Crecimiento: Argentina’s Cryptocurrency Transformation and Economic Renewal Revolution

Founders in Argentina launched the 'Crecimiento' project to promote adoption and provide crypto solutions to economic problems.

In Buenos Aires, several founders of Argentina’s cryptocurrency space are joining forces to promote pro-crypto policies in the capital. The project brings together major players in the domestic cryptocurrency industry, who hope to leverage the new government of Bitcoin supporter Javier Milei, who won the presidential election in November. And he officially took office in December.

Core objectives of the 'Crecimiento' project

According to the official announcement on Substack, the 'Crecimiento' project aims to achieve three core goals.

First, the project plans to attract 5 million to 10 million new users to join the blockchain ecosystem through diversified on-chain startups and products.

Secondly, the project aims to expand Argentina’s technology startup ecosystem tenfold and promote its development to higher quality by providing more financial support and improving infrastructure. Through these measures, the team hopes to achieve significant expansion and improvement of the technology startup ecosystem.

The group has secured key stakeholders including Elian Alvarez (general partner at Ripio Ventures), Marcelo Cvazzoli (co-founder and CEO of Lemon Cash), and Diego Guitérrez (co-founder of Bitcoin second-layer platform Rootstock) support and contributions.

The third goal relates to government. The team hopes to collaborate with the government to promote a new regulatory system that is conducive to the stable development of start-up companies. It is expected that this framework can provide a stable growth environment for start-up companies for more than 20 years.

Crecimiento has so far brought together more than 550 contributors, who are praised by the project team as visionaries and dreamers. Among these contributors are Ethereum, Decentraland, Bitfarms, Bitso, Beefy.Finance, Stanford Blockchain and many other well-known organizations and institutions.

Improving the economic situation of Argentinian citizens through cryptocurrencies

The project also holds the vision of alleviating Argentina's economic problems. According to 'Crecimiento', Argentina is facing a staggering inflation rate of over 211%, a problem that was particularly serious at the end of 2023, leading to a surge in national debt, a decline in economic confidence, and an increase in poverty and unemployment. The panelists considered Milei’s election as president a “clear signal” of popular dissatisfaction with the status quo, noting that domestic cryptocurrency adoption is expanding amid growing interest in cryptocurrencies.

The blog post emphasizes that cryptocurrencies provide a solid foundation for innovation in the economic and financial fields. Cryptocurrencies enable the development and deployment of new currency, contract, and credit systems that circumvent the barriers of traditional financial institutions. In a context of economic turmoil like Argentina’s, the ability this technology gives to create new types of tools and solutions is particularly valuable.

According to Lemon founder and CEO Marcelo ‘Chelo’ Cavazzoli, the ‘Crecimiento’ project is groundbreaking in bringing together the entire cryptocurrency industry in Argentina. The shared vision of the project is to establish Argentina as a leading cryptocurrency hub and a trusted example of innovation and prosperity.

Last year, after Milei won the primary, the price of Bitcoin (BTC) increased by 21% in Argentina, from 8.4 million ARS (Argentine peso) to 10.2 million ARS. Months later, the new administration removed tax provisions for cryptocurrencies from an omnibus bill submitted to Congress. Under the Law on the Foundations and Beginnings of Argentinian Freedom, citizens can now declare cryptocurrencies and other assets that were previously undeclared on taxes.

According to the bill, beginning in January this year, first-time declared cryptocurrencies will be tax-free if the value does not exceed $100,000. Citizens only need to pay a maximum of 15% tax on the amount above this amount.

Conclusion

In Argentina, the 'Crecimiento' project is not only an attempt at technological innovation, but also a practice in social and economic reform. By integrating domestic and foreign resources and forces, the project not only promotes the popularization and application of blockchain technology, but also opens up a new path for Argentina's economic development.

Against the background of global economic instability, Argentina has tried to solve long-term economic problems through this innovative approach, demonstrating its hope and determination for the future.

With the support of government policies and the deepening of international cooperation, the 'Crecimiento' project is expected to transform Argentina into an important center of global cryptocurrency and blockchain technology, bringing continued economic vitality and international influence to the country.

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