Bitcoin in Argentina off due to financial deregulation

Bitcoin in Argentina off due to financial deregulation


In 2011, Argentina fell into a vicious spiral of recession, at that time, the country’s president announced restrictions on the purchase of foreign exchange and to send money abroad.

The next four years, media reports of financial regulation forced the people of Argentina to use encryption money as money out of tools, the traditional view is that the bitcoin boom is caused by the current policy.

The end of the financial regulation

In 5 years, Argentina’s financial regulation has become history, in December 2015, the Conservative Party candidate MauricioMacri was elected president, he quickly withdrew currency controls, like a lot of people think that bitcoins come in this South American country of opportunity.

Although the country did not welcome the arrival of Uber, but the Macri rate remains high, the government itself as a business friendly government, it also repeatedly stressed that enterprises and entrepreneurial companies play an important role in the economy.

Bitcoin companies see that the currency is not used to encrypt user speculation here, and it is the fountainhead of. For them, this is just the beginning. Bitcoin is not a tax, nor against the corrupt government launched a guerrilla war to conquer the whole country, “said NubisBruno, who is a partner in, this is a bitcoin exchange and international exchange company, he told the Cointelegraph:” it is more like a financial system to solve the structural problems of solutions.”

Bruno said the local large bitcoin community has not yet come out from the financial control, but the traits destined to produce a lot of “love story” and “bitcoin, Argentina is the cradle of new technology users, user communities and our genes are monetized,” he explained.

At present, bitcoin in Argentina still has a long way to go, Argentina has one of the largest bitcoin community in Latin America, it is a lot of bitcoin startups homes, but the exchange trading volume is very small, especially compared to those who did not bitcoin enthusiasts community in the country, “said Buno.

Argentina bitcoin environment is very healthy

SatoshiTango is a Buenos Aires based bitcoin exchange, the government has liberalized currency controls, it is generally in the future of bitcoin skeptical, but they soon realized that the situation has changed, StoshiTango co-founder MatiasBari said.

For Brai, cancel the monetary control bitcoin is a good news. “Most bitcoin is in no financial regulation, control of the country is used, and the economy steady for business,” he said.

Brai Macri said, in the 9 months term, trading volume and the amount of registered users of their platforms have not declined.

“We see that since the abolition of currency controls, trading volume and accept bitcoin companies are increasing,” said Bruno confirmed.

According to Coinmap, Buenos Aires has more than 100 stores accept bitcoin, dentists, lawyers, cafes, hotels, but most bitcoin users are those professionals and companies for international exchange business, “in government deregulation, the means of exchange is very useful.” Bruno said.

“Those who have financial control because people were forced to use bitcoin may no longer use this money, but this field, most of them still stay,” Bari said, “although they initially use bitcoin to circumvent regulation, but it can also be found in bitcoin transfer capital advantages.”

Bitcoin friendly government

Bruno and Bari have admitted that the current government bitcoin enterprise opens the door, no bitcoin hostility, like Ecuador and Bolivia, complete ban bitcoin.

“They found that bitcoin is an interesting technology, but they are still seeking how to make local businesses to maximize the use of it,” said Bruno.

SatoshiTango has been from the Ministry of industry officials met, they met with us, so you know what we need, we have entered into a more advanced stage, the attention is excellent for those who want to run a company of people.”

Last week, the first deputy central bank governor LucasLiach took part in a roundtable on bitcoin, and expressed a different view of bitcoin, he said that they are very interested in the monetary sector “using the block chain technology”.

In November, Argentina will again become bitcoin’s epicenter, fourth Latin bitcoin Conference (LatinAmericanBitcoinConference) will be held in the country, then the money all star team will participate in this event.

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