Sergio Massa proclaimed a ‘digital currency of Argentina’ during a live, broadcasted presidential debate. Argentina’s first presidential debate involved Sergio Massa, candidate and present Minister of Economy, appalling the nation by announcing the likelihood of a central bank digital currency (CBDC) following his election.
Presidential Candidate Pledges Digital Currency
During the Sunday debate, he talked about launching Argentina’s digital currency. Similar to how the citizens’ children choose to trade in their ‘platform economies’ via their phones or cards, the same would be done for the country.
This shocked many, with his comments startling Bitcoin and the crypto community.
According to Manuel Ferrari, a Bitcoin Argentina’s board member, the suggestion is a smoke bomb. He said Massa’s proposal was possibly meant to shift attention away from the significant issues affecting Argentina, a country experiencing inflation as well as ‘fierce corruption levels.’
According to Ferrari, more than half of Argentina’s commerce is informal and uses cash. As such, the proposal would shatter what supports most of the nation. Additionally, Massa’s idea is likely founded on tax revenue generation and probably fails to register as a vital topic for nearly all of the population. Nevertheless, he satirically admitted something positive: it will avert corruption.
Rival Camps in Argentina’s Presidential Bid Doubt CBDC Viability
Massa is the candidate for Unión por la Patria (“Union for the Homeland”), the center-left party of Argentina, and is presently behind Javier Milel, the libertarian economist, in a moderately contentious campaign. Javier is a wild-haired and unorthodox congressman famous for his steadfast opinion against the central bank as well as his support for private sector money.
Lauded as pro-Bitcoin, Milei raised concerns regarding the idea of a CBDC. On a local radio station, he referred to it as a ‘hazardous tool’ and reiterated Ferrari’s opinions concerning taxes. He said it will be a mechanism that will allow the government to put its hand in one’s pocket.
In a shocking win, Milei and Liberty Advance party, got the leading spot in the country’s primaries, held on August 6. At the time of writing, the candidate led the race, while Patricia Bullrich of Together for Change coalition, was third.
Massa’s CBDC Pledged Labeled Unviable in Argentina
According to Adam Dubove, a political theorist who has been in several talk shows focusing on Argentina’s economic and political circumstances, Massa’s CBDC was probably a campaign motto and not a sensible approach.
Dubove joined Ferrari on Negocios TV, a Spanish economic news outlet, to deliberate about Massa’s proposal. Afterward, he said that if people consider CBDCs worldwide, they would note that all have taken at least five years to grow and launch. He concluded that the possibility of Massa’s government being successful was nonexistent.
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