At the end of March, the Argentine National Securities Commission announced a new mandatory virtual asset service provider registration system, applicable to companies and individuals engaged in cryptocurrency business in the country. This new regulation will affect companies specializing in various services such as buying, selling, sending, receiving, lending or trading cryptocurrencies. The regulation applies not only to local companies, but also to companies operating in the market but headquartered elsewhere. Roberto E. Silva, Chairman of the Argentine National Securities Commission (CNV), has clearly stated that those who are not registered will not be able to operate in the country.

Government led by Argentine President Javier Milei has decided to remove the proposal to legalize cryptocurrency in the bill submitted to Congress. The reason for the removal is that the cryptocurrency clause delayed the parliament's handling of the entire bill, so the government chose to withdraw this part and promote consensus issues.

If passed, the new libertarian president's omnibus bill of reforms could help Argentina reverse decades of government failure.

A controversial draft law proposed by newly elected Argentine President Javier Milei allows for the declaration of domestic and foreign cryptocurrency holdings to win preferential tax rates for Argentineans and legalize the use of these assets in Argentina, regardless of their source or place of ownership. The asset regularization plan is part of a proposed wide-ranging economic and political reform. Milei praised Bitcoin during his campaign and was widely welcomed by the cryptocurrency market. Milei won the presidential election in November. However, his comprehensive bill faced strong opposition and controversy in the country shortly after its launch on Tuesday.

Argentina's foreign minister, Diana Mondino, has confirmed that the country's new government has legalized the use of Bitcoin for contractual agreements. This announcement aligns with the focus of the new administration headed by the newly elected president of Argentina, Javier Milei, who is a Bitcoin supporter and a staunch opponent of central banks. The decree legitimizes the use of specific assets in contracts and payments, including Bitcoin and any other crypto or commodity. At the time of writing, Bitcoin was trading at $43,708, up 0.04% on the day and gaining 2.11% across the week.

Javier Milei has not voiced intent to adopt Bitcoin explicitly like El Salvador, but many of his policy positions naturally seem to lead in that direction.

Bitcoin Archive posted on social media stating that the President of Argentina, who supports Bitcoin, has been sworn in. His signature in the inauguration letter reads: "VIVA LA LIBERTAD CARAJO".

Argentina has declined the invitation to join the BRICS group, which was initially planned. The country's new Foreign Affairs Minister, Diana Mondino, expressed doubts about the value of the bloc and questioned the need to join since China and Brazil are already primary trading partners. The decision is seen as a pivot in foreign policy under the new administration of President Javier Milei, who is a core supporter of the United States and has criticized China in the past. Argentina's refusal to join may prevent the BRICS group from becoming an 11-nation bloc as expected.

Bitcoin Magazine posted on social media that economic differences prompted Emilio Ocampo to refuse to serve as the President of the Central Bank of Argentina. Emilio Ocampo advocates for using the US dollar instead of the Argentine peso. Javier Milei's camp believes that the Argentine economy is too weak to do so at present. Javier Milei's office emphasized that there is no room for negotiation in closing the central bank, and refuted various rumors, but did not mention the issue of dollarization.

The elected president's office of the Argentine Republic, it is non-negotiable to close the Central Bank of the Argentine Republic (BCRA) on X platform. Earlier news, today's BTC exchange rate against ARS (Argentine peso) once reached 13,565,218, setting a new historical high; the price of one BTC is currently reported as 13,466,487.62 ARS, with a year-on-year increase of 358.89%.