by Reuters, Argentina is on track to tame the rapidly growing cryptocurrency market with a new law. Bitcoin Holder Count Faces Drastic Fall - What's Going On?Due to concerns about money laundering activities, Argentina started facing increasing pressure from the Financial Action Task Force , a"policy-making body" that aims to fight financial crimes.
Argentina has long been known as one of the leading cryptocurrency hubs due to its economic woes. In fact, it recorded more than $85 billion worth of crypto transactions in 2023. Recently, some publications reported that Argentina was considering making Bitcoin legal tender under Milei's leadership. However, these reports were incorrect, and the president's comments were misinterpreted.
The idea of such a major country as Argentina adopting Bitcoin as its official currency seems to be too far-fetched despite some pro-crypto statements made by its libertarian leader. The country's central bank currently has to deal with such issues as devaluation and inflation. Alex Dovbnya is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption.