Argentina’s presidential candidate wants CBDCs to ‘solve’ high inflation

Argentine presidential candidate Sergio Massa has pledged to launch a central bank digital currency (CBCC) if elected to “solve” Argentina's long-running inflation crisis.

The country's second leading candidate “I'm clear that inflation is a big problem in Argentina,” he said during the Oct. 2 presidential debate, before explaining how he would tackle the country's crippling inflation:

“We are going to launch a digital currency in Argentina. […] We're going to do it internationally for all of Argentina, accompanied by illegal withdrawal laws that allow people with money abroad to bring it in and use it for free without new taxes.

Massa, who currently serves as economy minister, shut down the idea that Argentina should move to the US dollar:

“A rise in the dollar creates a challenge for the dollar. Be patriotic [and] Protect our money, don't advertise its use [the U.S. dollar],” he said.

Argentina's general election will be held on October 22.

In two of the three main polls, Massa narrowly trails pro-Bitcoin and anti-central bank candidate Javier Millais, who won Argentina's primary in August.

According to data from the US think tank AS/COA, Massa has the most support in Buenos Aires state – home to 16.6 million of the country's 46 million inhabitants – while Miley has the most support in rural parts of the country.

Miley has previously indicated that she wants to adopt the US dollar as Argentina's currency. As an economist and libertarian, Miley has remained skeptical of central banking. His campaign promise was to destroy Argentina's central bank.

Milley previously said that Bitcoin was a reaction against “central bank fraudsters” and that the Argentine peso allows politicians to cheat Argentines with inflation.

Related: Argentinians Turn to Bitcoin Amid Inflation Worries: Report

Argentina's third presidential candidate, Patricia Bullrich, will pursue a currency system in which the Argentine peso and US dollar are legal tender if she wins the election.

Since December 2023, the Argentine peso has fallen more than 99 percent against the US dollar.

According to most data, Argentina's inflation is the third highest after Venezuela and Lebanon.

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