Argentina’s President Milei Turns Pro-Bitcoin Hopes Upside Down

Argentine President Javier Milei has not made crypto or its use cases a fundamental part of his political agenda, primarily because he has little knowledge of the technology, according to leading Bitcoin experts in the country.

During a press roundtable hosted by the Latin American Bitcoin & Blockchain Conference (LABITCONF) on Tuesday, prominent Bitcoiner Carlos Maslatón and Ramiro Marra, who previously served as a member of Milei’s “La Libertad Avanza” party, indicated they do not foresee the current government prioritizing the crypto industry anytime soon.

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Bitcoin Expectations Go Unmet

Veteran Bitcoiners in Argentina feel that Milei has failed to meet the expectations of the country’s growing crypto community, BeInCrypto learned during a press conference hosted by LABITCONF in Buenos Aires.

When Milei assumed the presidency in 2023, Argentina’s crypto community had high expectations. They heavily anticipated that his government would promote blockchain innovation and move to legalize the use of digital assets in everyday transactions.

They thought that Milei, who firmly believes in the free-market, minimal-government principles of the Austrian School of Economics, would embrace Bitcoin for its decentralized and non-sovereign characteristics. 

Cryptocurrencies have been booming in Argentina since 2011, with nearly 20% of the population relying on them as a crucial tool against inflation and government controls. Against this backdrop, Milei’s support for the sector would have been significant.

Since his inauguration, however, Milei has not taken any initiative to advance a crypto agenda as part of his political plan.

According to Carlos Maslatón, a renowned Argentine Bitcoin maximalist, lawyer, and long-time financial analyst, this inaction is partly due to President Milei’s limited understanding of Bitcoin.

Maslatón used to work closely with Milei after he affiliated with the President’s political party, La Libertad Avanza (Freedom Advances), in 2021. However, after internal disagreements with the party’s leadership, Maslaton has since estranged himself.

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Milei has also failed to appoint anyone to his administration who demonstrates an understanding of or interest in digital assets.

The Current Expertise Gap

When Milei became President, Diana Mondino, his pick for Minister of Foreign Affairs, was the only person in his cabinet with some familiarity with crypto. During her time in office, she maintained a favorable outlook on Bitcoin’s decentralized capabilities.

Just days after his inauguration, President Milei signed one of his first decrees into law that broadly deregulated the economy. Mondino swiftly clarified on social media that the new measure allowed any contract between two parties to be executed in Bitcoin or any cryptocurrency.

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However, her efforts were cut short when Milei asked Mondino for her resignation in October 2024. Since then, no other figure from Milei’s cabinet has demonstrated a similar level of expertise.

According to Ramiro Marra, a legislator for the city of Buenos Aires who was once a member of Freedom Advances, the issue extends beyond the executive branch. He said members of Congress who can pass crypto legislation have little or no knowledge of the topic.

Marra and Maslatón agreed that most efforts to benefit the crypto industry should be limited to the private sector. 

Yet, given Argentina’s current capital controls, they stressed that the executive branch must implement certain indispensable measures for the sector to flourish.

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Crypto Growth Stalled by Capital Controls

While Milei’s government has eased currency restrictions for regular citizens, there are still controls on international trade and the movement of investment capital. 

Maslatón criticized the continued strict capital controls, calling them the main barrier to the free movement of foreign currency. He also denounced the missed chance to leverage blockchain technology as an engine of growth.

He explained that, if he were President, he would have issued a decree declaring Argentina the “number one Bitcoin-friendly country in the world.” Such a measure would focus on ordering banks and neobanks to “facilitate and in no way hinder crypto settlements on the fiat side.” 

The move would allow individuals and businesses to freely convert their cryptocurrencies, such as Bitcoin or stablecoins, to Argentine pesos or vice versa through the formal banking system.

Only time will tell if Milei’s government prioritizes this in the years ahead.