Argentina’s Presidential Elections Heat Up Bitcoin and CBDC Debates!

• Argentine presidential candidate Sergio Massa has proposed the Central Bank Digital Currency (CBDC) to solve the country’s worsening inflation crisis.
• Massa also took the opportunity to oppose the plans of Bitcoin-supporting candidate Javier Milei, who recently suggested adopting the dollar in the country to combat inflation.
• Milei has been a strong supporter of Bitcoin and called for the complete removal of the Central Bank. He has also described the Central Bank as fraudsters.

Argentina’s presidential candidate Sergio Massa is in favor of CBDC, while Javier Milei recommends Bitcoin!

Presidential Candidate in Argentina Proposes CBDC!

Argentina’s presidential candidate Sergio Massa has proposed the Central Bank Digital Currency (CBDC) to solve the country’s worsening inflation crisis. In the country’s first presidential debate, Massa, who currently serves as the Economy Minister, wants to use digital currency to advance the economy at the same pace as other countries. Massa said:

“We are going to launch a digital currency in Argentina. We will do it for Argentina worldwide, and we will accompany it with a laundering law that allows those who have money abroad to bring it and use it freely without being subject to new taxes.”

Rampant hyperinflation, with data showing the country’s annual inflation at 115% and a poverty rate of 40%, is seen as a central issue among all political parties in the election.

Massa called for starting things with CBDC and drew comparisons with the future of finance through easy transactions. Massa continued:

“Just as he (Milei) recommends doing transactions in ‘platform economies’ with your children’s phones or cards, we will do this for Argentina worldwide.”

Massa Opposes Dollarization

Massa also took the opportunity to oppose the plans of Bitcoin-supporting candidate Javier Milei, who recently suggested adopting the dollar in the country to combat inflation. He argued that this policy would be bad for the country’s future policies and called on patriots to strongly reject this policy:

“Dollarization is what makes the dollar attractive. Be patriots and defend our currency; do not promote its use (the US dollar).”

Milei, a strong supporter of Bitcoin, has called for the complete removal of the Central Bank, describing it as fraudsters and viewing fiat as a tool for inflation to collapse the economy. The country’s election will take place on October 22, and two polls show a slight advantage for Milei.

The crypto community rejects the CBDC move

Bitcoin Argentina board member Manuel Ferrari described the decision as a distraction from urgent issues like triple-digit inflation caused by “wild levels of corruption” in the country. He also expressed concerns about the design and implementation of CBDC, linking it to a tax-generating move.

Manuel Ferrari said, “Over 50% of Argentina’s trade is informal and conducted with cash,” and he explained that this proposal would “destroy what sustains most of our country.” Critics in the United States have also opposed these plans, describing CBDC as a form of government control.