11 Nov 2020 · 2 min read

Argentinean Crypto Bill Headed for Parliamentary Vote

Crypto is dominating the headlines across the board in Argentina, with an ambitious private member’s bill proposing the legalization of cryptoassets and the launch of a central bank digital currency (CBDC) heading toward a parliamentary vote.

Source: Adobe/Bernardo Galmarini

According to iProUp, the bill has been masterminded by Ignacio Torres, an MP for the main opposition coalition party Juntos por el Cambio (meaning “Together for Change”).

Torres’ bill has been drawn up in conjunction with pro-business pressure groups and fintech industry bodies, but still has to pass one hurdle before MPs in the Argentine lower house, the Chamber of Deputies, votes on the measure: The bill should pass before the regulatory Financial Information Unit next week. The unit is mainly charged with policing anti-money laundering (AML)-related matters.

But should the regulator approve the bill and decide not to amend it before the MPs vote, Argentine lawmakers could be given the power to grant crypto legal status. The bill also proposes recognizing tokens as having financial value – and would allow companies in the nation to accept bitcoin (BTC) and altcoins and process crypto payments.

Torres also wants the central bank to commit to launching launch an e-peso – a CBDC.

Elsewhere in the country, the crypto betting service Cloudbet has announced it is launching its services in Argentina.

Per Criptonoticias, the firm has created a website and blog in Spanish specifically for Argentina-based crypto gamblers.

Cloudbet stated that it would provide sports betting and a “welcome bonus of up to BTC 5” for new members from the Latin American nation.

The media outlet quoted a spokesperson for Cloudbet as stating,

“As there is so much interest, we believe this is the perfect time to allocate more resources to help Argentinian people understand the benefits of gambling with cryptoassets.”

And crypto has even made the pages of celeb watch media outlets, after reports emerged that one of the country’s biggest stars, Susana Giménez, 76, has a new boyfriend, named Anibal – described as being a “very successful” “crypto businessman.” It looks like another way to inform masses about the existence of cryptocurrencies.
Learn more:
P2P Bitcoin Trading Drops in Argentina Amid Torrid Times for Fiat Peso
Where Did the Argentinean Government’s Guide to Bitcoin and Ethereum Go?
Bitcoin Is Not Just a Dollar Gateway in Argentina