In an interview with a local media outlet, Argentina president Alberto Fernandez disclosed his readiness to open the country’s economy to Bitcoin.
Despite being wary of the downsides, he said; “I don’t want to go too far out on a limb, but there is no reason to say no. Perhaps that is a good path to take.” he asserted. He further stated that he is aware of Bitcoin’s advantage as a hedge over inflation; a quality that the country’s struggling economy could use at this time.
Speaking extensively on the conversation surrounding Bitcoin, and the controversies springing up, he further said;
“It is a global debate, and I must confess that it is a topic that I approach with caution. In my case, there is caution because of how unfamiliar it is, and because it is hard to understand how this fortune materializes.”
He concludes by saying Bitcoin’s adoption is being limited by the refusal of nations to give the asset a chance, due to the market misfortunes. Regardless of this, he reckons that Bitcoin is worth considering.
“Many people in the world have these concerns, and that is why the project, or the system, has not yet expanded. But it is something to consider,”
Ever since El Salvador entered the Bitcoin market by pushing to adopt the dominant asset as its legal tender, other countries have shown similar interest in Bitcoin. One such is Paraguay, the Central American country that voted to make Bitcoin a legal tender back in June.
Lawmaker Carlos Rejala who is a leader in the movement took to Twitter to inform the public that the bill will be legislated in July. The bill was eventually presented on July 14th by proponents Senator Fernando Silva Facetti and Congressman Carlos Rejala to the National Congress of Paraguay.
Although the initial goal was to make it a legal tender, that may not be the case going forward. However, the bill outlines a friendly regulatory environment for Bitcoin, which many Bitcoin supporters still consider a big win, especially seeing the many hurdles that Bitcoin has gone through in the past with regulatory crackdown.
China has raged war on Bitcoin, and the United States is still yet to clarify what its stance is on Bitcoin and other digital currencies. Developing countries like India and Nigeria, which are leaders in Bitcoin adoption, thanks to the increasing trading volume, are yet to create proper regulatory guidelines that favor Bitcoin.
There is no denying that El Salvador brought a lot of attention to Bitcoin. It imitates the same pattern of institutional investors like Tesla and MicroStrategy influencing their counterparts to consider adding Bitcoin to their balance sheets. Bitcoin certainly has a chance at becoming recognized as a legal tender in other countries if countries that are already on the journey to adopt it begins to record outstanding results.
