Argentina Considers CBDC As A Tool Against Economic Instability

Argentina Considers CBDC As A Tool Against Economic Instability

EconomyCBDC

By Miles

05 Oct 2023 (10 months ago)

2 min read

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Argentina's central bank considers a "digital peso" to improve the economy. Director Noguera supports the plan while political candidates debate its future.

A big decision from Argentina’s central bank could change their money system! Juan Agustín D’Attellis Noguera, a director at the bank, has shown support for Sergio Massa, the Minister of Economy, in his idea to introduce a new kind of digital money, A CBDC to help the country’s economy.

Noguera believes in a new “digital peso” to steady Argentina's economy by 2024. He thinks the main benefit is being able to track all transactions.This isn’t about knowing who made them, but knowing they happened. He shared, “This could help the government collect more taxes without needing to raise them, and might even lower them.”

The digital peso is also seen as a way to tackle Argentina's money troubles since the current peso is not stable and often battles against the United States dollar for use in payments.

Noguera talked confidently about introducing the digital peso gradually, having it exist alongside cash for a while, and then completely replacing paper money at the end of the plan.

Sergio Massa, who also wants to be President, promised to bring this digital money to life if he gets elected, to address Argentina's ongoing issues with inflation. But, he's currently a bit behind in the polls against Javier Milei, who is friendly towards Bitcoin and against central banks, proposing to make the U.S. dollar Argentina’s official currency instead.

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