Recently, Bitcoin Argentina, a prominent crypto-focused NGO, unveiled a revolutionary regulatory proposal at LABITCONF 2023 in Buenos Aires. Contrary to their previous stance against regulation, the organization now advocates for legal measures that ensure blockchain decentralization and bolster public confidence.
Ricardo Mihura, Bitcoin Argentina’s president, articulated the necessity of this regulatory shift. The proposed legal framework classifies crypto platforms into three groups: decentralized, locally centralized, and globally centralized. The aim is to guarantee extensive judicial protection for users, especially in the centralized categories, against potential company failures.
A unique aspect of this framework is the judiciary’s hands-off approach towards decentralized platforms, with courts stepping in only to assess claims against platforms that are not sufficiently decentralized.
This strategic regulatory move comes just before Argentina’s critical presidential run-off, with candidates Sergio Massa and Javier Milei presenting divergent economic visions. This initiative by Bitcoin Argentina signals a mature approach to cryptocurrency regulation, prioritizing both technological integrity and user protection.
