will Argentina follow El Salvador? - page 2.

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Quote from: fruktik on December 14, 2024, 02:24:01 AM

Quote from: betswift on December 13, 2024, 04:38:41 AM

BTC can only help a bit in such matters, on a bigger scale like the Argentinian economy.
The main effort goes from other spheres and directions - and BTC can be only a little step forward in that direction.

Yes, Argentina's economy does not depend on Bitcoin and its value at the moment. No other country has such a dependence. That would be strange. You can still understand from the mining process, since this is the direction that is gaining momentum all over the world and no one will argue with the fact that it brings profit. On an industrial scale, this is simply a super profitable business. Therefore, I would consider this option with the Argentine authorities.

Bitcoin can not solely stabilize any economy, it can be one of the means to an end, meaning that it can be an added asset to a country's growth. I know that El Salvador, that adopted Bitcoin doesn't solely depend on the profits of Bitcoin because it is a volatile asset which can pump today and dump tomorrow. If Argentina, decides to go the way of El Salvador, and fully adopt Bitcoin, it might not be the solution to revive their economy but it'll be a way to go. The way I see it Bitcoin can be an alternative source of income for individuals, institutions and any country that wants to key into it, not a dependency as a major source of income generation.

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Quote from: betswift on December 13, 2024, 04:38:41 AM

BTC can only help a bit in such matters, on a bigger scale like the Argentinian economy.
The main effort goes from other spheres and directions - and BTC can be only a little step forward in that direction.

Yes, Argentina's economy does not depend on Bitcoin and its value at the moment. No other country has such a dependence. That would be strange. You can still understand from the mining process, since this is the direction that is gaining momentum all over the world and no one will argue with the fact that it brings profit. On an industrial scale, this is simply a super profitable business. Therefore, I would consider this option with the Argentine authorities.

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Quote from: naira on December 12, 2024, 12:56:59 AM

Quote from: Japinat on December 11, 2024, 11:07:45 PM

I just stumbled upon this news, and I find it very positive and worth sharing as it might signal that Argentina could soon follow in El Salvador’s footsteps by making Bitcoin a legal currency.

From what I’ve read before, it’s often better for countries struggling economically to adopt Bitcoin. This might be the case here, especially since El Salvador is now gaining recognition for its Bitcoin investment and has already profited more than 100% at the current price compared to its original investment.

Sorry to say that doesn't mean Argentina can follow the economic growth that El Salvador is experiencing now. I mean about adoption it's a good thing but with Bitcoin currently at its highest point maybe Argentina needs more time. El Salvador is a country that has full faith in Bitcoin since the beginning, and bitcoin was at its lowest level at that time. El Salvador is now enjoying the fruits of its labor, you know yourself if someone who bought under 50K and someone who bought over 100K their fate can't be the same.

Just Incase, Bitcoin adoption is the only recommended adoption.Bitcoin has clearly shown that it is performing towards economic growth and stability.El Salvador engaged with Bitcoin when it was cheaper;but that wouldn't be an issue for Argentina honestly, Bitcoin is 100% economically trusted and it'l definitely measure up to great efforts, results and gains for Argentina, it's just needs an attempt.

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Quote from: AmoreJaz on December 13, 2024, 06:58:14 PM

Quote from: finaleshot2016 on December 13, 2024, 05:18:18 PM

IMO, this is great news and will make more space for BTC's growth, especially for countries like Argentina. If following the steps of El Salvador is one of the ideal things to do, then this collaboration could help Argentina leverage Bitcoin to combat its ongoing economic challenges like hyperinflation and currency devaluation. Bitcoin can provide an inflation-proof alternative, and adoption of this as legal tender might increase citizens' financial empowerment.

Sharing knowledge on how to regulate is very significant in the agreement between Argentina and El Salvador because that means Argentina gets to benefit from the experience of what happens in El Salvador's path of embracing Bitcoin.

