How Argentina’s economy struggled while its crypto ecosystem flourished

The year 2020 will go down in history as the beginning of the COVID-19 pandemic and the way it affected the Argentine economy. But it is also true that Argentina has been dragging along economic problems for decades, with high fiscal pressure, devaluation of the national currency (the Argentine peso), restrictions on the purchase of foreign currency, etc.

Beyond that, events have occurred that have to do with attempts to regulate the crypto ecosystem, in addition to those linked to private companies and the adoption of cryptocurrencies. The following is a summary of the events that marked the last year and the opinions of various people who lived it from inside the ecosystem.

First quarter of 2020

Second quarter of 2020

Third quarter of 2020

  • A Paxful survey finds that Argentines believe investing in cryptocurrency is the most effective way to save

Fourth quarter of 2020

Attempts at regulation

There have been two initiatives at the national level in Argentina and one at the provincial level (in the province of Misiones) that are related to attempts to regulate cryptocurrencies.

In the Chamber of Deputies, a bill from Everybody’s Front was formally presented with the signature of 15 national deputies. This initiative, under file 6055-D-2020, has as its summary title: Integral Regulatory Framework Applicable to Civil and Commercial Transactions and Operations of Crypto Assets.

On the other hand, from the opposition, Argentine deputy Ignacio Torres of the Together for Change front also has in his hands a project on cryptocurrencies, but it has not yet been formally presented to Congress. This legislator, a representative of the district of Chubut, is holding a series of meetings and consultations on the subject with different sectors.

These projects have also been the focus of controversy and criticism from various sectors of the Argentine cryptosphere.

In addition, in the province of Misiones, Provincial Deputy Roque Gervasoni of the Front for the Renewal of Concord…

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