Argentine presidential candidate Sergio Massa has pledged to launch a central financial institution digital forex (CBDC) if elected to “solve” Argentina’s long-lasting inflation disaster.
“I am clear that inflation is a huge problem in Argentina,” the nation’s second-leading candidate said in an Oct. 2 presidential debate earlier than outlining how he plans to remedy the nation’s devastating inflation:
“We are going to launch the digital currency in Argentina. […] We are going to do it globally for all of Argentina accompanied by a laundering law that allows those who have money abroad to bring it and use it freely without new taxes in parallel.”
Massa, who at the moment serves because the Minister of Economy, shut down the concept Argentina ought to transfer to the United States greenback:
“Dollarization is what generates the temptation of the dollar. Be patriots [and] defend our currency, do not promote the use of it [the U.S. dollar],” he mentioned.
Argentina’s common election will happen on Oct. 22.
Two of three main voting polls recommend Massa is ever so slightly trailing Javier Milei, a pro-Bitcoin (BTC) and anti-central financial institution candidate who won Argentina’s primary election in August.
Data from American suppose tank AS/COA suggests that Massa will seemingly obtain essentially the most help within the Buenos Aires province — residence to 16.6 million of the nation’s 46 million residents — whereas Milei has majority backing within the extra rural components of the nation.
Milei has beforehand signaled wanting to undertake the United States greenback as Argentina’s forex. As an economist and libertarian, Milei has lengthy been a skeptic of central banking. Part of his campaign promise is to abolish Argentina’s central bank.
Milei beforehand referred to Bitcoin as a response towards “central bank scammers” and mentioned that the Argentine peso permits politicians to rip-off Argentines with inflation.
Related: Argentines turn to Bitcoin amid inflation worries: Report
Argentina’s third-leading presidential candidate, Patricia Bullrich, would reportedly pursue a forex regime the place the Argentine peso and U.S. greenback co-exist as authorized tender if she wins the election.
The Argentine peso has fallen over 99% towards the U.S. greenback since December 2003.
Most knowledge suggests Argentina’s inflation is the third highest globally, solely trailing Venezuela and Lebanon.
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