In that sense, Pesce wishes to regulate “regulate the intersection of Bitcoin with the payment system and exchange market,” to prevent “low-sophistication investors” from partaking in digital asset investment. While he did not reject Bitcoin’s usefulnesses as a payment method, he did purport that it is not a financial asset but a commodity because it does not underlie or generate any profitability. Speaking at the Argentine Institute of Executive of Finance’s Digital Finance Forum on August 10, Pesce seemed to be suggesting an impending crackdown on the crypto industry in the country, calling digital asset’s a threat to economic stability. The president’s comments came in stark contrast to what the head of Argentina’s central bank, Miguel Pesce, had stated just two days back. Many people in the world have these concerns, and that is why the project, or the system, has not yet expanded. “There is caution because of how unfamiliar it is, and because it is hard to understand how this fortune materializes.

While the Argentinian president did take stock of the rising perception within the global economy of Bitcoin’s ability to act as a hedge against inflation, he still expressed the need to exercise caution while treading into the crypto sector.

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