Bitcoin Argentina, a non-government organization, has presented a draft bill proposing the regulation of the cryptocurrency market in a way that preserves decentralization and strengthens public trust. This is a significant shift in their stance, as they previously rejected the idea of regulation. The proposed legal framework aims to hold bad actors accountable while protecting savings and public trust. The bill categorizes cryptocurrency platforms and service providers into three categories to ascertain property rights. Platforms falling under centralized categories would be allowed to operate freely, but customers would be granted judicial protection. However, Argentina’s judiciary will not intervene on failures from decentralized platforms. Bitcoin Argentina believes that an outright ban on cryptocurrencies would not be effective given the global nature of blockchain. The proposed bill comes at a time when Argentina is battling an inflation crisis.
