A director of the country’s central bank spoke on the benefits of a CBDC in Argentina, highlighting how the digital peso could help.
Argentina has been going through an inflation crisis in 2023, which has affected all sections of its economy. A director of its central bank, Banco Central de la República Argentina, recently spoke on the issue. The official, Juan Agustín D’Attellis Noguera, expressed his bullishness for a CBDC in Argentina. Talks for the digital peso were also initiated by the country’s Minister of Economy earlier.
Noguera said the CBDC in Argentina could help broaden the tax base. The Minister of Economy had also proposed the digital peso to solve the country’s inflation crisis.
“By having traceability of operations with a digital currency because it is not known who does them, but there is evidence that they were done, you broaden the tax base. This will allow you to raise more without having to raise taxes and even lower them,” said Noguera.
Noguera also promoted the CBDC in Argentina to counter its monetary problem. He assured the digital currency would exist along with cash, and only a gradual usage would occur.
One of Argentina’s provinces had also approved a stablecoin in late 2022. The country’s stance towards crypto has been relatively better than others. Several pro-crypto legislators in Argentina are in support of the industry.