to create clear legal regulation of blockchain and cryptocurrencies in Argentina, given that other countries have long been tackling this issue.
Barraza believes that the correct development of the cryptocurrency industry must take place within the framework of the law, and for this it is necessary to protect traders and investors. The lack of regulation creates favorable conditions for scammers and cryptocurrency pyramids. In turn, Vega noted that the regulation of bitcoin and other digital currencies is not discussed at the state level and in political debates. Vega is convinced that if the Argentine authorities begin to take advantage of cryptocurrencies, it will be of great benefit to the country.
“We have been working in the cryptoindustry for a long time and are aware of its problems. There are many businesses whose bank accounts are closed for no reason. This speaks of arbitrariness. We need to sit down with the government at the negotiating table to discuss the regulation of cryptocurrencies and the latest technologies, because everyone will benefit from this, ”said Barraza.
He explained that in the case of traditional assets, regulators cannot go beyond the established framework and exceed their powers. However, in the world of cryptocurrencies, things are different. The nature of digital currencies is such that they can be used for completely different things in the real world, so you need to try to lay at least a common foundation for controlling cryptocurrencies. Barraza added that the new bill is aimed at mass adoption of blockchain and digital assets, which can improve and even replace existing business processes in various fields of activity.
According to a recent Paxful poll, 74% of Argentines believe that in the current political and economic climate, cryptocurrencies are the best way to make a long-term investment. In addition, according to Arcane Research, demand for bitcoin in Argentina surged in April due to fears of default in the country.
