Argentina Discusses Crypto and FATF Recommendations

By Estudio Chaloupka

While Argentina isn't officialy analyzing the adoption of cryptocurrencies, the Government has showcased interest on the matter and participated in meetings to gather more information.

Recently, Roberto E. Silva and Patricia Boedo, president and vice president respectively of the National Securities Commission, met with the president of the National Commission of Digital Assets (CNAD) of El Salvador to discuss the experience of the Central American country.

In 2021, El Salvador became the first country in the world to incorporate bitcoin, along with the dollar, as its official currency, and is also a pioneer in the development of cryptocurrencies in the region.

Dr. Silva said: "El Salvador has emerged as one of the leading countries, not only in the use of bitcoin, but has also stood out in the world of cryptoassets. It has created a specific commission, the National Commission of Digital Assets (CNAD), and therefore has an experience that is very valuable for the CNV at this time". 

Although Argentina's President Javier Milei has expressed positive opinions about bitcoin and criticized the country's Central Bank, his main economic proposal is the dollarization of the Argentine economy, not the adoption of bitcoin as legal tender.

During the meeting with El Salvador authorities, Argentina discussed the Financial Action Task Force (FATF) reccomendations on cryptocurrencies. FATF, an intergovernmental organisation founded in 1989 on the initiative of the G7 to develop policies to combat money laundering, has conducted research into the characteristics of virtual currencies to make a preliminary assessment of the risk associated with this payment method.  According to FATF, an important step in assessing the risks and developing an appropriate response, is to have a clear understanding of the various types of virtual currencies and how they are controlled and used.