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- Argentina’s crypto community waits for Milei’s support, but his technical understanding remains limited.
- A deregulation decree allows crypto contracts, but fails to address taxation or legal tender status.
The cryptocurrency community in Argentina observes President Javier Milei’s government with a sense of cautious waiting. Specialists in the field convey that digital assets like Bitcoin do not occupy a central role in the administration’s planned reforms.
This position originates mainly from the president’s own technical unfamiliarity with blockchain technology. At a recent press meeting hosted by the Latin American Bitcoin and Blockchain Conference, known as LABITCONF, influential local figures discussed this situation.
Carlos Maslatón, a well-known Argentine Bitcoin advocate, and Ramiro Marra, a former member of the ruling “La Libertad Avanza” party, both expressed aligned views. Their assessment suggests the present government will not focus on the crypto industry during the immediate future.
“Based on my experience, when talking to politicians who hold positions in the legislative branch, I can’t find anyone who knows anything about [crypto]. Or rather, almost all of them are inexperienced, and I hope they don’t discuss any kind of law on this issue because they have no idea. That’s why I think talking about regulations is a very serious risk, because you’re putting it in the hands of people who are completely ignorant,” Marra said.
This opinion is built on direct engagement and a review of policy moves made since Milei took office in December 2023.
Initial Hopes and the Present Situation for Crypto in Argentina
Javier Milei’s election to the presidency created a wave of optimism among Argentine users of digital currencies. Many people expected his government to encourage blockchain-based projects and take definitive steps to authorize the regular use of cryptocurrencies for daily purchases. The foundation for this belief was the president’s openly stated worldview.
Milei follows the economic ideas of the Austrian School, which supports free markets and a reduced role for the state. As a result, many assumed he would naturally support Bitcoin because of its decentralized design and its independence from central banks.
Digital currencies have been part of the Argentine financial environment since around 2011. Close to 20% of the country’s population uses them as an important instrument to combat high inflation and strict government controls on foreign currency. Given this particular economic backdrop, official state endorsement for the sector would have carried substantial weight.
Nevertheless, several months have now passed without those early hopes converting into actual laws or decrees. From the start of his term, Milei has not introduced any specific plans to include a pro-cryptocurrency agenda in his broader governmental program.
An Internal Viewpoint: The Challenge of Comprehension
Carlos Maslatón’s examination of the matter points to a deficiency in understanding as a partial cause for the government’s inactivity. Maslatón, an attorney and financial commentator with a long career who describes himself as a Bitcoin maximalist, contends that President Milei’s grasp of Bitcoin is restricted.
Maslatón collaborated closely with Milei for a time after becoming a member of La Libertad Avanza in 2021. He subsequently moved away from the party because of differing opinions with its leaders, but that period afforded him a look into the president’s preliminary considerations on digital money.
“I had lengthy conversations with Milei about Bitcoin back in 2013 or 2014, and he paid close attention to my arguments. However, the reality is that I do not believe he completely captured its core nature,”
Maslatón detailed during the press event. He further mentioned that, from his vantage point, Milei possesses extensive expertise in traditional fiat money, even though his liberal ideology leads him to oppose it.
“To do that, you have to provide freedom of capital inflows and outflows. I don’t know why [Milei] doesn’t want to do that or why he’s so afraid of it,” Maslaton said, adding, “Just with that, [the crypto market]would have exploded; it would have been a bomb. Not to mention the favorable political consequences for the government that this would have brought. They also have the opportunity to do so now, of course.”
This seeming separation between his proficiency in conventional economics and his apprehension of decentralized financial networks might account for the absence of policy drive. Additionally, Milei has not assigned any roles in his cabinet to individuals who show a committed interest or specialized knowledge in digital assets.
The Deregulation Measure and its Interpretation for Crypto
A particular governmental action that sparked discussion within the crypto community happened just after the presidential term began. President Milei enacted an early decree, identified as DNU 55/2023, which removed numerous regulations across the economy. The Minister of Foreign Affairs, Diana Mondino, who is the sole cabinet member with any known background in cryptocurrencies, provided an explanation.
Mondino stated through her social media accounts that the updated rules permitted two private parties to form and settle contracts using Bitcoin or other cryptocurrencies. This statement held importance because it established a layer of lawfulness for transactions involving digital assets. Yet, analysts like Maslatón considered this incomplete.
They observed that the decree left unchanged the tax status of cryptocurrencies, did not grant them official status as money, and failed to institute a tailored regulatory system for trading platforms and other service firms. In practice, a legal gray area persisted, which, while accepting contractual use, fell short of delivering the regulatory certainty the industry seeks for expanded operations.
The Shortage of Specialized Knowledge in the Administration
Diana Mondino has become the only prominent voice in the government that expresses a positive view of Bitcoin’s decentralized potential. She has consistently upheld this position while in her post. Still, her ability to shape internal economic and financial decisions is constrained by her primary responsibilities leading the foreign ministry. The lack of a powerful representative in crucial departments such as the Ministry of Economy or the National Securities Commission means the crypto industry lacks a formal pathway to affect policy making.
This deficit in specialized knowledge results in a government plan that overlooks the particular needs and possibilities of the crypto sector. Pressing matters including how to tax profits from crypto assets, the creation of rules for exchanges, or the use of blockchain for state record-keeping are absent from policy debates.
Argentina’s circumstance under Milei serves as an illustration that a philosophical alignment with free-market principles does not inevitably result in public policies that support cryptocurrencies, without the presence of precise technical knowledge and a clear political decision to act.
