Argentine President Alberto Fernández has suggested that the country could adopt Bitcoin to contain rising inflation.
Argentine President Alberto Fernandez has indicated that he is open to the idea that cryptocurrencies are playing a bigger role in the Argentine economy, despite his own skepticism.
During an interview on Caja Negra, broadcast yesterday by Filo.news, Fernandez was asked if he would consider using a central bank digital currency or maybe even mimicking El Salvador and adopting Bitcoin as a legal lender. “I don’t want to go too far, but there is no need to say no,” said Fernandez. He added:
“The discussion about how cryptocurrencies work is a global issue. And I have to admit that it is a matter that needs to be handled with caution. In my case it is a little unknown. But there’s no denying it, maybe it’s a good way. “
In the video, Fernández shared his views on cryptocurrencies, saying that their rise is “irreversible” and that cryptocurrencies have the potential to “eradicate inflation”. The president didn’t elaborate on the matter, but did mention that laws related to fintechs are currently being considered as Buenos Aires plans to regulate the crypto and blockchain sectors.
Inflation is one of the most sensitive issues in Argentine politics. Fernandez inherited the world’s second most miserable economy from former president and businessman Mauricio Macri, according to Bloomberg’s World Misery Index. According to the government’s own inflation data, $ 100 at the start of Macri’s tenure would be $ 661 today.
President Fernández’s remarks come after El Salvador announced in June that it would be the first country in the world to adopt Bitcoin as legal tender. Since then, several Latin American countries have also expressed an interest in cryptocurrencies. Leaders in Brazil, Panama and Paraguay have all posted endorsements, indicating a growing interest in digital assets in the region.
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