Bitcoiners want to safeguard decentralization and protect blockchain

The decentralization feature of Blockchain technology is responsible for its ever-increasing popularity not just in Argentina but also in the world. However, there is a growing apprehension among the masses that the Argentina government may bring laws to regulate it. The regulation may ultimately lead to a complete restriction is what they fear. Bitcoin Argentina is leading from the front to protect blockchain and safeguard decentralization.

Bitcoin Argentina Chief Ricardo Mihura’s Proposal

Bitcoin Argentina President Ricardo Mihira proposed a bill to ensure that blockchain remains decentralized. There were three cryptoasset platforms and service provisions. 

• Global centralized means that they are not subject to regulation but have many requirements. It includes preventing money laundering and clear identification of users. 
• Decentralized: In the context of cryptocurrency, decentralized means not being subject to regulation by any financial institution. This is why local governments must have a dialogue with authorities and accept the requirements. 
• Similarly, the draft also supports a series of obligations and rights for crypto users. The rights include access to information, access to education, duty of taking care, right to ownership, and asset security. 

However, the Argentinian government has not yet approved the draft. Nevertheless, it is an important step towards bringing regulations for the Argentinian crypto market.

Mihura also said that banning cryptocurrencies is not feasible and even the US has failed to do so. This is because cryptocurrencies are global and Argentina simply cannot ban them. Simultaneously, he also wants to punish those dishonest actors that deal with the blockchain brand.

Political Backdrop Behind the Draft

Bitcoin Argentina’s bid to safeguard decentralization and protect blockchain technology is happening at a time when there is a presidential run-off election between Javier Milei and Sergio Massa. Javier Milei wants to abolish the central bank of Argentina and make the US dollar the currency of Argentina. The political crisis is also because the country is battling an inflation crisis. In the last 12 years, the country has suffered from a very high inflation rate of 121.7%.

Also Read- Potential Impact of Cryptocurrency on Banking Industry

Conclusion

Blockchain technology in Argentina or any other country is difficult to ban. The technology’s features guarantee decentralization and high levels of transparency. However, many governments and central banks are wary of these features because they may undermine their crypto-issuing authority. This is why proper legislation were proposed by Bitcoin Argentina to safeguard both decentralization and transparency.