It is great to know that some countries are open to this market in looking for ways how to help their country in fighting the inflation or currency devaluation in their country. Would be a hard decision but I believe, they need to try paths outside of their traditional dealings in order to avoid their economic downfall without a fight.

just hope that they wouldn't fumble on the seasonal bearish/bullish sentiment of the market, instead if it's from the government perspective, they better just legalize crypto and opens up foreign investment as well as opportunity for their citizens. that'd be the great scenario, el salvador got the benefit of getting in early and make quite the fortune out of that, but since we've left that stage, I think the best way is giving flexibility from the legal framework.

however if they are so sure with the potential of BTC, there's nothing wrong with strategic bitcoin reserve that people have been talking lately Grin

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Quote from: AmoreJaz on December 13, 2024, 06:58:14 PM

Quote from: finaleshot2016 on December 13, 2024, 05:18:18 PM

IMO, this is great news and will make more space for BTC's growth, especially for countries like Argentina. If following the steps of El Salvador is one of the ideal things to do, then this collaboration could help Argentina leverage Bitcoin to combat its ongoing economic challenges like hyperinflation and currency devaluation. Bitcoin can provide an inflation-proof alternative, and adoption of this as legal tender might increase citizens' financial empowerment.

Sharing knowledge on how to regulate is very significant in the agreement between Argentina and El Salvador because that means Argentina gets to benefit from the experience of what happens in El Salvador's path of embracing Bitcoin.

It is great to know that some countries are open to this market in looking for ways how to help their country in fighting the inflation or currency devaluation in their country. Would be a hard decision but I believe, they need to try paths outside of their traditional dealings in order to avoid their economic downfall without a fight.

For an individual investing in bitcoin, it can help them hedge against inflation and currency devaluation but at the national level, things are much more complicated and I don't think bitcoin will be effective in hedging against inflation. Inflation at the national level comes from government corruption, wrong economic policies leading to uncontrolled money printing...and adopting bitcoin will not solve these problems. Likewise, bitcoin cannot solve a country's inflation problem, nor can it be a solution to help a country avoid economic collapse.

We need to distinguish that personal and national problems are completely different and require appropriate solutions. We cannot use personal solutions to solve national problems and vice versa.

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As far as I know the partnership between El Salvador and Argentina not about Argentina adopting Bitcoin as legal tender and never mention that. This cooperation clearly indicates that, Argentina is interested in the experience of El Salvador with Bitcoin but they are focus on strengthening crypto policies in the region and fostering innovation, not necessarily walking the same path of adopting Bitcoin as legal tender.

While El Salvador's legalized Bitocin proved to be profitable, it has also faced challenges in the form of IMF pushback and policy adjustments in order to secure funding that could be the reason and also Argentina still face public acceptance that not all of their politician are agree to adopt bitcoin as legal tender, the current focus appears to be on exploring crypto development opportunities rather than committing to Bitcoin as legal tender.

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Quote from: finaleshot2016 on December 13, 2024, 05:18:18 PM

IMO, this is great news and will make more space for BTC's growth, especially for countries like Argentina. If following the steps of El Salvador is one of the ideal things to do, then this collaboration could help Argentina leverage Bitcoin to combat its ongoing economic challenges like hyperinflation and currency devaluation. Bitcoin can provide an inflation-proof alternative, and adoption of this as legal tender might increase citizens' financial empowerment.

Sharing knowledge on how to regulate is very significant in the agreement between Argentina and El Salvador because that means Argentina gets to benefit from the experience of what happens in El Salvador's path of embracing Bitcoin.

It is great to know that some countries are open to this market in looking for ways how to help their country in fighting the inflation or currency devaluation in their country. Would be a hard decision but I believe, they need to try paths outside of their traditional dealings in order to avoid their economic downfall without a fight.

As we have read, Argentina is being active on the approach towards the crypto market. With their crypto ETFs related opportunities, people will get positive notion from their government that this market is not all a scam. Where up until now, many people are having doubts that crypto is only used for illegal dealings.

