From December 10, 2023, The Executive Branch of the Argentine Republic is under the leadership of Javier Milei.
This economist turned politician, faithful to his Bitcoin/” target=”_blank” rel=”noreferrer noopener”>anarcho-capitalist ideasadvances a series of measures aimed at reduction of the State to the minimum possible expression.
With this in mind it is that Milei created the Ministry of Deregulation and Transformation of the State. Led by Federico Sturzenegger, who assumed the role on July 5, 2024, this ministry’s main objective is to resize and reduce public spending, increase the efficiency and effectiveness of the organizations that make up the National Public Administration, as well as transform management. and simplify state procedures.
And in terms of bitcoin (BTC) and cryptocurrencies, when will deregulations arrive? Let us remember, for example, that Argentina’s banks still have prohibited from offering purchase and sale of digital assets to your clients (prohibition that dates back to the government of former President Alberto Fernández).
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In the most recent edition of LABITCOINF, which took place in Buenos Aires, we talked about these and other topics with Alejandro Rothameldirector of the legal office of the Ripio exchange.
This lawyer believes that “Milei’s government is approaching some things in an interesting way.” Furthermore, Rothamel believes that “having deregulation as a guiding star for many actions the government is doing is a good idea.”
In any case, he would like that to begin to translate into more concrete actions for the bitcoin and Cryptocurrency industry. Rothamel says:
«I would like to see that translated into concrete actions for our industry, which seems to me to have not yet permeated all of that. We have a deregulation ministry led by Sturzenegger, but in terms of cryptocurrencies the issue of deregulation is not being seen much. Well, there was not much regulation in cryptocurrencies, okay, but there are many regulations that are not oriented towards cryptocurrencies, but that do restrict the industry in the issues in which it can get involved, that is, the businesses in which it can participate. “It would be good to see deregulation there.”
Alejandro Rothamel, director of the Ripio legal office.
Thus, the lawyer made clear his optimism about President Milei’s management, although he also showed that he still remains with expectations that there will be greater changes.
Asked by CriptoNoticias about which country has, in his opinion, optimal regulation for cryptocurrencies, Rothamel pointed out Uruguay.
“In Uruguay the regulatory process was commissioned directly by the Central Bank,” he explains. Add that that of Uruguay “It was a super surgical regulation” and that “they did not say ‘we are going to make the MICA law of Uruguay’, but ‘we are going to do something well, we are going to put the scalpel only in some regulations’.”
Rothamel details that, for him, “all regulation has to be gradual”:
«Let’s not try to regulate the entire crypto phenomenon at once precisely because the risk is to suffocate the industry, generate fear in users, create obstacles to access. It seems to me that the idea of cryptocurrencies is precisely to democratize access to finance, to the economy, and everyone to be the owner of their own value and that is what we try to do from companies like Ripio.
Alejandro Rothamel, director of the Ripio legal office.
And in Argentina, according to Ripio’s legal specialist, this progressive regulation seems to be moving on the right track currently. With the recent developments of the National Securities Commission (CNV), which include the creation of a Registry of Service Providers with Virtual Assets (PSAV), “the first step is being taken, which is to regulate intermediaries,” says Rothamel. In the future, The lawyer expects regulations that “uncorset” the industry and make it easier to include new services (for example, credits, or “expand the capital market through financial instruments that are directly cryptocurrencies”).
Alejandro Rothamel, legal specialist at the Ripio exchange. Source: CriptoNoticias.
Cryptocurrencies and State… separate issues?
All this dialogue about regulations, that is, the interference of the State in the businesses of private companies indicating what can and cannot be done leads Rothamel to ask: Wasn’t Bitcoin supposed to separate money from the State? Aren’t Bitcoin and the State enemies by nature?
Rothamel’s response invites reflection. He says:
«I don’t know if we can talk about an antagonism between cryptocurrencies and States. Obviously there will always be that antagonism in monetary matters. In other words, bitcoin is ultimately a currency, it is a medium of exchange if you want. It is a way of transferring value and a form of savings. I think the wonderful thing about it is that you can choose either of the two things. If you like Ripio, you can have bitcoin in Ripio, if you want cold storage and be self custodial, you can be. That is, depending on how much you want to get into the rabbit hole, you can do it the way you want and depending on how much you want to protect your privacy and your financial freedom, you can also do it the way you want and like it the most.
Alejandro Rothamel, director of the Ripio legal office.
Likewise, the attorney understands that this answer will probably not satisfy everyone. “I don’t know if for long-time bitcoiners we are going to be able to change that philosophy that the State has to die and that the only true currency is bitcoin or that it is the only store of value that will survive,” he says.
In any case, he insists that bitcoin and the cryptocurrencies can be used as each user chooses. And that is where exchanges like Ripio enter the market to provide their services. «At Ripio we try to facilitate all that and expand the menu of things you can do with your crypto by having another type of infrastructure and another type of exposure. And well, I mean, if you have a cold wallet you won’t be able to spend your bitcoin with a card. However, if you have your bitcoin in Ripio you can do it if you want,” he concludes.
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