Argentine Congressman Ignacio Torres has proposed a bill to regulate the cryptocurrency industry in the country. It will be presented to the parliament in Buenos Aires next week.
Efraín Barraza, who is the COO of the Argentine branch of the Athena Bitcoin ATM network, and Alberto Vega, the current CEO of Bithan, took part in the drafting of the bill.
Barraza thinks that the correct development of the cryptocurrency industry should take place within the framework of the national law. It is necessary to provide protection for traders and investors. The current lack of regulation allows favorable conditions for scammers and cryptocurrency pyramids. Vega believes that if Argentina begins to take advantage of cryptocurrencies, this will be of great benefit to the South American country.
“We have been involved in the crypto industry for many years now and are aware of its problems. Currently, there are many crypto businesses whose bank accounts are getting closed for no obvious reason. We must sit down with the authorities at the negotiating table and discuss the regulation of cryptocurrencies and new technologies because this will benefit everyone,” said Barraza.
According to a recent Paxful poll, 74% of Argentines believe cryptocurrencies are the best long-term investment in the current political and economic environment. In addition, according to Arcane Research, demand for Bitcoin in Argentina has surged in April due to fears of default in the country.
