- The International Monetary Fund (IMF) is forcing the Central Bank of Argentina to guarantee that it will not be interested in Bitcoin
- Javier Milei, the young leader of the La Libertad Avanza party, is not exactly a calm and gentle libertarian. He openly advocates for the abolition of the Central Bank of Argentina.
- Argentina is in an extremely delicate financial situation and has only recently avoided bankruptcy at the last minute with the help of China and the Latin American Development Bank.
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As options run out for Argentina, the IMF is concerned about the new president turning to Bitcoin; Milei could shut down the Central Bank.
IMF Demands Guarantees from Argentina Regarding Bitcoin
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The International Monetary Fund (IMF) must have thought that it prevented the use of Bitcoin in at least one Latin American country by forcing the Central Bank of Argentina not to be interested in Bitcoin, under the threat of rejecting its latest significant loan.
Shortly after, it seems that the IMF feels even more concerned because a libertarian Bitcoin supporter candidate appears to be winning the country’s presidential primaries, with over 90% of the votes counted.
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Javier Milei, the young leader of the La Libertad Avanza party, is not exactly a calm and gentle libertarian. He openly advocates for the abolition of the Central Bank of Argentina and calls it a “fraud.”
Such a statement is likely to be seen as the delusions of revolutionary firebrands by many Argentine elites and individuals from the banking sector. However, the presidential candidate has shown in interviews that he understands how money works and accuses politicians and the central bank of deceiving people with an “inflationary tax.”
Milei said in an interview:
“The problem is that governments will not want to give up compulsory fiat money usage. Bitcoin is a natural response to central bank fraud, but allowing money to become private again is not something that thieving politicians will allow.”
In the past, such language, even when used by a person who would become the country’s president, was condemned by the ruling class and was sufficient to prevent such an individual from approaching any position of power.
Argentina’s Options Are Running Out
But this is Argentina, a country that has been playing the IMF’s game for several decades, with presidents and top bank officials obediently following their instructions. Once again, Argentina is being dragged from one debt crisis to another, causing the purchasing power of the Argentine peso to almost disappear and leading to an annual inflation rate of over 100%.
Argentina transitioning to a Bitcoin base could be a very interesting move for the country. The likelihood of Argentina’s elites and those who hold global authority accepting such a decision, however, is another matter.
Argentina is in an extremely delicate financial situation and has only recently avoided bankruptcy at the last minute with the help of China and the Latin American Development Bank. It will require a bold and determined leader to oversee such an incredible transition. There may be no other option for Argentina.