The Central Bank of the Argentine Republic has expedited its efforts to draft legislation for the implementation of a Central Bank Digital Currency (CBDC) within the country.

Following a series of statements emphasizing the potential advantages of a Central Bank Digital Currency (CBDC) for the national economy, the Central Bank of the Argentine Republic has quickened its efforts to develop legislation for the implementation of the CBDC infrastructure within the country.

During a public discussion on the Filo News channel on October 18, Juan Agustín D’Attellis Noguera, the director of Argentina’s Central Bank, disclosed that the central bank is actively working on establishing the legal framework for the digital peso CBDC project, which was recently put forth by Minister of Economy and presidential candidate Sergio Massa.

Noguera statement

Noguera has stated that the project will be presented to the Congreso de la Nación Argentina, the country’s parliament, “as soon as possible.” He praised Minister Sergio Massa’s approach to the CBDC while implicitly criticizing the stance of another presidential candidate, Javier Milei, who is known for advocating the “dollarization” of the Argentine economy.

Juan Agustín D’Attellis Noguera has been vocal in his support for the concept of a Central Bank Digital Currency (CBDC). In early October, he expressed his belief that a digital peso could potentially contribute to stabilizing the Argentine economy as early as 2024. He emphasized that the key advantage of the CBDC is its traceability, which could enable the government to effectively collect taxes.

On October 2, Minister Sergio Massa pledged to introduce a digital peso if he were to win the election, with the aim of addressing Argentina’s persistent inflation problem. The latest election polls show Massa slightly trailing behind Javier Milei, who advocates the adoption of the United States dollar as Argentina’s official currency and opposes the central bank’s role in the country’s economy.