In a recent Filo News channel discussion on October 18, Juan Agustín D’Attellis Noguera, the director of the Central Bank of the Argentine Republic, announced the expedited progress on legislation to implement a Central Bank Digital Currency that is the Digital Peso in Argentina.
National Economic Benefits Drive CBDC Initiative
Following a series of discussions emphasizing the potential advantages of a CBDC for the national economy, the Central Bank has prioritized the development of a legislative framework. Noguera highlighted the urgency of this initiative during the public discussion.
He also expressed commitment to presenting the CBDC project proposed by Minister of Economy Sergio Massa to the Congreso de la Nación Argentina at the earliest.
Support for Massa’s CBDC Vision
Noguera praised Massa’s approach to the CBDC. Also, he indirectly criticized the stance of presidential candidate Javier Milei, a proponent of “dollarization” for Argentina. The clash in viewpoints adds a layer of complexity to the ongoing national discourse on the country’s economic future.
Emphasizing the key features of the CBDC, Noguera stressed its traceability, envisioning it as a tool to stabilize the Argentine economy by 2024. According to the official, the traceability aspect would empower the government to effectively collect taxes. This further presents a solution to economic challenges.
Digital Peso Project’s Swift Introduction, Election Dynamics and CBDC Advocacy
As part of Massa’s commitment to address Argentina’s persistent inflation problem, the digital peso project is set to be presented to the parliament “as soon as possible.” This proactive approach aligns with the urgency expressed by Noguera during the discussion.
The evolving political landscape is marked by Massa’s commitment to the digital peso. However, it contrasts with Milei’s advocacy for adopting the United States dollar as Argentina’s official currency. The divergent views on the role of the central bank in the economy underscore the complexity of economic decision-making in the upcoming election.