The Central Bank of Argentina is working on legislation to regulate the digital peso, the country’s proposed central bank digital currency (CBDC).
The Central Bank of the Argentine Republic mentioned that they’ve progressed in their plans to work on legislation to implement the CBDC workflow in the country. This came after a series of remarks was highlighted about the potential benefits of a central bank digital currency (CBDC) for the national economy.
Argentina Central Bank director Juan Agustín D’Attellis Noguera on Oct. 18, revealed during a public discussion on the Filo News channel that the BCRA is working on the legislative framework for a CBDC project, the “digital peso,” recently proposed by the Minister of Economy and presidential candidate Sergio Massa.
According to D’Attellis, the project will be presented to the national Congress soon. The official praised Massa’s approach to CBDC, while implicitly criticizing the position of Bitcoin-friendly presidential candidate Javier Milei, who has been publicly advocating for the dollarization of the Argentine economy. In the report, it was mentioned that the proposed bill would be introduced to Congress “as soon as possible.” The report did not give a specific date for when the bill will be introduced. The legislation is intended to provide a legal framework for the digital peso and define its place in the country’s economy.
D’Attellis has previously defended the idea of CBDC. In early October, he expressed his opinion on the CBDC project, the “digital peso,” saying that the project could improve the Argentine economy and help stabilize it as soon as 2024. According to D’Attellis, the key feature of CBDC is its traceability, which would help the government collect taxes.
On October 2, Massa pledged to introduce a digital peso if he wins the election, hoping to tackle Argentina’s persistent inflation problem. However, Massa trails behind his main rival, Javier Milei, who opposes the use of a digital peso and advocates for the dollarization of Argentina’s economy.