Impact on Bitcoin adoption and security concerns discussed

• Franco Amati criticizes the regulations, arguing that they restrict the use of Bitcoin and violate the privacy and security of users.
• Alejandro Estrin highlights the growing interest in cryptocurrencies in Argentina, seeing the regulations as protective and innovative.

More than three months after Argentina introduced Bitcoin ecosystem regulations focused on exchanges and similar platforms, the local cryptocurrency community remains divided. While some say users despise the regulations, others say they increase interest in the digital asset.

How we pointed out in Crypto News Flash, since March, the Argentine National Securities Commission has been authorized to establish and supervise a register of Bitcoin and cryptocurrency service providers. This step is in line with the Financial Action Task Force (FATF) guidelines aimed at preventing financial crimes such as money laundering and terrorism financing.

Franco Amati, founder of the NGO Bitcoin Argentina, criticized the regulations. He said that these rules, originally imposed by the International Monetary Fund (IMF) and continued by the new government, are harming the use of Bitcoin and similar technologies. He expressed disappointment that cryptocurrency platforms did not oppose the measures.

“These regulations are part of an imposition by the International Monetary Fund (IMF) on the previous national government, and the new government passed them either out of ignorance or convenience in positioning itself vis-à-vis the organization in the context of future loan negotiations,” Amati said.

Amati argues that the regulations hinder the development of the Bitcoin environment in Argentina and threaten the privacy and security of users of registered exchanges and platforms. In this regard, he noted that Argentine users generally oppose the regulations. He agreed with analytics firm CoinCub, which ranked Argentina among the most restrictive countries for cryptocurrencies, along with Nigeria, China, and Russia.

On the other hand, Alejandro Estrin, country director of OKX Argentina — one of the largest bitcoin and cryptocurrency exchanges — offered a contrasting viewpoint. Estrin suggested that a “robust regulatory framework” protects users while also encouraging innovation. He noted growing interest in cryptocurrencies in Argentina, despite regulatory uncertainties.

“We see a highly educated community in Argentina that is eager to explore new technologies. The level of education and adaptability of users make the country a key market for cryptocurrency adoption in the region,” she said.

Crypto News Described Argentina as a bastion of cryptocurrency adoption in the world, driven by a tech-savvy population and openness to innovation. He highlighted a well-educated and flexible community eager to explore new technologies, positioning Argentina as a key market for cryptocurrency adoption in the region.

While the outlook for regulation in Argentina is mixed, the cryptocurrency ecosystem continues to thrive. In addition to trading and negotiating crypto assets, digital mining and blockchain developments are flourishing, with new projects constantly emerging. In addition, hundreds of businesses in different cities now accept crypto assets as payment, underscoring the presence of the market in Argentina, despite the regulatory law.