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<div class="intro-text"> 
 Sergio Massa, a prominent candidate in Argentina’s upcoming election, proposed the adoption of a Central Bank Digital Currency (CBDC) to address the country’s persistent inflation challenges and strengthen its economic position on the global stage. 
</div> 
Massa suggested this move at his <a style="color: #0000ff;" href="https://www.youtube.com/watch?v=2JFfXUvqMXk">first presidential debate</a> on October 1, 2023. during his speech, he emphasized that Argentina currently faces significant economic hurdles, including a staggering poverty rate of 40% and an annual inflation rate of 115%.&nbsp; 
The presidential candidate ruled out the idea of the pro-Bitcoin candidate, Javier Millie, about adopting dollars in the country to tackle this problem and argued that introducing a CBDC could provide a solution by enabling individuals with assets abroad to freely trade and utilize their funds without additional taxes.&nbsp; 
In his words: 
<blockquote class="pullquote align-center">
 “We are going to launch the digital currency in Argentina. We are going to do it globally for all of Argentina accompanied by a laundering law that allows those who have money abroad to bring it and use it freely without new taxes in parallel.“
</blockquote> 
However, this proposal has faced opposition from within Argentina’s crypto community. Manuel Ferrari, a board member of Argentina Bitcoin, <a style="color: #0000ff;" href="https://www.perfil.com/noticias/noticias/quien-es-carlos-maria-de-los-santos-el-disenador-del-peso-digital-argentino-que-presento-massa-en-el-debate.phtml">believes this suggestion raises an eyebrow</a>.&nbsp; 
Ferrari expressed concerns about the CBDC’s design and the potential to use it for increased taxation. He argued that this approach could negatively impact Argentina, where more than 50% of commercial activities occur informally and involve cash transactions.&nbsp; 
According to Ferrari, adopting CBDCs is essentially 
<blockquote class="pullquote align-center">
 “a government control mechanism.”
</blockquote> 
It’s worth noting that central banks in various countries have already begun developing or implementing CBDCs for diverse purposes. France, Singapore, and Switzerland recently <a style="color: #0000ff;" href="https://defi-planet.com/2023/09/france-singapore-and-switzerland-test-cross-border-cbdcs-in-project-mariana/">concluded collaborative experiments exploring cross-border trading and settlement using CBDCs.&nbsp;</a> 
The Bank for International Settlements (BIS) Innovation Hub, in partnership with the Bank of Israel and the Hong Kong Monetary Authority, also recently <a style="color: #0000ff;" href="https://defi-planet.com/2023/09/bis-hong-kong-and-israel-publish-findings-from-cbdc-experiment-project-sela/">released the results of their joint CBDC experiment, Project Sela</a>. They claimed that the project demonstrated the feasibility of implementing CBDCs without compromising cybersecurity or user privacy. 
&nbsp; 
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The post <a rel="nofollow" href="https://defi-planet.com/2023/10/argentinian-presidential-candidate-proposal-to-adopt-cbdcs-to-solve-inflation-sparks-reaction-from-crypto-stakeholder/">Argentinian Presidential Candidate Proposal to Adopt CBDCs To Solve Inflation Sparks Reaction From Crypto Stakeholder</a> appeared first on <a rel="nofollow" href="https://defi-planet.com">DeFi Planet</a>.

Argentinian Presidential Candidate Proposal to Adopt CBDCs To Solve Inflation Sparks Reaction From Crypto Stakeholder

DeFi Planet

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