Draft Bill to Preserve Blockchain and Decentralization in Argentina with FXS Crypto

Regulating the Crypto Market

At LABITCONF 2023 in Buenos Aires, the president of Bitcoin Argentina, Ricardo Mihura, presented a draft bill that would regulate the cryptocurrency market in a way that preserves decentralization and bolsters public trust. Bitcoin Argentina had previously opposed the notion of regulation, but now they are advocating for it in order to protect blockchain and keep bad actors accountable.

The proposed legal framework is outlined in the first article, which classifies cryptocurrency platforms and service providers into three categories: decentralized, local centralized or willing to dialogue with authorities, and global centralized.

Mihura said: “We have always rejected attempts to regulate the crypto economy, but this time we set ourselves the goal of giving a positive response, with only two purposes: preserving decentralization and protecting savings and public trust.”

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The Global Nature of Blockchain

Platforms that are either centralized or decentralized will be allowed to operate freely, with customers being granted “the broadest possible judicial protection,” which includes the right to seek damages in the event of a company collapse.

Argentina’s judiciary, however, will not intervene in the case of decentralized platform failures. Courts will decide whether a cryptocurrency platform is sufficiently decentralized when assessing claims from customers who believe they have been harmed.

Despite some governments attempting to impose an outright ban on cryptocurrencies, Minister Mihura has noted that this is not feasible due to the global nature of blockchain, such as the fxs crypto, flux crypto, daily crypto, dnt crypto, gods unchained crypto, el salvador crypto, degrain crypto, evergrow crypto, and web 3.0 marketing.

Crypto and Blockchain in Argentina

“This includes those directly responsible and all those who benefit from the marketing chain of a fraud, until the final victim,” Mihura said.

Blockchain Argentina has proposed a bill ahead of the country’s presidential run-off election between Sergio Massa, the economy minister, and Javier Milei, an economist-turned-politician who wants to abolish the central bank and adopt the United States dollar.

Argentina is facing an inflation crisis. In the last 12 months, the country has recorded the fourth highest annual inflation rate in the world at 121.7%. To tackle this issue, Blockchain Argentina has proposed a bill that will help to introduce the use of crypto such as Flux Crypto, DNT Crypto, GODS Unchained Crypto, DeGrain Crypto, Evergrow Crypto, and Web 3.0 Marketing.