The Central Bank of the Argentine Republic is making strides towards implementing a central bank digital currency (CBDC) in the country.
With a focus on the potential economic benefits, the central bank is fast-tracking the legislative framework for the digital peso CBDC project, proposed by the Minister of Economy and presidential candidate Sergio Massa.
During a public discussion on the Filo News channel on October 18, Argentina Central Bank director Juan Agustín D’Attellis Noguera revealed the accelerated efforts to bring the CBDC project to fruition.
The official stressed that they plan to present the project “as soon as possible” and introduce it to the Congreso de la Nación Argentina, the country’s parliament.
Noguera commended Massa’s approach to the CBDC project, which aims to bolster the national economy. In contrast, he indirectly criticized another presidential candidate, Javier Milei, who has been advocating for the “dollarization” of the Argentine economy.
This isn’t the first time Noguera has expressed support for the CBDC concept. Earlier in October, he explained that a digital peso could potentially help stabilize the Argentine economy as soon as 2024.
The key feature of the CBDC, according to Noguera, is its traceability, which would enable the government to effectively collect taxes.