Bitcoin-friendly El Salvador has entered into a mutual agreement with Argentina that aims to enable both nations to have stronger digital asset industries.
A Highly Productive Partnership
The Argentina partnership was announced on December 11 by Juan Carlos Reyes, the president of El Salvador’s National Commission of Digital Assets (NCDA).
The “mutual collaboration and training agreement” was signed by Reyes and the president of Argentina’s National Securities Commission (CNV), Roberto Silva.
According to Reyes El Salvador’s technological expertise and Argentina’s robust and innovative blockchain industry will “create a highly productive partnership.”
While noting that his country has a three-year advantage over most countries when it comes to the regulation of digital assets, the NCDA boss added,
One of the most significant immediate benefits will be information sharing, particularly since we have Argentine companies registered in El Salvador.
The partnership with Argentina is also aimed at helping El Salvador modify its existing regulatory framework and boost its knowledge of the market for digital assets.
El Salvador’s authorities are also in negotiations for similar partnerships with more than 25 other nations.
Reyes said,
We are currently in discussions with over 25 countries and anticipate many more agreements in the future. As a regulator, we recognize that our approach may be unconventional since we are not what they are used to a central bank or other legacy entity, which has led to some delays in understanding how we can collaborate with other countries.
He further disclosed that his country is on the verge of completing a couple of agreements with other countries while also stating his team’s willingness to assist any country seeking to partner with El Salvador.
Needless To Delay Implementing Effective Regulations
In order to facilitate effective collaboration with other countries, El Salvador has put together a team consisting of over 20 members, including experts in Bitcoin and persons knowledgeable about cryptocurrencies.
Reyes insists that delays in implementing regulations and the recommendations of the Financial Action Task Force (FATF). His opinion is likely a message to regulatory authorities in other crypto jurisdictions.
According to him,
The longer you wait, the more challenging it becomes to implement effective regulations, and the greater the risk of scams and money launderers gaining control of the industry.
“Our experience has shown that cross-border knowledge sharing is essential for creating a safe and effective regulatory environment, and we encourage other regulators to prioritize this approach,” he stated.
BTCRepublic has previously reported that El Salvador is among the leading crypto-friendly countries in the world in 2024. In 2021, it became the first country in the world to adopt BTC as a legal tender.