Argentina Opens Foreign Crypto ETF Investment Opportunities

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Quote from: betswift on December 13, 2024, 04:38:41 AM

Quote from: tabas on December 13, 2024, 02:20:22 AM

It can be a good help to stabilize their economy because they've got so much inflation in there. And as we all discuss what Bitcoin is as a hedge against inflation, that might be a consideration for the government of Argentina. But with these news, we shouldn't celebrate too early but we all know that they're coming to join us and adopt it as well. It's only a matter of time that the next country that shall adopt Bitcoin whether as a legal tender or as a reserve or an open asset to them without having a blockage to its people is a good news.

BTC can only help a bit in such matters, on a bigger scale like the Argentinian economy.
The main effort goes from other spheres and directions - and BTC can be only a little step forward in that direction.

We saw how it is doing with those governments that did stock up Bitcoin on their holdings. We've been happy with how Bhutan did it very well and to the likes of El Salvador. And that's why, there will be for sure a significant impact to their economy if ever they do any of those.

Quote from: Marvell1 on December 13, 2024, 04:10:58 AM

What role will Bitcoin play and how will it work to reduce inflation in the Argentine economy? If they just need to use assets that can hedge against inflation, then bitcoin is not the only asset that can do that, gold is also a very good asset to hedge against inflation. Why didn't they use gold sooner to hedge against inflation?

I am not against or unhappy with them legalizing bitcoin or wanting to make it a legal currency. But we should not exaggerate that bitcoin can save a country's economy, especially those with bad economic policies, corrupt governments...causing serious economic disruption.

If the government continues to be corrupt and not care about people's lives, not creating jobs and providing welfare for the people...adopting bitcoin is just an excuse to cover up their corruption and failures. Bitcoin is not a panacea for this world.

I am not exaggerating it, I've said that it can help and stabilize their economy if ever they do. What they can do if they've got already some high inflation and if they keep repeating on the process? if something is done differently maybe there will be some visible improvement to them just as how we're seeing Bitcoin right now impact an individual life. But you're right about the latter part, the government has the biggest role in there in providing those things into its people. If they're not for the people even if they invest billions or trillions of their country's wealth in Bitcoin, nothing will be felt by a normie.

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Quote from: Japinat on December 11, 2024, 11:07:45 PM

.

IMO, this is great news and will make more space for BTC's growth, especially for countries like Argentina. If following the steps of El Salvador is one of the ideal things to do, then this collaboration could help Argentina leverage Bitcoin to combat its ongoing economic challenges like hyperinflation and currency devaluation. Bitcoin can provide an inflation-proof alternative, and adoption of this as legal tender might increase citizens' financial empowerment.

Sharing knowledge on how to regulate is very significant in the agreement between Argentina and El Salvador because that means Argentina gets to benefit from the experience of what happens in El Salvador's path of embracing Bitcoin.

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Quote from: Finestream on December 12, 2024, 09:06:12 AM

Quote from: red4slash on December 12, 2024, 08:19:37 AM

The problem is can Argentina wait for that to happen because looking at the tremendous impact of inflation now Argentina is actually in great danger and any policy including adopting bitcoin will eventually have a much greater risk of exploding pros and cons in the country.

It's never too late, and they should take a different approach compared to El Salvador. They don’t necessarily need to invest in Bitcoin directly; simply making it a legal tender and implementing investor-friendly policies would already be a great step toward boosting Bitcoin adoption.

In fact, this decision could get more pros and cons even though it can be done because in the end, policies like this will make the impact of tensions from several parties take place when trying to implement the adoption and scheme of bitcoin as a legal means of trade. Although this can still be done, in the end, as I mentioned earlier, they must be able to convince their people to recognize that this decision can be right for maintaining their financial stability which is currently under threat due to massive inflation.

