Juan Agustin Datlis Nogueira, director of Banco Central de la República Argentina, the country’s central bank, has publicly supported Economy Minister Sergio Massa in his promotion of a central bank digital currency (CBDC) as a cure for the national economy.
give comment On local television, Nogueira expressed his belief that the “digital peso” could help stabilize the Argentine economy by 2024. In the official’s opinion, the main feature of a central bank digital currency is its traceability, which will help the government collect taxes:
“By being able to trace transactions using digital currency because it is not known who did them, but there is proof that they took place, you expand the tax base. This will allow you to collect more without having to increase or even reduce taxes.”
A central bank digital currency (CBDC) will also help solve the country’s monetary problem, as the unstable local currency, the Argentine peso, often competes with the US dollar even as a means of payment, according to Nogueira.
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Nogueira spoke about the digital peso in a very specific way, stressing that a central bank digital currency (CBDC) will be introduced gradually, in conjunction with cash, with the full replacement of fiat currency occurring in the final phase of the project.
On October 2, Massa, also a presidential candidate, pledged to launch a central bank digital currency if elected to “solve” Argentina’s long-running inflation crisis. According to election polls, Massa is slightly behind Javier Miley, the pro-BTC and anti-central bank candidate who wants to adopt the US dollar as Argentina’s currency.