In Argentina, where the adoption of cryptocurrencies, especially US dollar-indexed stablecoins, is increasing day by day, the parliament and senate signed a 45 billion dollar debt agreement with IMF. The loan will be used to restructure $57 billion of debt received in 2018.
In the loan agreement, the parties also signed a letter of intent. As it is known, countries can sign letters of intent in their agreements with the International Monetary Fund (IMF). In these letters, information is given on what steps the country will take in its economic policy. This agreement, signed between IMF and Argentine officials on March 3, is currently up to the approval of IMF board of directors.
Cryptocurrency clause in the deal
It was noteworthy that the articles about cryptocurrencies were also included in the letter of intent. The section titled “Increasing financial resilience” included the following statements about cryptocurrencies:
“In order to protect our financial power; We are taking important steps to deter the use of cryptocurrencies in order to prevent money laundering, informality and intermediary transactions.”
In the letter, it was also stated that commercial banks remained strong in terms of capital and liquidity, and that after the conditions of pandemic measures were lifted, the strict supervision process of banks would be returned.
While it was also written that digitalization efforts will continue to reduce the costs in payments, it was stated that the money control mechanism would be facilitated by this.
Argentina, where the annual inflation was 52%, is one of the countries where the adoption of crypto money has increased significantly. It is known that the masses in the country, especially those who want to be protected from inflation, buy Bitcoin and USDT.
IMF also stipulated that the Bitcoin law should be changed on a loan of 1 billion dollars to El Salvador, which declared Bitcoin legal money. El Salvador's president, Bukele, did not accept this offer. According to official statements, El Salvador still has not received this loan from IMF.