– 1 [The counting of votes for the presidential election in Argentina has commenced at the time of writing.] – 2 [Milei has not provided any statement regarding making BTC a legal tender.] As Argentina gained a new president on Sunday, Bitcoin (BTC), the biggest cryptocurrency in the market, may have the potential to grow in the South American nation.Javier Milei, now President-elect of the country, won against Union for the Homeland party’s Sergio Massa, beating him by over a couple of million votes.Budding Fear of Hyperinflation Nearly all votes have been counted at the time of writing.The election winner will take office on December 10.Around 40 percent of Argentines are poverty-stricken and inflation is going through the roof in the nation as noted by media company Bloomberg.Moreover, the fear of hyperinflation returning after three decades is developing in the region.Milei has not provided any statement regarding making the flagship crypto asset a legal tender in the country.However, he desires to dollarize the nation’s beleaguered economy.
The Argentine Peso has been depreciating since 2008 owing to hyperinflation, political instability, and debt.Despite economic woes, the nation came out as the 23rd-largest global economy last year.[Bitcoin enthusiasts ](https://www.thecoinrepublic.com/2022/01/22/bitcoin-enthusiasts-left-disappointed-post-meet-of-turkey-and-el-salvador-presidents/)in Argentina are unlikely to see the virtual currency becoming a legal tender anytime soon as opposed to their Central American counterpart, El Salvador.They have already accepted BTC as their legal tender in 2021.Nayib Bukele, El Salvadoran president, claimed the move to put an ease on sending remittances for the citizens living abroad.Moreover, the country’s government launched a digital wallet dubbed Chivo, offering BTC worth $30 to everyone who signed up for it.Nonetheless, a report released in September 2021 indicated nearly 90 percent of El Salvadorans don’t possess a clear understanding of the virtual asset.Almost 70 percent of the population opposed the decision.
A noticeable surge appeared following Javier Milei’s news.The rise could be tied to his pro-Bitcoin stance and criticism of the nation’s centralized financial institutions like the Central Bank of Argentina.
He openly called central banks a scam in a video released earlier this year.Currently, cryptocurrencies are not legal in the country.Only the Central Bank is in the capacity to issue a legal currency.
However, they have adopted digital assets in part to circumvent remittance prohibitions.The Financial Intelligence Unit of Argentina (UIF) defines crypto as “digital representation of value that can be digitally traded and functions as a medium of exchange, and/or a unit of account; and/or a store of value, but does not have legal tender status in any jurisdiction and is neither issued nor guaranteed by any government or jurisdiction.” Extreme volatility in crypto markets is among the reasons preventing regulators from allowing digital assets to operate freely in their respective countries.Since 2021, Bitcoin has traded in a range between $69,000 and $16,000.It was changing hands at $37,186 at the time of writing.[see all](https://www.thecoinrepublic.com/author/sachin/)) – [US Dollar Has a Higher Chance Against Bitcoin in Argentina](https://www.thecoinrepublic.com/2023/11/21/us-dollar-has-a-higher-chance-against-bitcoin-in-argentina/)– November 21, 2023 11:51 am EST – [Rumored Nintendo Switch 2 May Share Compatibility With VR](https://www.thecoinrepublic.com/2023/11/21/rumored-nintendo-switch-2-may-share-compatibility-with-vr/)– November 21, 2023 6:45 am EST – [Bitcoin Mining Can Balance Energy Mismatches in Power Grid](https://www.thecoinrepublic.com/2023/11/20/bitcoin-mining-can-balance-energy-mismatches-in-power-grid/)– November 20, 2023 11:33 am EST.
