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Argentina May Adopt BTC as Legal Currency, to Introduce Bitcoin bonds 

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El Salvador’s Minister of Economy, Maria Luisa Hayem Brevé, has proposed a new law for the issuance of digital assets.

The proposed legislation aims to establish the National Digital Assets Commission, which will oversee the licensing of companies that create digital assets and other entities involved in the "public offering" of digital securities.

Under the leadership of President Nayib Bukele, it became the first country in the world to officially recognize bitcoin as legal tender in 2021. Bukele also announced plans to issue $1 billion in bitcoin-backed bonds.

More and more establishments, including hotels, restaurants, swimming pools and even street vendors, now accept bitcoin payments. Larger companies use Bitcoin as a marketing tool, while smaller suppliers use it for small transactions and just to keep it as an investment.

Why Argentina Demands Bitcoin Bonds?

Argentina is looking for alternatives as a result of the sharp depreciation of the peso. Currently, the best substitute for currency seems to be cryptocurrency.

Due to its growing popularity, a third of Argentines trade cryptocurrencies at least once a month. Many of them believe that the short-term volatility of cryptocurrencies is better compared to the rapid devaluation of the national currency.

Samson Mow, CEO of JAN3, argues that Argentina needs to adopt Bitcoin bonds and use the digital currency as legal tender. These Bitcoin bonds could help raise money for an alternative source of income, the proceeds of which could be used to pay bond coupons and buy more Bitcoin.

The peso is depreciating rapidly as a result of complex policies that have failed to stabilize its value. Mow has even gone so far as to claim that Bitcoin may eventually replace the peso as the country's currency.

Argentines can mine Bitcoin using relatively cheap natural gas and energy from untapped hydroelectric sources, like El Salvador, which uses geothermal energy from volcanic activity.

Common opinion

Argentines have viewed the US dollar as a long-term safe-haven asset. However, government regulations disrupted this practice. They impose high taxes on dollar transactions and limit dollar purchases to $200.

Despite its volatility, Argentines increasingly prefer Bitcoin over the peso and dollar.


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