Alex Coin 
Argentina’s Congress last night approved a loan agreement from the International Monetary Fund that has a provision that seeks to discourage the use of cryptocurrencies in the country.
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The Senate of the Argentine Republic approved Thursday night a loan agreement to refinance the USD $ 45 billion debt with the International Monetary Fund (IMF). which is also linked to an agreement that includes a provision discouraging the use of cryptocurrencies in the country.
This is especially important in the country. It should be remembered that Argentina is one of the Latin American countries with the highest crypto adoption among the population.
The loan agreement, also approved by the Chamber of Deputies on March 11, will serve to restructure a USD $57 billion debt program of the previous government of Mauricio Macri that the country received in 2018.
Discourage crypto
For its part, the cryptocurrency cryptocurrencies are digital currencies that use cryptographic technologies to secure their operation. clause was included in a 34-page letter of intent signed by Argentina and the IMF on March 3. which must now be approved by the IMF board.
In one of the paragraphs of the letter, specifically in disposition, entitled “Strengthening financial resilience”. , he says: “To further safeguard financial stability, we are taking important steps to discourage the use of cryptocurrencies with a view to preventing money laundering, informality and disintermediation.”
The letter of intent also describes that “as long a situation where you buy a cryptocurrency with the expectation of selling it at a higher price for profit later. as commercial banks remain liquid and well capitalized, strong banking supervision will continue, especially after pandemic-related regulatory forbearance is resolved.”
Argentina also plans to continue with its payment digitization process “ to improve the efficiency and costs of payment systems and cash cash is the most liquid form of money: physical coins and banknotes in the most narrow sense of the term. management”. according to the letter of intent.
It is worth noting that, as explained by El País, the Argentine Congress approved the agreement with the IMF with a large majority. The negative vote came from 13 pro-government senators. But there is also something very important about this agreement: it consummates the rupture between President Alberto Fernandez and his vice-president, Cristina Kirchner, who is against this decision to pay the old debt with more debt.
Argentina and crypto
The Latin American country, which recorded a year-on-year inflation a general increase in prices and fall in the purchasing value of money. of 52.3% in February, has become one of the leading South American crypto hubs in the region. In fact, it is successfully developing not only trade but also mining.
As told by DiarioBitcoin, other measures affecting the crypto ecosystem in the country were announced this week: As reported in the national media, the Financial Information Unit (FIU) of Argentina is working to adding companies in the digital digital technologies are these electronic tools that have the ability to generate, store or even process data. asset industry to the list of entities subject to anti-money laundering reporting requirements . Earlier, in February, Argentina’s Energy Secretary raised the cost of energy for the miners contributors to a blockchain taking part in the process of mining. They can be professional miners or organizations with large-scale operations, or hobbyists who set up mining rigs at home or in the office. of Bitcoin the biggest and most popular cryptocurrency in the world. It is a decentralized digital currency that enables users to make trustless peer-to-peer transactions. . In addition , el Minister of Economy said that cryptocurrency transactions should be taxed more heavily.
Sources: Letter of Intent, Coindesk , El País , archivo
Version of DiarioBitcoin
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