Argentina is on the cusp of transforming into a cryptocurrency hub following a significant partnership with the Cardano Foundation to promote the adoption of blockchain technology. This collaboration, alongside strategic maneuvers, indicates a positive trend above $1, with one analyst forecasting a rise to $7.8 for ADA.
The Entre Ríos Province in Argentina has taken a pioneering step towards embracing blockchain technology by partnering with the Cardano Foundation. This partnership was officially confirmed through a signed agreement between the governor of Entre Ríos Province, Rogelio Frigerio, and Rafael Fraga, the lead for Business Development at the Cardano Foundation.
The connection between Cardano and Argentina began with a tweet from Dario Epstein, Director at Research For Traders, hinting at a technology company specializing in third-generation blockchain reaching out to the Argentine government. This caught the attention of Cardano’s co-founder, Charles Hoskinson, who praised the tech talent in Argentina and highlighted the valuable contributions of Argentine developers to Cardano’s development.
Argentina recently made changes to its laws regarding anti-money laundering and combating the financing of terrorism to create a more favorable environment for cryptocurrencies. The country introduced a new bill offering tax incentives to individuals who declare their crypto holdings. This move towards crypto adoption gained attention after President Milei tweeted at Max Kieser, a Bitcoin advocate and advisor to El Salvador’s President, known for legalizing Bitcoin as a form of payment alongside the US Dollar.
The National Securities Commission (CNV) of Argentina collaborated with the National Commission of Digital Assets (CNAD) in El Salvador to gain insights into Bitcoin adoption and regulation. This partnership aims to leverage El Salvador’s experience in adopting Bitcoin as a legal tender to enhance crypto services in Argentina.
Despite a slight increase in ADA’s price following these developments, external market factors led to a 1% decline in the asset’s value over the last 24 hours. As of now, ADA is trading at $0.45. Market analyst Javon Marks predicts that ADA could reach $7.8, revising his earlier forecast of $2.7 based on market trends from 2020 to 2021.
The recent progress in ADA’s price indicates a potential 15x increase, with prices surging towards the first target of $2.7709 after breaking a resistance trend. This positive momentum suggests further growth opportunities for ADA in the cryptocurrency market.