Recently, Argentina is going to close entire banks, financial sectors, and businesses within South America. Because recently Argentina’s new government or party ‘Freedom Advances‘ has announced that it is now closing all other businesses in the country with ARS, Bonds Yield, and the national currency. This proves that Argentina is now bringing USD-backed programs within its bonds, USD and national debt, and financial sectors. Anyway, the US remains Argentina’s biggest investor, financier, and economic support. This step in Argentina now reminds us of El Salvador in which the same thing happened. Argentina gets debt and economic support from the US, Canada, and South American neighborhood countries, and hence it is expected that Argentina will build USD and gold-backed economic relations with the world.
Is Argentina Planning to adopt Bitcoin for Legal tender like El Salvador?
Secondly, the recently elected President of Argentina has always been pro-Bitcoin, so taking this step would be quite complicated for Javier Milei. By the way, Argentina is the only country in South America whose economic, business, trade, and export relations are mostly with China and Brazil. Now Argentina, along with being pro–Bitcoin, is also a large-scale exporter of crops such as corn, soybean meal, wheat, and oil cakes. So now Argentina is taking its next step on Bitcoin and USD in which it can take a big step in El Salvador, that debt and digital financial sectors. Both Argentina and El Salvador can do Bitcoin–related deals together in which Argentina can make USD/Bitcoin legal tender in a country like El Salvador. The situation is that Bitcoin prices in Argentina are skyrocketing day by day, which means that the President of Argentina is also getting support from the institutions and Argentina is expanding on Gold & USD backed Bitcoin to secure the Government, Finance, and USD.
Can Bitcoin and USD become legal tender in Argentina?
By the way, if not today or tomorrow Bitcoin will become a legal tender in Argentina because the recently elected President of Argentina is behind this. The newly chosen president of Argentina may have suggested that adopting, legalizing, and tendering Bitcoin will be a bit difficult. because US and USD–backed programs, banks, and financial sectors would not want the value of USD to deteriorate. As of now, there is a 100% chance that the President of Argentina will regulate USD-backed Banks, Finance, Business, and trade instead of ARS (Argentina Peso) and another forex. However, it is not necessary that Argentina regulate only Bitcoin, and USD, but apart from this, there are many programs like CBDC, EUR, and Virtual centralized systems that can be done. Javier Milei also wants Bitcoin should be regulated in his country and wants through USD-backed programs his country can get some good news from the IMF, US Congress, and the World Bank. Argentina’s president hey will also need proper Digitalization in their country before accepting Bitcoin and Digital USD which can greatly work, if Bitcoin and Digital Cross Borders are to be spread for currency in the future.