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Argentina’s securities authority, Comisión Nacional de Valores (CNV), has declared that US exchange-traded funds (ETFs), including those related to cryptocurrencies, are now available for trading through the CEDEAR program.
This initiative, governed by RG No. 1030, introduces Bitcoin and Ethereum spot ETFs, effectively ending a six-year ban established by Law No. 27440.
In a statement released on December 10, CNV President Roberto E. Silva conveyed a positive outlook, remarking: “It is a pleasure to announce these first approvals, which constitute new investment options provided for in this very innovative law.”
JUST IN:
Argentina’s regulator now permits US crypto-related ETFs, including Bitcoin and #Ethereum, to enter the local market.
Spot #Bitcoin and Ethereum ETFs were restricted under Argentine Law No. 27440 for six years. pic.twitter.com/abml9VCSHp— Coinwaft (@coinwaft) December 10, 2024
Argentina’s regulator now permits US crypto-related ETFs, including Bitcoin and #Ethereum, to enter the local market.In addition to digital assets, the CNV’s announcement encompasses approvals for gold ETFs (GLD ticker), the S&P 500 index, and Chinese stock market indexes (FXI ticker).
These offerings are intended to enhance the availability of passive management indices and commodities within Argentina’s capital markets.
While specific details regarding Bitcoin ETF issuers have not been revealed, this development underscores Argentina’s dedication to incorporating digital assets into its financial framework.
Argentina’s Efforts Beyond ETFs
Argentina has been advancing in crypto adoption, with initiatives extending beyond ETFs.
In November, Argentinian legislators proposed a bill that would enable the Central Bank of the Argentine Republic (BCRA) to “buy, hold, and mine” Bitcoin. The suggested legislation, spearheaded by Republican Proposal (PRO) lawmaker Martín Yeza, aims to modify the BCRA’s charter to allow the holding of Bitcoin as part of its reserves and to initiate mining projects.
This initiative aligns with President Javier Milei’s ambitious economic reforms designed to tackle hyperinflation and utilize blockchain technology to modernize the economy.
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Under Milei’s administration, inflation, which soared to an alarming 300% in April 2024, has gradually decreased to below 200%, according to Trading Economics.
Argentina.
One year of Milei:
– Inflation reduced from 25.5% monthly to 2.7%.
– Poverty rate decreased from 54.9% to 41.7% (projected for December, UCA)
– From a 2.7% primary deficit to a 1.7% surplus.
– Dollar blue and official rate converging.
– Country risk significantly diminished.
-… pic.twitter.com/kyu3msp8ao— Daniel Lacalle (@dlacalle_IA) December 8, 2024
Bitcoin mining and the integration of digital assets are essential components of his strategy to stabilize the economy while enhancing Argentina’s position as a regional leader in blockchain innovation.
Argentina’s Leading Role in Latin America’s Crypto Growth
Argentina has emerged as a significant participant in Latin America’s cryptocurrency landscape.
In 2024, Argentina topped the region in cryptocurrency value received, estimated at $91.1 billion. Latin America represented 9.1% of global crypto activity between July 2023 and June 2024, with a year-over-year growth rate of approximately 42.5%.
The country’s proactive regulatory approach is anticipated to further enhance its role in the global crypto arena.
On December 4, Canadian fintech company Nuvei Corporation launched a blockchain-based payment solution for merchants throughout Latin America, including Argentina.
This system enables merchants to process payments in stablecoins via Visa-supported cards, facilitating quicker cross-border transactions, streamlined treasury management, and enhanced liquidity.
By incorporating blockchain technology into traditional financial systems, such solutions aim to offer a seamless method for businesses to utilize digital assets while maintaining the trust of global payment networks like Visa.
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