Argentina’s Crypto Founders Launch ‘Crecimiento’ to Boost Adoption and Support Crypto Ecosystem

As an analyst with a background in economics and experience living through Argentina’s economic instability, I find the Crecimiento project to be a promising initiative that could bring positive change to the nation. The country has been plagued by high inflation rates, debt, low economic confidence, and rising poverty and unemployment levels for years. The adoption of cryptocurrencies as an alternative financial system could provide Argentinians with much-needed stability and access to innovative economic products.

In Buenos Aires, the capital city of Argentina, a collaboration among several cryptocurrency pioneers is underway. This initiative, spearheaded by key players within Argentina’s crypto community, aims to leverage the recent power shift brought about by Javier Milei’s election as president in November 2021. An ardent Bitcoin advocate, Milei took office in December last year, providing a promising opportunity for crypto advocates to push for pro-crypto policies.

Based on a Substack announcement from an official source, the ‘Crecimiento’ initiative aims to achieve three primary objectives. Firstly, it plans to draw in between 5 and 10 million individuals into the blockchain community through various startups and innovative products. Secondly, the project aspires to amplify and enhance the national tech startup ecosystem by a factor of ten. This will be accomplished by expanding funding opportunities and resources, along with enhancing infrastructure.

Elian Alvarez, General Partner at Ripio Ventures, Marcelo Cvazzoli, CEO and co-founder of Lemon Cash, and Diego Guitérrez, co-founder of Rootstock, have previously made their contributions to the group.

The third objective calls for involvement from the government. The collective aim is to work closely with the government in order to set up a regulatory structure that could guarantee a stable business environment for startups over the next two decades.

As a researcher studying the dynamic world of blockchain technology, I’ve come across Crecimiento, a platform boasting over 550 contributors. These contributors are not just any participants; they’re described as visionaries and dreamers, pioneering minds in the industry. Among them are notable entities such as Ethereum, Decentraland, Bitfarms, Bitso, Beefy.Finance, and Stanford Blockchain. Each one bringing unique perspectives and advancements to this ever-evolving landscape.

Crecimiento Plans to Better Economic Situation of Citizens in Argentina via Crypto

The initiative aims to provide relief for Argentinians amidst their economic hardships. Argentina, as per Crecimiento’s reports, has been grappling with alarming inflation rates, reaching a staggering 211% by the end of 2023. Consequences of this inflation include mounting debt, decreased faith in the economy, and escalating poverty and joblessness levels. The organization interprets Milei’s election as a strong indication of discontentment among voters, and highlights the expanding crypto usage within the country.

“Crypto serves as a base for inventive economic and financial solutions. Utilizing crypto, individuals can establish novel currencies, contracts, and credit frameworks, bypassing conventional financial limitations. This technology fosters the development of new financial instruments and tools, proving particularly beneficial in economically unstable conditions such as Argentina.”

According to Marcelo ‘Chelo’ Cavazzoli, founder and CEO of Lemon, Crecimiento aims to bring together the entire Argentinian crypto industry for the first time. Our collective goal is to establish Argentina as a leading crypto hub and set a trusted example for innovation and prosperity in this field.

Last year, the value of Bitcoin (BTC) in Argentina increased by approximately 21%, rising from 8.4 million ARS (Argentine Pesos) to 10.2 million ARS. This surge occurred following Milei’s election victory in the primaries. A few months later, the new administration eliminated crypto-related tax requirements from a bill presented to Congress. Known as the “Law of Foundations and Starting Points for Argentine Freedom,” this legislation enabled citizens to disclose previously unreported crypto and other assets. Effective January, the first $100,000 worth of declared crypto would be exempt from taxation, while a maximum of 15% would be levied on any remaining value.

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2024-05-28 12:09