El Salvador's President Bukele Discusses Bitcoin Policies with Argentine Vice President Villaruel
During an official visit to Argentina, President Nayib Bukele of El Salvador met with Argentina’s Vice President, Victoria Villaruel, to discuss the Bitcoin-centered policies of his country. Villaruel took to Twitter to share details of the meeting, which focused on the implementation and regulation of Bitcoin in El Salvador. One key area of interest for Villaruel was the country’s Bitcoin bonds project, which gained global attention after El Salvador made Bitcoin legal tender.
"I would like to take the opportunity to ask you some questions about Bitcoin," Villaruel remarked during the meeting, showing her interest in learning more about how Bitcoin has impacted El Salvador’s economy. In response, Bukele offered to share the specifics of his government’s measures to integrate Bitcoin into the country’s financial system.
El Salvador made history in 2021 as the first nation to recognize Bitcoin as legal tender. Since then, the Bukele administration has launched several initiatives, including the Bitcoin bonds, aimed at raising funds for infrastructure and technological advancements. Villaruel expressed curiosity about these bonds and how they influence El Salvador’s economy.
In addition to the bond project, the two leaders also discussed the establishment of the National Commission for Digital Assets, a regulatory body responsible for overseeing the digital asset market in El Salvador. This commission has been instrumental in formulating guidelines for Bitcoin’s usage in the country.
Cryptocurrency Discussions Expand Beyond El Salvador
The meeting between Bukele and Villaruel is part of a broader conversation about cryptocurrencies across Latin America. Argentina has seen growing interest in digital assets, making the dialogue between the two politicians particularly relevant. This conversation is expected to continue as Argentina’s President Javier Milei is set to meet with Cardano founder Charles Hoskinson later this month. Hoskinson has expressed interest in supporting blockchain development in South America, with a focus on fostering the region’s broader cryptocurrency needs.
Hoskinson’s meeting with Milei is expected to explore the future of Cardano and how the blockchain could help advance Argentina’s digital economy.
IMF Reaffirms Cautious Stance on Bitcoin Adoption
At a press conference on Thursday, Julie Kozack, spokesperson for the International Monetary Fund (IMF), reiterated the organization’s cautious stance regarding Bitcoin’s adoption. She emphasized the need to minimize the public sector’s involvement in Bitcoin:
"We have recommended limiting the scope of the Bitcoin law and strengthening the regulatory framework and supervision of the Bitcoin ecosystem," Kozack stated.
Since the passage of the Bitcoin Law, the IMF has been critical of El Salvador's approach, urging the government to mitigate potential risks associated with integrating Bitcoin into the national financial system. In response to concerns from the IMF and other international organizations, President Bukele revealed that El Salvador had purchased nearly $400 million worth of Bitcoin.
