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Will Argentina Have Its Own Cryptocurrency Soon?

Argentina has long been battling inflation and the value of the local Peso against US dollars has been consistently dropping since 2018. Argentina’s president in a recent interview with a local media house has said that he is open to the idea of having a central bank digital currency (CBDC).

In his interview with a local media outlet, Caja Negra (Balck Box), Argentinian President, Alberto Fernandez also endorsed the idea of decentralized cryptocurrencies.

When asked if he would consider having a CBDC or Bitcoin as legal tender like the Central American country El Salvador he said: “I don’t want to go too far out on a limb […] but there is no reason to say ‘no.”’ 

“They say the advantage is that the inflationary effect is largely nullified,” he added. 

Contrary to the President’s remarks the central bank of Argentina has said that they are not open to the idea of having a CBDC or endorsing decentralized currencies like Bitcoin. 

In his interview, the President also noted the risks involved with having Bitcoin as a legal tender or creating a CBDC. He said: “There is caution because of how unfamiliar it is, and because it is hard to understand how this fortune materializes. Many people in the world have these concerns, and that is why the project, or the system, has not yet expanded [more than it has]. But it is something to consider.”

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