Argentina's 276.2% Inflation Persists as New Crypto Registry Sparks Debate
Argentina's high inflation rate persists at 276.2 percent, though it has slightly decreased since President Javier Milei took office. Meanwhile, the country has introduced a new regulation requiring crypto service providers to register with the Comisión Nacional de Valores en Argentina (CNV), sparking debate.
Argentina, with its seventh-highest Bitcoin adoption rate in 2023 and one in three citizens using crypto daily, has implemented the Proveedores de Servicios de Activos Virtuales (PSAV) registry. This initiative, aimed at combating money laundering and terrorist financing, mandates companies offering trading, sending, receiving, or lending services to register. Failure to do so will bar them from operating in the Argentine crypto market. The registry, which began on an unspecified date, has faced criticism from Manuel Ferrari of the Argentine NGO Directive, who likened it to absurdly regulating currency exchange offices or gold shops.
President Milei, a self-proclaimed anarchocapitalist, has not directly pushed for this registry. Despite Argentina's economy not yet being dollarized and capital controls still in place, the registry signals a shift in the country's approach to crypto concepts.
Argentina's high inflation rate continues, but the introduction of the PSAV registry indicates a changing landscape for crypto in the country. While the registry aims to combat financial crimes, it has sparked debate and criticism. As Argentina moves towards lifting capital controls by June 2023, the impact of this registry on the crypto market remains to be seen.
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