It looks like the crypto industry might be getting another sovereign Bitcoin-loving country like El Salvador after a pro-Bitcoin enthusiast won the presidential primaries in Argentina.
Javier Milei is a presidential candidate in Argentina and one of the biggest supporters of the crypto industry in the South American Country. However, the predictions before the Argentina election polls didn't favor him.
In fact, he was predicted to come third during the presidential primaries. But oppositions were shocked, and the crypto community was elated with Javier Milei coming out the first position in the polls.
Javier Milei Vocal About His Plans About the Crypto Industry
The pro-Bitcoin candidate wasn't mute about his plans for Argentina's economy once he was elected as the president of the country.
Apparently, some of the policies which he is set to make after being elected as the president of the country will drive Argentina's Bitcoin adoption. Milei has expressed this disdain for the country's Central Bank.
He plans to abolish many policies made by the country's central bank and make new ones. One of the things he intends to do is to introduce economic reforms that challenge traditional paradigms. Integrating many blockchain/crypto-related technologies will be highly strategic to meet this objective.
Milei calls the country's Central Banksn Digital Currency a "scam" the current government uses to bring in more inflation. Adding massive inflationary taxes on citizens is one of the things Milei isn't comfortable with the current government.
Preaching messages like this seem to resonate with the majority of the citizens. Many citizens are battling economic difficulties created by some of the policies made by the Central Bank. So Milei says he will remove some of these policies and make better ones. Of course! He plans to do it using crypto as part of his tool.
Bitcoin as a Tool for Improved Economy
Milei, during his campaign speeches and interviews, said he plans to use Bitcoin and cryptocurrencies to turn the Argentinian economy around. Apparently, the country's economy has been in the negative for the longest time.
The inflation rate in the country is in triple digits and is expected to grow even further. Milei, on his part, says he plans to use Bitcoin to return the economy to normal levels. Argentinians are desperately seeking ways to reduce the suffering from the economy. So they are very accepting of the messages Javier Milei is proposing.
While Javier Milei seems to have a positive attitude towards the crypto industry, he hasn't made any statement about making Bitcoin a legal tender in the country. Making Bitcoin a legal tender is what El Salvador is now popular for. Nevertheless, Milei has given a glimpse of what he plans to do if elected.
Javier Milei wants to employ a method called "dollarization" of the economy to save it from its current woes. He represents the "La Libertad Avanza" (Liberty Advances) party and will now represent them in the general elections. This is after he got 30.73% of the votes out of the 84% votes cast in the presidential primaries.