Bukele’s Engagement with Argentina’s Vice President on Bitcoin and Volcano Bonds

During his visit to Argentina, President Nayib Bukele met with Vice President Victoria Villarruel to discuss Bitcoin and volcano bonds. Villarruel expressed her strong interest in Bitcoin and the need for cryptocurrency regulation, which is being addressed through the establishment of the National Commission of Digital Assets. Bukele also held discussions with President Milei on economic policies but did not address Bitcoin directly in that context.

During his recent official visit to Argentina, El Salvador’s President Nayib Bukele engaged in significant discussions with the country’s Vice President, Victoria Villarruel, regarding cryptocurrency and the implementation of Bitcoin in El Salvador. Although the meeting was private, a preceding video showed Vice President Villarruel expressing her keen interest in learning about Bitcoin and discussing the anticipated issuance of bitcoin-backed “volcano bonds.” The conversational focus was primarily on the experiences gleaned from El Salvador’s integration of Bitcoin as legal tender, an initiative that has been in place for several years. Vice President Villarruel remarked on her fascination with Bitcoin: “I personally want to use these short minutes to talk to you about bitcoin, it’s something that interests me a lot.” She also indicated her interest in the long-pending volcano bonds proposed by Bukele, intended for the funding of the Bitcoin City project, a bitcoin-centric metropolis initially unveiled in 2021. Following their discussions, Villarruel confirmed the topics included conversations about cryptocurrency regulations, notably the establishment of the National Commission of Digital Assets (CNAD), which aims to provide a legal framework for the management of crypto assets in Argentina. This initiative marks a significant step toward advancing Argentina’s capabilities in digital finance. In conjunction with his meeting with Vice President Villarruel, President Bukele also engaged with President Milei of Argentina. Their discussions covered various economic topics, such as plans for zero-deficit budgets and security protocols, although Bitcoin was not a central theme of their interactions. While Milei has not yet openly supported Bitcoin, he has suggested that future economic strategies may allow for the use of Bitcoin as part of a broader currency competition framework.

The discussions during President Bukele’s visit to Argentina reflect a growing interest among Argentine officials in recognizing and integrating cryptocurrency into their financial systems. El Salvador made headlines in 2021 for becoming the first country to adopt Bitcoin as legal tender, which has garnered attention from various nations that are exploring similar options. The conversation surrounding Bitcoin-backed bonds, particularly the proposed volcano bonds, emphasizes ongoing efforts to fund innovative financial projects through cryptocurrency. Furthermore, the establishment of a dedicated regulatory body for digital assets indicates a structured approach to managing and encouraging cryptocurrency adoption within Argentina, amidst the broader context of volatility in traditional financial markets.

President Nayib Bukele’s discussions with Argentine Vice President Villarruel illuminate the increasing interest in cryptocurrency within Argentina and the possibilities for regulatory frameworks to support digital assets. With a specific focus on Bitcoin and the prospective volcano bonds, these conversations signify a pivotal moment for Argentina as it considers integrating digital currencies into its economy. The establishment of the CNAD further highlights the importance of having a legal structure in place for the safe and effective utilization of cryptocurrencies in the future.

Original Source: news.bitcoin.com