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Cryptocurrency
revolution reaches Argentina:
Bitcoin supporters launch powerful
campaign to achieve regulation of cryptocurrency world
Introduced a new bill Bitcoin Argentina
It is a prominent non-governmental organization, which aims to regulate
the cryptocurrency market in a major shift from its previous position
while maintaining the basic principles of decentralization.
Announced at the LABITCONF
2023 Conference in Buenos Aires, this important step
is an important turning point for Argentina's cryptocurrency industry.
Ricardo Mehora
president of Bitcoin Argentina, revealed the proposed legal framework
and emphasized the great emphasis on strictly regulating cryptocurrencies.
This proposal was made in response to growing concerns
about dishonest parties in the field of encrypted technology.
Mehura explained that they were always opposed to
regulating the cryptocurrency economy.
But increased fraudulent activities derived
from blockchain technology forced them to take action.
The bill divides cryptocurrency platforms
and service providers into three distinct categories:
Decentralized platforms
and local central platforms open to organizational dialogue
and global central platforms.
These categories are categorized decisively in determining
the extent of legal protection available to customers
Especially in case of company failure or fraudulent activities.
With regard to decentralized platforms
the Argentine judiciary is expected to take a hands
off approach
recognizing the distinct decentralized nature of these platforms.
However
in disputes involving central platforms
courts will play a crucial role in decentralizing and deciding clients' claims.
Judicial protection and global reality
The proposed legislation emphasizes strong judicial protection
for customers of central cryptocurrency platforms.
In the event of a platform collapse
customers' right to universal legal recourse to claim damages is guaranteed.
This aspect of
the Bill is particularly important in the context of
Argentina's volatile economic landscape
which is experiencing high inflation rates.
Mehora discussed the futility of a complete ban on cryptocurrencies
noting the global and unlimited nature of blockchain technology.
Even the United States
with its vast resources
has had difficulty effectively blocking unlicensed cryptocurrency operations.
It is unrealistic for Argentina to attempt to impose a total ban on
its citizens participating in cryptocurrency activities at the global level.
Instead
the bill aims to provide the best possible legal protection to Argentine citizens
and hold accountable those responsible for fraud
including all entities that benefit from
the marketing chain of a fraudulent scheme.
The proposals in the legislation come at an appropriate time amid economic turmoil in Argentina, and come just a week before the country's planned presidential election.
The elections include candidates with distinctly different economic visions:
Sergio Masa
the current Minister of Economy, and Javier Miley
the economist calling for the abolition of Argentina's
central bank and the adoption of the United States dollar.
Economic conditions in Argentina
which has an annual inflation rate of 121.7%,
It is the fourth highest in the world
an important background to the urgency and relevance of these proposals.
Bitcoin Argentina's bill not only
responds to the challenges faced by the cryptocurrency industry, but also reflects the general need for economic stability and confidence in financial systems.
The Bitcoin Argentina bill represents an important development in
the field of cryptocurrencies in Argentina.
By advocating a balanced approach to regulation
the organization's aim is to protect the fundamental principle of decentralization,
while ensuring the protection of
consumers and their right of
legal recourse against fraudulent activities.
While Argentina faces economic challenges
and stands at a political crossroads
This proposal could play a crucial role in shaping
the future of the country's digital currencies.
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