Latam Insights Encore: Bukele Might Orange-Pill Milei on Bitcoin

Welcome to Latam Insights Encore, a deep dive into Latin America’s most relevant economic and cryptocurrency news from last week. In this edition, we examine President Nayib Bukele’s official visit to Argentina, and how this might translate to bitcoin being more prominently incorporated in President Milei’s economic plans.

Latam Insight Encore: Bukele Might Be Advising Milei on a Potential Move Involving Bitcoin and Crypto

The visit of Nayib Bukele to Argentina last week and his meeting with President Javier Milei and the Argentine Senate have awakened all sorts of conjectures regarding the possibility of the country subscribing to El Salvador’s bitcoin agenda.

These rumors have their origin likely in the meeting between Bukele and Vice President Victoria Villarruel, where she touched upon bitcoin and cryptocurrency issues, and also about the regulatory framework that allowed El Salvador to be the world’s first to adopt bitcoin as a legal tender in the world.

There was no public disclosure of talks between Milei and Bukele regarding bitcoin, and reports indicated that their meeting centered on other affairs. However, Villarruel’s interest might be a prelude to bigger cryptocurrency policy moves by Milei.

While Milei has not been especially pro-bitcoin during his administration, his liberal, anti-debt, and anti-central bank policies indicate he has a high affinity with bitcoin’s libertarian money proposal. Milei had stated bitcoin would be included in the multi-currency environment he envisions for Argentina alongside other currencies before. “If you want to use bitcoin there will be no problems,” he stressed.

However, some circumstances might prevent Argentina from adopting El Salvador’s pro-bitcoin agenda. The country has a colossal debt of over $40 billion to the International Monetary Fund, which can force Milei to comply with conditions that include excluding the implementation of cryptocurrency-friendly policies.

El Salvador is also being affected by its pro-bitcoin stance as it is currently negotiating to receive funding from the institution. Recently, the IMF has called on Bukele to “narrow the scope” of its bitcoin law implementation and limit the public sector exposure to cryptocurrency.

While it is unlikely for Milei to push for regulation including adopting bitcoin as legal tender, implementing crypto-favorable measures is not out of the question.

What do you think about the possibility of Argentina becoming a more crypto-friendly country? Tell us in the comments section below.

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