Argentina's Central Bank Advances Legislation for 'Digital Peso' Amid Presidential Debates
Summary:
Argentina's Central Bank is speeding up its legislative process to incorporate a Central Bank Digital Currency (CBDC), known as the "Digital Peso". This step follows discussions of CBDC's potential economic benefits. Bank Director Juan Agustín D’Attellis disclosed this during a public debate, added that the legislative framework would be presented to the National Congress soon. D’Attellis praised the CBDC approach by presidential candidate Sergio Massa, and subtly critiqued another candidate, Javier Milei, who proposes making the U.S. dollar Argentina's official currency.
In the light of conversations regarding the potential economic advantages of central bank digital currency (CBDC), Argentina's Central Bank has quickened its legislative pursuits to facilitate the adoption of CBDC within its borders. On October 18, a public debate aired on Filo News channel, where Juan Agustín D’Attellis Noguera, Director of Argentina's Central Bank, disclosed that they are actively crafting a legislative frame for the "Digital Peso", a recent CBDC proposal put forth by Sergio Massa, the Minister of Economy and presidential candidate. Upon completion, the proposal will be swiftly submitted to the National Congress, D'Attellis added. Highlighting Massa's stance on CBDC, D'Attellis subtly negated the views of another presidential contender, Javier Milei, who is favorable to Bitcoin and has frequently suggested a "dollarization" of Argentina's economy. D'Attellis has been a staunch advocate of CBDCs, having previously endorsed the concept of a digital peso as a potential stabilizer for Argentina's economy by the year 2024. He asserts that a CBDC's traceability is a key feature, enabling effective tax collection. Sergio Massa, on October 2, pledged to initiate a digital peso if victorious in the upcoming elections, addressing Argentina's perpetual inflation woes. Recent electoral polls, however, place Massa slightly behind Javier Milei, who proposes integrating the U.S. dollar as Argentina's primary currency and challenges the centrality of the central bank’s role.
Published At
10/20/2023 10:20:36 AM
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