Bittime - Javier Milei supports Bitcoin, a revolutionary decision by the President of Argentina. Javier Milei's support for Bitcoin received a positive response from the public.
Publicly, Argentine President Javier Milei is trying to champion Bitcoin , so that its citizens can choose the monetary unit they want to own.
Javier Milei Supports Bitcoin
Javier Milei, President of Argentina, is encouraging the use of Bitcoin (BTC) and other currencies in the country's economy.
This policy aims to allow citizens to choose the currency they want, similar to El Salvador's approach but adapted to Argentina's needs.
Recently, Milei again expressed her support for Bitcoin and other crypto assets .
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Responding to a tweet from Gabor Gurbacs, a former director of VanEck, who suggested “Bitcoin for all,” Milei confirmed that his administration would allow the use of a variety of assets, including Bitcoin, West Texas Intermediate (WTI), and British Thermal Units (BTU).
He said, "There will be currency-free competition. You can use Bitcoin or other units like WTI and BTU, depending on which suits your business. It's about accounting methods."
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Inspired by El Salvador
Milei's approach was inspired by Nayib Bukele's government in El Salvador which has legalized Bitcoin.
However, Argentina has different challenges, such as inflation and uncertain taxes on crypto.
The country is also more likely to use stablecoins for payments due to its economic instability.
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Javier Milei's Government Dynamics Supports Bitcoin
Despite issues related to economic instability, Milei remains committed to introducing more Bitcoin into the Argentine economy.
In December 2023, the Secretary of State confirmed that contracts in Bitcoin would be permitted, which raised hopes in the crypto community.
However, Milei's government has also faced criticism. Because in early 2024, the crypto community, including several figures from El Salvador, criticized Milei for giving in to the Financial Action Task Force (FATF) by introducing stricter regulations on Virtual Asset Service Providers (PSAV).
These rules aim to ensure compliance with international standards, but have raised concerns among crypto advocates.
Argentina's move to implement currency freedom could have a significant impact on its economy amid high inflation and economic uncertainty.
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Milei's approach aims to provide more choices for people and businesses, potentially stabilizing the economy through the use of diverse currencies.
The success of these measures will depend on their implementation and public acceptance.
The Argentine government needs to address the challenges of integrating multiple currencies and ensuring the financial system is able to support this diversity.
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A Big Gamble
Javier Milei's support for Bitcoin and currency freedom is an important step and a big bet for the Argentine economy.
Milei's vision allows citizens to choose their currencies, including Bitcoin, WTI, and BTU, to encourage economic freedom.
Inspired by El Salvador but tailored for Argentina, Milei's plan faces challenges such as inflation, tax issues, and regulatory pressure from the FATF.
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Despite these obstacles, Milei's commitment to integrating Bitcoin, evident in Bitcoin's contract permissions and emphasis on currency competition, has raised expectations within the crypto community.
The coming months will be critical to determining the success of this policy and its impact on the Argentine economy.
How to Buy Crypto on Bittime
You can buy and sell crypto assets in an easy and safe way via Bittime. Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti.
To be able to buy crypto assets on Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application.
Monitor price chart movements of Bitcoin (BTC) , Ethereum (ETH) , Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.
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DISCLAIMER: This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.
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