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Argentine Parliament to discuss crypto regulation

Photo of: Joseph Stone
by Joseph Stone

Far from being frightening, the ever-increasing number of reflections on regulation show that crypto is now the obvious choice. So much so that governments can no longer ignore the coming crypto wave. The latest example comes from Argentina, where a young member of parliament has submitted his work on crypto regulation to the parliament.

A draft regulation on cryptos submitted to the Argentinean parliament
Ignacio Torres is the youngest member of the Argentinean parliament. He is the initiator of a project for the national regulation of cryptocurrencies. His work has been compiled in a report that will be submitted to the Financial Information Committee in the coming days. Following this presentation, the text should arrive in parliament within the next two days.

For the realization of his report, Ignacio Torres has surrounded himself with Efrain Barraza, operational manager at Athena Bitcoin and Alberto Vega, president of the recent company Bithan. For them, the objective of the work is to contribute to the development of the crypto ecosystem in Argentina.

Indeed, with many years of experience in the industry, they are convinced that crypto is a solution adapted to the needs of many companies in the country. As they do not fail to point out, some companies have been ejected from the traditional banking system, sometimes for no good reason. This is why the advent of a disruptive and innovative technology such as cryptocurrencies would allow these companies to get back on their feet.

Regulation, a significant challenge for the development of cryptos
The future of cryptocurrencies inevitably requires the implementation of regulation. Indeed, with regulation in place, users will be protected against scams, such as OneCoin for example. However, this regulation must be done with common sense and encourage the development of cryptocurrencies instead of having a dissuasive effect. It is out of the question, for example, for the regulator to be too intrusive, at the risk of going against the sacrosanct principle of decentralization carried by cryptocurrencies.

“We understand that in order to develop, an ecosystem cannot remain outside the legislative framework. Without regulation in place, OneCoin-type scams will increase.

This is why it is significant that major players in the cryptosphere do not miss the train and are at the initiative of regulatory projects. Until now, the issue of Bitcoin regulation has not been a topical issue in Argentina. As Alberto Vega says, this issue was “not even on the table”. With a draft regulation project on cryptos now on the table, things could change in Argentina.

With this report, this working group also intends to make Argentina a pioneer in the field of crypto regulation. Indeed, more than ever, many countries are working on the subject.