Argentina sends CBDC project to congress

The Minister of Economy of Argentina, Sergio Massa, indicated this Monday that the country needs a digital currency, which is why he has sent the project for a CBDC to Congress.

Although there are no further details about a digital currency from the Argentine central bank, Massa has insisted that the country needs a CBDC, which provides greater security against crimes such as tax evasion, among others, and is under the control of the Central Bank.

According to Massa, “Argentina takes more dollars out of the country than it brings in, its economy is in the black, and it also has problems in the tax system that limit development.”

This reality leads to the search for alternatives for the financial and economic apparatus of the South American country. Regarding the creation of a CBDC, Massa added: “We are going to launch the Argentine digital currency, just as your children propose in their platform economy, the possibility of trading with the cell phone or with the card, we are going to do it in a way global for all of Argentina, along with a money laundering law, so that those who have money abroad can bring it to use tax-free.”

The governor of Chaco, Jorge Capitanich, joined Massa’s position, pointing out that Argentina requires a multimonetary system; that citizens can pay with different currencies, and for this a legal and mandatory digital currency is required.

A CBDC would provide greater openness, stability and security to the financial system, in addition to opening doors to the consolidation of other sectors, such as labor, goods and services, among others.

The central bank’s digital currency has the same guarantees as paper money, issued by the central bank, although it does not have a physical counterpart.

M.Pino

Source: news.agrofy

(Reference image source: EconomiaArg, Europa Press / dpa)

Visit our news channel on Google News and follow us to get accurate, interesting information and stay up to date with everything. You can also see our daily content on Twitter and Instagram