Argentinians Criticize IMF Requirements for Slowing Down Crypto Adoption
In a deal made recently with the International Monetary Fund (IMF), a requirement that has been agreed to has been perceived as anti-crypto and citizens in Argentina who are part of the crypto community are not happy about it. The purpose of the deal is to do some restructuring and provide the country with more facilities to pay the $45 billion that have to be paid to the fund. There are also some hints about a series of measures that could potentially stifle the growth and expansion of the crypto community that has occurred in Argentina.
Since Argentina signed the deal with the IMF, people have been discussing the implications of the deal on the country’s crypto adoption. The country owes the international organization about $45 million in debt and this deal will provide Argentina with some time for repaying it. It is understood that the IMF has added some conditions in order to refinance the debt and there are some that have not been welcomed by the Argentinian citizens. The statement that is being debated refers to the National Government discouraging the use of crypto to prevent informality and money laundering in order to safeguard financial stability.
Likewise, the deal states that official incentives will also be added to the digitization of payments and financial consumers will be provided additional protection. Some people have assumed that these statements indicate there would be measures and regulations established in Argentina, which would end up slowing down the rate of crypto adoption in the country. When it comes to the country’s crypto community, they are already trying to comprehend the possible repercussions it could have and how it would affect any of those who are part of the industry in some way. Most participants have agreed that they do not have enough information to come to any concrete conclusion as yet.
Therefore, they cannot determine what impacts it would have on the actual usage of cryptocurrencies, which has recently reached record heights in Argentina. A nonprofit organization by the name of Bitcoin Argentina operates in the country to incentivize the knowledge and usage of Bitcoin. The organization just sent a letter to the Argentinian government and asked for data about how the application of these new rules could impact the adoption of crypto. There are also those who have been criticized indirectly and have shown their support for crypto usage and adoption.
An Argentinian startup by the name of Lemon provides crypto payment solutions in the country. Its chief executive, Franco Bianchi said that the ideal situation would be to come up with clear rules that can promote crypto assets’ adoption, similar to what other countries have done. Another renowned bitcoiner, Franco Amati shared that he had some suspicions about the new measures and believed that it could be an attempt by the IMF to put a stop to bitcoin financing, similar to what El Salvador appears to be doing. The IMF has already warned El Salvador about the risks associated with the step they are taking.
