The founders in Argentina have launched Crecimiento to promote adoption, and offer crypto solutions to economic problems.
Several crypto founders in Argentina are working together on pro-crypto efforts in the nation’s capital city of Buenos Aires. The project, which involves major stakeholders in the country’s crypto environment, is looking to take advantage of the new government of Bitcoin advocate Javier Milei, who won the presidential election in November last year and assumed office in December.
According to an official Substack post, the ‘Crecimiento’ project has three major goals. One is to attract between 5 and 10 million people to the blockchain ecosystem via various on-chain startups and products. Another is to make the country’s tech startup ecosystem 10x larger and better. The group intends to do this by increasing funding and support while improving infrastructure.
The group has already seen contributions from stakeholders like Elian Alvarez, the General Partner of Ripio Ventures, Marcelo Cvazzoli, co-founder and chief executive officer (CEO) of Lemon Cash, and Diego Guitérrez, the co-founder of Bitcoin Layer 2 platform Rootstock.
The third goal involves the government. Members of the group hope collaboration with the government can help establish a new regulatory framework for startups to enjoy more than 20 years of stability.
Crecimiento currently has 550+ contributors it describes as “visionaries and dreamers”. Contributors include Ethereum, Decentraland, Bitfarms, Bitso, Beefy.Finance, Stanford Blockchain, and several others.
Crecimiento Plans to Better Economic Situation of Citizens in Argentina via Crypto
The project also hopes to save Argentinians from the country’s economic woes. According to Crecimiento, Argentina has been struggling with crippling inflation, with levels rising past 211% at the end of 2023. This has led to increased debt, low economic confidence, and rising poverty and unemployment levels. The group believes that electing Milei as President was a “clear signal of fatigue”, and pointed to the growth of crypto adoption in the country.
“Crypto also creates a foundation for creative innovative economic and financial products. By leveraging crypto, people can develop and deploy new currencies, contracts, and credit systems, which can bypass traditional financial barriers. This technology enables the creation of new instruments and tools, which are particularly valuable in an unstable economic environment like Argentina,” the blog post reads.
According to Lemon founder and CEO Marcelo ‘Chelo’ Cavazzoli, Crecimiento is uniting the country’s entire crypto industry for the first time. The shared vision is to make Argentina a leading crypto hub and a trusted model for innovation and prosperity.
Last year, the price of Bitcoin (BTC) rose 21% in Argentina, from 8.4 million ARS (Argentine Peso) to 10.2 million ARS, after Milei won the election primaries. Months later, the new government removed crypto tax requirements from the omnibus bill submitted to Congress. The “Law of Bases and Starting Points for the Freedom of Argentines” bill allowed citizens to declare previously undeclared crypto and other assets. The change in January means that the first $100,000 worth of crypto declared would not be subject to tax. In addition, citizens will only pay a 15% maximum on the remainder.
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