Argentina President Milei Disappoints Some Bitcoiners as Crypto Registration Rule Begins

Argentina has implemented a Registry of Virtual Asset Service Providers (VASP), requiring platforms and individuals involved in cryptocurrency transactions to undergo a registration process. While the regulation was initiated by the previous government, its enactment under President Javier Milei has disappointed those hoping for a Bitcoin-friendly stance akin to El Salvador.

Max Keiser, a Bitcoin advocate and advisor to El Salvador President Nayib Bukele, criticized Milei for what he sees as a failure to understand Bitcoin, contrasting with Bukele's pro-Bitcoin policies. El Salvador made Bitcoin legal tender in 2021, marking a historic move.

Regulatory Shifts Impact Cryptocurrency Services: Strike Users Experience Discontinuation Amidst Milei's Presidency

The new regulation has immediate repercussions, with users of payment app Strike reporting discontinuation of the Send Globally function between Argentina and the U.S. This underscores the impact of the regulatory shift on cryptocurrency services.

Milei, a libertarian figure, previously praised Bitcoin as a hedge against central banking and inflation. Despite initial optimism, his presidency has seen the implementation of regulations perceived as restrictive by some in the crypto community.

Mixed Reactions to VASP Law: Perspectives on Regulatory Measures and Economic Progress under Milei's Leadership

However, not everyone views the VASP law negatively. Some argue that regulatory measures like this are necessary for Argentina to attract foreign investment. Milei's tenure has seen efforts to reduce government size and scope, with the country posting its first monthly budget surplus in over a decade and a decline in inflation rates.

In conclusion, Argentina's implementation of crypto regulations under Milei's presidency has disappointed Bitcoin enthusiasts hoping for a more welcoming stance. While some see the move as necessary for economic growth, others lament the missed opportunity for embracing Bitcoin's potential.