April 19, 2024
Argentina's Fast-Track to 'Digital Peso' Legislation
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Argentina’s Fast-Track to ‘Digital Peso’ Legislation

The Central Bank of Argentina is expediting its efforts to enact legislation to introduce a “digital peso” in the nation. Emphasizing the potential advantages of a central bank digital currency (CBDC) for the domestic economy, the Central Bank of Argentina has intensified its work on crafting the necessary legislation to implement a CBDC framework.

During a recent public discussion on the Filo News channel on October 18, Juan Agustín D’Attellis Noguera, the director of the Argentina Central Bank, disclosed that the BCRA is actively developing the legislative framework for the “digital peso.” This CBDC initiative was recently put forth by the Minister of Economy and presidential candidate, Sergio Massa. D’Attellis stated that the project is on track to be presented “as soon as possible” and will subsequently be introduced to the national Congress. He commended Massa’s approach to CBDC while implicitly criticizing the stance of another presidential candidate, Javier Milei, known for his pro-Bitcoin stance and calling for the “dollarization” of the Argentine economy. D’Attellis has previously defended the concept of a CBDC and, in early October, expressed his belief that the “digital peso” could play a crucial role in stabilizing the Argentine economy by as early as 2024. He emphasized that the CBDC’s notable feature is its traceability, enabling the government to streamline tax collection.

On October 2, Sergio Massa pledged to introduce a digital peso if he emerges victorious in the election, with the primary goal of addressing Argentina’s persistent inflation challenges. According to the latest election polls, Massa is slightly trailing Javier Milei, who advocates adopting the U.S. dollar as Argentina’s official currency while opposing the central bank’s involvement in monetary affairs.

Image by Wikimedia Commons

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