Argentinian Crypto Community Condemn IMF Requirement
IMF’s Debatable Step Includes Restructuring Agreement
The IMF loans accumulated during the early decades were repaid by the former President of Argentina, Nestor Kirchner. After President Kirchner, the Right-Wing President Marci came to power and IMF re-entered the country.
A debt of $57 billion had been accumulated during his presidency. Presently, the government has reached an agreement with the IMF concerning the clearance of debts. The new agreement discusses the implications of the deal on crypto adoption.
The IMF loans accumulated during the early decades were repaid by the former president of Argentina, Nestor Kirchner, and the husband of the present Vice President of Argentina, Cristina Fernandez de Kirchner. When the right-wing President Marci came to power, IMF re-entered the country and contracted up to $57 billion in loans.
Presently, the government has reached an agreement with the IMF concerning clearing out the debts. The agreement between Argentina and IMF regarding the refinancing of the debt declares,
"The National Government, for a better safeguard of financial stability, will discourage the use of cryptocurrencies."
This particular move is taken to encourage anti-money laundering. Additionally, digitization of payment will require official incentives and added security to the consumer.
Argentinians Voice Their Opinions
Thousands of protestors took to the streets probing the agreement and demanding the cancellation of the $45 million debt. Franco Amati, a Bitcoiner suspects an attempt to smother Bitcoin financing like in the case of El Salvador. A non-profit organization called Bitcoin Argentina wrote a letter to the country’s government requesting data concerning the new measures that would result in slowing down the adoption of cryptocurrency in Argentina.
The CMO of Lemon - the Argentinian startup that offers crypto payment solutions, Franco Bianchi hopes that if the crypto community encourages the adoption of crypto assets, soon the government will as well adopt these “positive laws on the use of cryptocurrencies.”