Image credit: Angelica Reyes/Unsplash

Disclaimer: This story was originally published on May 27, 2024.

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Officials from Argentina’s National Securities Commission (CNV) met with Salvadoran authorities to learn from the Central American country’s experience of Bitcoin (BTC) adoption and other activities related to cryptocurrencies, an announcement on Argentina’s government website said.

CNV President Roberto Silva and Vice President Patricia Boedo spoke with El Salvador’s National Commission of Digital Assets (CNAD) president, Juan Carlos Reyes, to discuss the growing use of crypto in economies, particularly El Salvador’s Bitcoin case, and explore the possibility of signing collaboration agreements related to digital assets.

According to Silva, El Salvador has established itself as a frontrunner in Bitcoin adoption globally while also making significant strides in the wider cryptocurrency sector. He emphasized the valuable role played by CNAD, the regulatory body overseeing the digital asset market in El Salvador, in gathering crucial industry knowledge and insights:

“We want to strengthen ties with the Republic of El Salvador, and therefore, we are going to explore the possibility of signing collaboration agreements with them.”

“Argentina is a pioneer in technology, and the National Securities Commission understands and wants to work with the industry efficiently and create appropriate regulation,” CNAD president Reyes said.

El Salvador became the first country to adopt Bitcoin as legal tender in 2021. It established CNAD to regulate all digital assets and digital financial instruments. The country’s Financial Superintendency and central bank also regulate digital assets, considering BTC is one of its official currencies.

Similar to El Salvador, Argentina is headed by Bitcoin-friendly politician Javier Milei, who won the presidency in 2023. The country has since increasingly moved into crypto, with the local government implementing regulatory requirements for crypto exchanges in March.

Bitcoin has also become an attractive alternative to inflation-weary Argentines, with the country ranking 15th in Chainalysis’s 2023 global crypto adoption index.