Javier Milei, the libertarian President of Argentina, has revealed the new policies that will be applied to cement the economic victories he has achieved in Argentina. In an interview, he stated that now, with the recent approval of the omnibus law, the country has reached phase two of its economic plan, which entails having zero […]
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Argentina Records First Week of Zero Inflation in 30 Years; Milei Claims He’s Redefining Economic Theory
Argentina is reaping its first rewards in the fight against inflation, as a private consulting firm found that the inflation in food and beverages reached 0% during June’s third week. President Javier Milei celebrated this achievement, stating that his administration was rewriting economic theory and that he might receive the Nobel prize if successful. Javier […]
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Elon Musk Meets President Milei, Reccomends to Invest in Argentina
Elon Musk, the billionaire entrepreneur and CEO of Tesla and Spacex, called to invest in Argentina after meeting with Argentine President Javier Milei. Musk and Milei met for the second time in less than a month after Milei participated in the Milken Institute Forum, an event that gathers important entrepreneurs, bankers, CEOs, and investment funds. […]
Bitcoin News
Argentine President Javier Milei Seeks to Penalize Central Bank Money Issuance
Javier Milei, the libertarian president of Argentina, is seeking to stop the issuance of money by the country’s central bank. Milei stated he would send a bill to Congress to penalize issuing money with jail time, explaining that central bank officials approving these movements would be incarcerated. Argentine President Javier Milei Aims to Establish Seigniorage […]
Bitcoin News
Argentine President Javier Milei Rules out Dollarization Process in 2024
Javier Milei, the libertarian president of Argentina, has ruled out the possibility of applying his dollarization plan during 2024. In an interview with local media, Milei stated that while dollarization and the free convertibility of coins was the final goal of his administration, there was no time to clean up the country’s economy and implement […]
Bitcoin News
Latam Insights: El Salvador Reinforces Its Bitcoin Allegiance, Milei Drops Crypto From Omnibus Bill
Welcome to Latam Insights, a compendium of Latin America’s most relevant crypto and economic news during the last week. In this issue: El Salvador to deepen its Bitcoin commitment if President Bukele gets reelected, Argentine President Javier Milei drops crypto tax matters from Omnibus Bill, and Venezuela gets hit by gold sanctions.
El Salvador to Maintain Bitcoin as Legal Tender
El Salvador Vice President Felix Ulloa said in an interview with Reuters on Wednesday that bitcoin will remain legal tender in El Salvador during the second term of President Nayib Bukele even after the International Monetary Fund (IMF) again urged the country to drop the cryptocurrency as legal tender during negotiations for a billion-dollar loan.
Ulloa clarified that the victory of Bukele in the upcoming elections will contribute to the continuation of the Bitcoin policies, such as the launch of the volcano bonds, which are programmed to be issued during the first quarter of 2024. On the law that declared bitcoin as legal tender in El Salvador, Ulloa stated:
Not only will it (the law) be maintained … At this moment, it enjoys the greatest credibility in the entire world.
Recently, Bitfinex launched operations as a digital securities tokenization company in El Salvador, expecting strong demand for cryptocurrency-based products, reinforcing the trust in the country’s digital future.
President Javier Milei Drops Crypto Tax Opportunities From Omnibus Bill
The Argentine government has withdrawn the opportunities for declaring ownership of certain assets, including crypto, from the omnibus bill presented to Congress this month. The bill, titled “Law of Bases and Starting Points for the Freedom of Argentines,” seeks to advance reforms in several areas, including getting legislative powers for President Javier Milei.
The government dropped this and other parts of the bill to get faster approval of the bill, given that there was no consensus on the withdrawn issues. Guillermo Francos, minister of interior, stated:
The proposal is aimed at generating freedom for economic development. It was essential to get this out quickly. The tax part was smaller and delayed treatment.
Venezuela Hit by Reenactment of Gold Sanctions
The U.S. Treasury Office of Foreign Assets Control (OFAC) has revoked a license that allowed CVG Compania General de Mineria de Venezuela CA (Minerven), the Venezuela state-owned gold company, to be part of gold transactions in international markets. The U.S. convened to revoke the sanctions on Minerven back in October when an agreement was reached with Maduro’s government to review the participation of key opposition figures in the upcoming presidential ballot.
Also, the U.S. State Department Stated that more oil and gas-related sanctions would be reenacted if the Venezuelan government did not review this participation by April. Jorge Rodriguez, president of the National Assembly, defiantly called the U.S. government to apply the sanctions immediately. Answering to National Security Council spokesperson John Kirby, Rodriguez stated:
Save your ultimatum, sh*t Yankees. Kirby, shove your ultimatum where it fits you best.
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Latam Insights: Argentina’s Milei States Dollarization Is Close, Bitfarms Expands In Paraguay
Welcome to Latam Insights, a compendium of Latin America’s most relevant crypto and economic news during the last week. In this issue: Argentine President Javier Milei reiterates dollarization is near, Bitfarms announces a new site in Paraguay, and El Salvador approves a soy-backed token issuance.
Argentina’s Milei Talks Dollarization Again
Javier Milei, president of Argentina, has referred to the possible dollarization of the Argentine economy again. In an interview with CNN anchor Patricia Janiot, Milei stated that the dollarization process was still part of the goals of his administration, but that he had to start healing the economy due to the state in which he received the country.
Milei explained:
We bought 5 billion dollars and in Argentina, the monetary base is 7.5 billion dollars. We are very close to being able to dollarize.
Milei advertised the shutdown of the central bank and the elimination of the national fiat currency as a key part of his government during his presidential campaign. Recently, he has been pushing for reforms to diminish the size and influence of the state in several affairs, having issued an emergency executive order (currently under the scrutiny of national courts) and sending an omnibus law to Congress to this end.
Bitfarms Announces Expansion in Paraguay
Bitfarms, a Nasdaq-listed cryptocurrency mining company, announced the expansion of its operations in Paraguay. The company reported having secured land near the Itaipú Dam, one of the largest hydroelectric energy reservoirs in South America and the world. The land will be hosting a 100MW new mining site to be completed later this year.
Geoff Morphy, president and CEO of Bitfarms, stated:
Positioned to benefit from the region’s abundant renewable energy resources, this new facility should be sustainable both economically and environmentally.
Furthermore, Morphy added that with this new facility, 85% of the portfolio of the company’s operations will be powered by “low-cost green energy that promotes environmentally sustainable bitcoin mining.”
El Salvador Authorizes Soy-Backed Token Issuance
The National Digital Assets Commission of El Salvador authorized the issuance of ESOY, a token backed by soybeans, being the country’s first private tokenized asset issuance. 7.6 million tokens that will be available for 60 months were issued, with each ESOY token being backed by a bushel of soy grains, according to the site of E-grains, the company behind this issuance.
The commission stated that this “opens the doors to private issuances after the historic milestone of the Volcano Bond, the first issuance approved on December 11, 2023.” 0 million of these instruments were issued on January 18.
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Latam Insights: Argentina’s MIlei Blasts Collectivism at Davos, Venezuelan Petro Still Alive
Welcome to Latam Insights, a compendium of Latin America’s most relevant crypto and economic news during the last week. In this issue: Argentine President Javier Milei warns about the dangers of collectivism at Davos, the Venezuelan petro is still alive, and Colombia works to regulate crypto.
Javier Milei Defends Capitalism and Entrepreneurship at Davos
Javier Milei, president of Argentina, warned against Western society’s new path, criticizing the ideas of collectivism that, according to his thoughts, are advancing in several nations. In a speech at this year’s World Economic Forum (WEF) meetings at Davos, Milei stressed the dangers these ideas presented to today’s developed world.
Milei stated:
The West is in danger, it is in danger because those, who are supposed to defend the values of the West, find themselves co-opted by a vision of the world that – inexorably – leads to socialism, consequently to poverty.
As an opposite to these new conceptions, Milei defended capitalism and libertarian ideas that have boosted the world economy since the Industrial Revolution. He also criticized the issue of social justice, stressing that the means to defend it and sustain it are born out of state-managed violence and coercion.
Furthermore, he reflected on the value of entrepreneurs in today’s society, stating they were “heroes,” “social benefactors,” and “creators of the most extraordinary period of prosperity we have ever experienced.”
Venezuelan Petro Still Alive
The Venezuelan petro, one of the first state-backed cryptocurrencies, is still active and was not liquidated as many reports sustained last week. While several sources pointed to the imminent liquidation of the petro, the crypto asset is still available in the government’s wallet system – the Homeland platform – and users can transact and consult their savings, according to petro advocate Petro Divisa.
Nonetheless, other cryptocurrency assets in the platform, including BTC, LTC, and DASH, were removed and reimbursed in fiat currency. This will allow the petro team to focus on developments directly linked to the petro.
Colombia Confirmed Advancements in Creating a Cryptocurrency Framework
The government of Colombia confirmed it has advanced in making a cryptocurrency-specific law. Economy Minister Ricardo Bonilla revealed the steps taken regarding this goal during a panel at the World Economic Forum (WEF) meeting in Davos.
Bonilla stated:
Construction has already begun in Colombia and, based on a work table, a bill is being built to regulate cryptocurrencies.
In November, Colombian President Gustavo Petro met with blockchain experts from JAN3 and other projects to discuss the implementation of this tech in several fields for the country, like health system billing processes and land registries.
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Argentina’s Milei Blasts Collectivism at Davos: ‘The West Is in Danger’
Javier Milei, the president of Argentina, blasted what he perceives to be the advance of collectivist ideas in Western society at the World Economic Forum (WEF) 2024 annual meeting at Davos, warning about the dangers these represent for the quality of life in the world. Milei explained that these ideas, which might be adopted with good intentions, inevitably open the door to state action and socialism.
Javier Milei Warns Against Collectivist Ideas at Davos
Javier Milei, president of Argentina, warned against Western society’s new path, criticizing the ideas of collectivism that, according to his thoughts, are advancing in several nations. In a speech at this year’s World Economic Forum (WEF) meetings at Davos, Milei stressed the dangers these ideas presented to today’s developed world.
Milei stated:
The West is in danger, it is in danger because those, who are supposed to defend the values of the West, find themselves co-opted by a vision of the world that – inexorably – leads to socialism, consequently to poverty.
As an opposite to these new conceptions, Milei defended capitalism and libertarian ideas that have boosted the world economy since the Industrial Revolution. He also criticized the issue of social justice, stressing that the means to defend it and sustain it are born out of state-managed violence and coercion. “It is an intrinsically unjust idea because it is violent; It is unfair because the State is financed through taxes and taxes are collected coercively,” he explained.
Milei states that collectivism places obstacles in the way of entrepreneurs, making it more difficult to produce goods and provide services at better prices. He also blasted socialism, stating that it was a failure in every country it was tried, bringing poverty to millions.
The libertarian explained that Argentina was an example of what these collectivist policies can do to a country and remarked that the supporters of these policies, after having failed to establish economic questions as their focus, migrated their struggles to social areas like radical feminism, population control, and environmental issues.
Finally, he highlighted entrepreneurs’ roles in today’s world, calling them not to yield to the political class or the state. He concluded:
You are social benefactors. You are heroes. You are the creators of the most extraordinary period of prosperity we have ever experienced.
What do you think about Milei’s views on collectivism, capitalism, and socialism? Tell us in the comments section below.
Argentina’s President Javier Milei Sends Omnibus Bill to Congress, Seeking Legislative Powers
Argentina’s President Javier Milei has sent a massive new bill to Congress to adopt a scheme of regulations to advance his goal of modernizing the Argentine state. If approved, the bill would allow Milei to legislate by executive order on certain emergency areas and privatize state companies, among other aspects.
Javier Milei Proposes Omnibus Bill to Obtain Legislative Faculties
Argentina’s President Javier Milei has continued pressing on in his transformative goals for the country. The so-called libertarian has sent a massive omnibus bill to Congress, which touches on or modifies 20 laws. The bill, titled “Law of Bases and Starting Points for the Freedom of Argentines,” seeks to continue with the ostensibly libertarian reform of the Argentine state, touching on subjects like personal taxes, import laws, justice administration, education, and others.
Also, the bill calls for declaring a national emergency in several fields, including finance, economy, financial, fiscal, pensions, security, defense, tariffs, energy, health, administrative, and social, until December 2025, with the possibility of extending it for two more years. Approving it would allow Milei to legislate via executive orders during his whole mandate, sidestepping the Congress in which his party has a minority.
Experts agree that this part of the bill is difficult to approve, given that Congress would delegate its functions to the executive power. In its more than 600 articles, the bill also determines that state companies will be declared “susceptible to privatization,” preparing the 41 companies that Argentina owns to be sold.
The document further introduces a new asset regulation proposal that allows Argentines to declare ownership of several assets, including “cryptocurrencies, crypto assets, and other similar goods, regardless of who has been their issuer, who is their owner or where they were deposited, guarded or stored,” paying up to 15% on the calculated excess of the first 0,000 regularized. This means the first 0,000 in regularized assets would not be subject to paying anything under the proposal.
The bill will be discussed in special congressional sessions, and each point will be treated individually. Some points can be approved, while others can be repealed. Nonetheless, the CGT, the largest workers’ group in the country, has already called for a general strike on January 24 to reject Milei’s bill.
Last week, Milei also issued a massive emergency executive order, which is facing several legal actions in national courts.
What do you think about Javier Milei’s omnibus bill? Tell us in the comments section below.