In addition, they also certainly have to be able to be a role model if they really want to carry out policies for bitcoin as a legal tender because after all they have to have bitcoin as their cash because it would be very funny when implementing a bitcoin scheme as a legal tender but Argentina does not have bitcoin as a reference for payments like this.

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Quote from: tabas on December 13, 2024, 02:20:22 AM

It can be a good help to stabilize their economy because they've got so much inflation in there. And as we all discuss what Bitcoin is as a hedge against inflation, that might be a consideration for the government of Argentina. But with these news, we shouldn't celebrate too early but we all know that they're coming to join us and adopt it as well. It's only a matter of time that the next country that shall adopt Bitcoin whether as a legal tender or as a reserve or an open asset to them without having a blockage to its people is a good news.

BTC can only help a bit in such matters, on a bigger scale like the Argentinian economy.
The main effort goes from other spheres and directions - and BTC can be only a little step forward in that direction.

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Miley wants to at least somehow adhere to his election promises, but it will be much more difficult to implement them in a country with a much larger population. Argentina is trying to take some steps (like buying and selling bitcoin in banks), but this is simply a demonstration of the state's loyalty to bitcoin, and frankly speaking, I would not want to go to a bank to be able to buy or sell bitcoin, for this I would be enough of a crypto ATM, or any physical exchanger.

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Quote from: tabas on December 13, 2024, 02:20:22 AM

It can be a good help to stabilize their economy because they've got so much inflation in there. And as we all discuss what Bitcoin is as a hedge against inflation, that might be a consideration for the government of Argentina. But with these news, we shouldn't celebrate too early but we all know that they're coming to join us and adopt it as well. It's only a matter of time that the next country that shall adopt Bitcoin whether as a legal tender or as a reserve or an open asset to them without having a blockage to its people is a good news.

What role will Bitcoin play and how will it work to reduce inflation in the Argentine economy? If they just need to use assets that can hedge against inflation, then bitcoin is not the only asset that can do that, gold is also a very good asset to hedge against inflation. Why didn't they use gold sooner to hedge against inflation?

I am not against or unhappy with them legalizing bitcoin or wanting to make it a legal currency. But we should not exaggerate that bitcoin can save a country's economy, especially those with bad economic policies, corrupt governments...causing serious economic disruption.

If the government continues to be corrupt and not care about people's lives, not creating jobs and providing welfare for the people...adopting bitcoin is just an excuse to cover up their corruption and failures. Bitcoin is not a panacea for this world.

tabas

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It can be a good help to stabilize their economy because they've got so much inflation in there. And as we all discuss what Bitcoin is as a hedge against inflation, that might be a consideration for the government of Argentina. But with these news, we shouldn't celebrate too early but we all know that they're coming to join us and adopt it as well. It's only a matter of time that the next country that shall adopt Bitcoin whether as a legal tender or as a reserve or an open asset to them without having a blockage to its people is a good news.

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Quote from: naira on December 12, 2024, 12:56:59 AM

Sorry to say that doesn't mean Argentina can follow the economic growth that El Salvador is experiencing now. I mean about adoption it's a good thing but with Bitcoin currently at its highest point maybe Argentina needs more time. El Salvador is a country that has full faith in Bitcoin since the beginning, and bitcoin was at its lowest level at that time. El Salvador is now enjoying the fruits of its labor, you know yourself if someone who bought under 50K and someone who bought over 100K their fate can't be the same.

Argentina had been experiencing huge economic difficulties before the new president, but after Javier came to power, everything changed radically. The indicators for many parameters have improved significantly. At the moment, it cannot be said that the country is in economic decline. Rather, on the contrary, it is flourishing under Javier Miley.

This data alone shows that the person is not just sitting around. If he also puts forward something positive about crypto, we will see good growth dynamics.

