Argentina is poised to establish itself as a leading center for cryptocurrency activities following a key partnership with the Cardano Foundation to promote the adoption of blockchain technology. This collaboration, along with recent technical developments, indicates a positive trend above the $1 mark, with one analyst predicting a rise to $7.8 for ADA.
In a groundbreaking move, the Entre Ríos Province in Argentina has joined forces with the Cardano Foundation to drive the adoption of blockchain technology. This partnership was officially confirmed through a signed agreement between the governor of Entre Ríos Province, Rogelio Frigerio, and Rafael Fraga, the Business Development lead at Cardano Foundation.
The alliance between Cardano and Argentina began with a tweet from Dario Epstein, Director at Research For Traders, revealing that a technology company specializing in third-generation blockchain technology had approached the Argentine government. To everyone’s surprise, Charles Hoskinson, the co-founder of Cardano, responded with admiration for the tech talent in Argentina.
Argentina recently made significant changes to its laws concerning anti-money laundering and terrorism financing to create a more favorable environment for cryptocurrency adoption. The country even introduced a bill to offer tax cuts to individuals who declare their crypto holdings. This move towards crypto-friendly policies gained attention after President Milei engaged with Max Keiser, a prominent Bitcoin advocate and advisor to the President of El Salvador, which recently legalized the use of Bitcoin for various financial transactions.
Argentina’s National Securities Commission also initiated a collaboration with the National Commission of Digital Assets in El Salvador to gain insights into Bitcoin adoption and crypto regulation. Leveraging El Salvador’s experience in adopting Bitcoin as a legal tender, Argentina aims to enhance its own technological capabilities in delivering crypto services efficiently.
Despite a slight increase in the price of ADA following these developments, external market factors led to a 1% decline in the asset’s value over the past 24 hours, with ADA currently trading at $0.45. Market analysts like Javon Marks anticipate ADA to reach $7.8, revising their earlier prediction of $2.7 based on historical market trends. As ADA continues to show positive growth, reaching its first target at $2.7709, further price increases are expected.
