Argentine President is open to consider crypto as legal tender
The current president of Argentina, Alberto Fernandez, shared his opinion of cryptocurrencies in an interview program on YouTube, Black Box, hosted by Julio Leiva. When the Argentinian journalist asked about cryptocurrencies and if this is something the government is considering, Fernandez was not dismissive. The president said that currently there is big debate over the function of cryptocurrencies. Not just in Argentina but all across the globe. He stated:
“This is a subject that must be treated carefully. In my case, because it is still unknown to me. Some still don’t understand how this money is materialized. These doubts I have are shared by many, that’s why the project has not expanded further.”
When Leiva went even further and asked Fernandez if Argentina could be adopting cryptocurrency as legal tender and follow the example of El Salvador. Fernandez once again remained open for the possibility and said:
“Everything is possible. Some say that the advantage of this is that the inflationary effect is nullified in a big way. It is also true that it will bring insecurity because some big scams have been verified to be done using cryptocurrencies. It’ is a difficult subject to touch.”
Fernandez then said that cryptocurrencies can play an important role when it comes to battling inflation. And that the country should not outright say no to the “hard” currencies compared to its fiat counterparts.
It remains to be seen what happens in Argentina. And when it comes to legal tender in the country, the Central Bank will likely a have a stronger vote in the matter. Although, President Fernandez just expressed to open-minded to the use of cryptocurrency, the country’s central bank are positioned differently.
Argentina is already home to many Bitcoin mining companies, who happily make use of the country’s abundance in sustainable energy.
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Author: Peter Siu