Argentina is poised to become a leading hub for cryptocurrencies following a strategic partnership with the Cardano Foundation to promote the adoption of blockchain technology.
The Entre Ríos Province in Argentina is taking a significant step towards embracing blockchain technology through a partnership with the Cardano Foundation. This partnership was officially signed by the governor of Entre Ríos Province, Rogelio Frigerio, and Rafael Fraga, the lead for Business Development at Cardano Foundation.
The collaboration between Cardano and Argentina began when Dario Epstein, Director at Research For Traders, hinted in a tweet that a technology company specializing in third-generation blockchain technology with a focus on decentralized governance was looking to establish itself in Argentina. This caught the attention of Cardano’s co-founder, Charles Hoskinson, who praised the tech talent in Argentina.
Argentina recently made changes to its laws regarding anti-money laundering (AML) and combating the financing of terrorism (CFT). The country also introduced a new bill to provide tax cuts for individuals who declare their cryptocurrency holdings, creating a more crypto-friendly environment.
President Milei of Argentina has been actively engaging with Bitcoin proponents and advisors, such as Max Kieser, who advised El Salvador’s President on legalizing Bitcoin as a form of payment. Argentina’s National Securities Commission (CNV) has also collaborated with El Salvador’s National Commission of Digital Assets (CNAD) to gain insights into Bitcoin adoption and crypto regulations.
Experts believe that Argentina can leverage the expertise gained from El Salvador’s Bitcoin adoption to enhance its own crypto services. Despite a slight increase in the price of ADA following these developments, external market factors caused a 1% decline in the asset’s value in the last 24 hours.
Crypto market veteran Javon Marks predicts that ADA could reach $7.8, revising his earlier estimate of $2.7. He notes similarities in market behavior between the current trend and the 2020-2021 period when ADA experienced significant growth.
The future looks promising for ADA as it continues to show progress, with prices surging towards its first target at $2.7709. The recent pullback in prices could potentially set the stage for further gains in the future.