Juan Agustín D’Attellis Noguera, Director of the Argentina Central Bank, supports the creation of a local CBDC to address the country’s economic challenges, including high inflation rates.
Juan Agustín D’Attellis Noguera, the Director of the Argentina Central Bank, has expressed his support for the development of a local Central Bank Digital Currency (CBDC). This initiative was introduced by the Minister of Economy, Sergio Massa, as a means to tackle Argentina’s complex economic situation, characterized by soaring inflation rates.
D’Attellis Noguera highlighted the advantages of having traceability of digital currency transactions, stating that it could broaden the tax base without necessitating tax hikes. He believes that a CBDC could contribute to stabilizing the Argentine economy.
The Director also mentioned that the digital peso would be gradually introduced alongside physical cash and eventually could replace fiat currency.
Sergio Massa, the current Minister of Economy and presidential candidate, has committed to launching a CBDC if elected as president, with the aim of addressing the country’s inflation crisis.
Argentina is grappling with one of the highest inflation rates globally, reaching 124% monthly in September. The devaluation of the Argentine peso against the US dollar adds to the country’s economic challenges, creating opportunities for the growth of the cryptocurrency industry as Argentinians seek alternatives to combat high inflation.
