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Argentina to Implement CBDC for Economic Revival

Juan Agustín D’Attellis Noguera: Supporting the Implementation of a Central Bank Digital Currency in Argentina

Juan Agustín D’Attellis Noguera, a distinguished member of the Banco Central de la República Argentina, has stepped forward to endorse the ambitions of Economy Minister Sergio Massa in implementing a central bank digital currency (CBDC) to boost the country’s economy.

In an interview with a local television channel, Noguera expressed his optimism about the potential of the ‘peso digital’ to revive the Argentine economy, with concrete hopes for 2024. According to him, the major advantage of this CBDC lies in its traceability, which could be a significant asset for tax collection:

Thanks to the traceability guaranteed by a digital currency, even if the identity of the issuer remains unknown, the transaction itself is recorded. This could expand the tax base, allowing for increased revenue without necessarily raising taxes. It could even be possible to reduce them.

Juan Agustín D’Attellis Noguera

Noguera also adds that the CBDC could also be the solution to the country’s monetary troubles, given the volatility of the Argentine peso, which often competes with the US dollar, including as a means of payment.

CBDC: A Solution for the Argentine Economy?

With confidence in his voice, he also clarified that the introduction of the digital peso would be done gradually, alongside traditional cash, with the ultimate goal of completely replacing paper bills in the final phase of the project.

Massa, who is also running for the presidency, pledged to launch a CBDC if elected on October 2nd, with the aim of ending Argentina’s persistent inflation crisis. According to electoral polls, Massa is slightly behind Javier Milei, a pro-Bitcoin candidate and anti-central banks advocate, who intends to adopt the US dollar as Argentina’s official currency.

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