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It is difficult for Argentina, an economy superior to El Salvador, to easily adopt bitcoin from such a prominent perspective as official currency. I believe that political ideas are going in other directions, also positive, but not of that caliber. On the other hand, these two presidents share ideological "ideas" that bring them together, and that is perhaps the true situation in terms of immediate benefit. In any case, Argentina is one of the countries in the region that has always been linked to bitcoin.

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Quote from: Maslate on December 12, 2024, 11:40:47 PM

Quote from: cr1776 on December 12, 2024, 10:02:47 AM

Given Argentina's repeated problems with inflation over the last half century they need to do this. They need to do more than this, but this is a start.

It all starts with a small step, and eventually, when people see positive results, that’s when they go big. I’m hoping Argentina will follow El Salvador’s example. Declaring Bitcoin as legal tender could already have a huge impact on the country’s future. As we move forward, innovation after innovation will continue shaping the digital world, and as more people adopt Bitcoin, concerns about risks will gradually fade.

Even though El Salvador has recognized bitcoin as legal tender, but they still use USD as their currency along with bitcoin, bitcoin is not the only currency or the only option. There are no reports from them that tell us that bitcoin is being used as a popular currency there. Also, the government of El Salvador is investing in bitcoin and they have no intention of taking profit, which makes me wonder how bitcoin is impacting the improvement of their economy.

We should be realistic that adopting bitcoin as a national currency will not solve the problem of inflation or improve the economy.

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Quote from: cr1776 on December 12, 2024, 10:02:47 AM

Given Argentina's repeated problems with inflation over the last half century they need to do this. They need to do more than this, but this is a start.

It all starts with a small step, and eventually, when people see positive results, that’s when they go big. I’m hoping Argentina will follow El Salvador’s example. Declaring Bitcoin as legal tender could already have a huge impact on the country’s future. As we move forward, innovation after innovation will continue shaping the digital world, and as more people adopt Bitcoin, concerns about risks will gradually fade.

I’m bookmarking this thread and hoping to see some positive updates soon... like news that says, "Argentina declares Bitcoin as legal currency." I’m curious how other countries with similar economic conditions would react.

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There was a time I was looking for the current economy situation of El Salvador to know the cost of living and inflation level with other countries but I could not get solid information so I left it. And for now Argentina has not adopted Bitcoin has the legal tender so it is still far from El Salvador. And it is not only Argentina that is on the pipeline but they are more countries like to join El Salvador to invest in bitcoin. There will be a time that, countries will compete on bitcoin investment and at that time, countries will invest heavily with big amounts and that will make bitcoin to skyrocket to the moon. For now we can say anything until we see them investing.

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Quote from: Japinat on December 11, 2024, 11:07:45 PM

I just stumbled upon this news, and I find it very positive and worth sharing as it might signal that Argentina could soon follow in El Salvador’s footsteps by making Bitcoin a legal currency.

From what I’ve read before, it’s often better for countries struggling economically to adopt Bitcoin. This might be the case here, especially since El Salvador is now gaining recognition for its Bitcoin investment and has already profited more than 100% at the current price compared to its original investment.

El Salvador and Argentina Regulators Sign Agreement to Help Develop Crypto Industry

Quote

What to know:
Regulators from El Salvador and Argentina have signed an agreement to help develop the crypto industry in both countries.
The agreement will help El Salvador, which famously embraced bitcoin as a currency, broaden its footprint by forging strategic partnerships, CNAD President Juan Carlos Reyes told CoinDesk.
The two regulatory agencies will be sharing knowledge and experience in the matter of crypto regulation.

I think this is just a first step which may lead to other fruitful ones in the future, the more they are into this and making the use of bitcoin affordable by enabling their country for its use, the more they will also be getting closer in making it a legal tender like the way El-Salvador did, then we could boldly say that they are learning something from them, once the people feels the accommodative presence of the government regulation on the use of bitcoin over every crypto entities there in Argentina, then it will be more acceptable and well utilized by the people and i know, every other advice will be in consideration once coming from El-Salvador.

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