Can cryptocurrencies be regulated in Argentina?

Bitcoin and cryptocurrencies have never existed in history. And that’s why there were no laws regulating crypto. Several projects have emerged in Argentina with this intention, but then the question arises: Can cryptocurrencies be regulated in this country?

“Laws are one thing and technology is another. In many cases the laws seem to go much slower and with less technical knowledge. The truth is that we are living in a historical moment, ”they emphasized in an article by Bae Negocios.

In addition, the article noted: “Never before in human history have there been cryptocurrencies and decentralized systems that do not require governments or central banks to operate technically”.

Can cryptocurrencies be regulated in Argentina?
Can cryptocurrencies be regulated in Argentina?

However, in Argentina there are already several initiatives to regulate the crypto ecosystem.

For example, an initiative has already been officially presented in the House of Representatives of the Nation, signed by 15 MPs who respond to the ruling party (Frente de Todos). The file 6055-D-2020 contains as a summary title: “Comprehensive legal framework for transactions as well as civil and commercial operations of crypto-assets. Creation”.

And there is another project by a national opposition MP, the draft of which is still being worked on, based on consultations and debates, and which has not yet officially entered the Chamber.

As if that weren’t enough, it turned out that in the province of Misiones, a provincial legislature also unveiled a project that talks not only about regulation but also about creating a platform for buying and selling cryptocurrencies. It is an initiative of a Provincial MP in Misiones through the Frente Renovador de la Concordia.

A set of rules without regulatory authorities

Considering It is interesting to compare the ideas of the politicians with the lecture that the renowned speaker Andreas Antonopoulos gave at Labitconf. His talk, titled “Thoughts About Digital Money” (something like “Thoughts on Digital Money”) was a full reflection on what is happening in crypto today and a call to remember why all of this came about.

Amongst other things, He spoke of the importance of protocol and that justice is not guaranteed by a third party. “When protocol is followed, justice is the natural result. This mechanism removes intermediaries, ”he explained.

“We use cryptography protocols. We use tools to create games, ”he commented, explaining that when certain conditions are in place, participants realize that everyone has to win in order to win.

“And every attempt at fraud leads to the fraudster losing. It’s a rulebook mechanism with no regulators, ”he added.

Then we might ask ourselves if there is no difference here between what the legislation can look for and what happens technically.

“What we have here is a pattern, a system with which we can get fair results. We have eliminated the needs of a dictator, a judge, ”said Antonopoulos. And he stressed the creation of an environment based on the idea of ​​a protocol of justice, with fewer opportunities for corruption and fraud.

In another part of the talk he stated: “We have to remember why we built this system and because the previous system failed. We need fair protocol without intermediaries. “

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