Alberto Fernandez, the president of Argentina, declared himself in favor of the introduction of cryptocurrencies as legal tender in an interview this week. Fernandez said there is a lot of discussion about the value and uses of cryptocurrencies not just in Argentina but around the world. However, he recognized that this issue should be handled carefully and admitted that he had limited knowledge of the cryptocurrency space.
President of Argentina open to legal tender crypto
Alberto Fernandez, the current president of Argentina, gave his opinion on cryptocurrencies in the Black Box, an interview program moderated by Julio Leiva, an Argentine journalist. When asked about the issue of cryptocurrencies, and when his government looked into it, Fernandez said that there was a lot of debate about the function of cryptocurrencies not just in Argentina but around the world. He stated:
This is an issue that needs to be carefully addressed. In my case, because it is still unknown to me. Some still don’t understand how this money comes about. These doubts that I have are shared by many, so the project was not expanded any further.
Leiva takes the issue even further on Fernandez and asks if they would be willing to adopt cryptocurrency as legal tender, as happened in El Salvador, or to issue central bank digital currency. Fernandez emphasized:
Everything is possible. Some say the benefit of this is that it largely negates the inflationary effect. It is also true that it brings uncertainty as some major scams have been carried out with cryptocurrencies. It’s a difficult subject to touch.
In conclusion, Fernandez reiterated that the country should not oppose the use of cryptocurrencies as it could bring important advances on the inflation problem as it is a somewhat “hard” currency compared to its fiat counterparts.
Otherwise the central bank states
While the president of Argentina is open to the use of cryptocurrency, representatives of the country’s central bank have stated otherwise. Such is the case of Miguel Pesce, President of the Argentine Central Bank, who said the institute was interested in regulating the interface between Bitcoin and the traditional payment system on August 11th.
Pesce stated that it would be detrimental to the system if the money from cryptocurrencies mixed with the money from the traditional foreign exchange market.
What do you think of the Argentine President’s opinion on cryptocurrencies? Let us know in the comments section below.
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