The digital peso bill will be introduced by the Argentine central bank “as soon as possible.”

The Central Bank of the Argentine Republic has accelerated its work on legislation to implement a CBDC in the country.

Following a series of discussions regarding the potential advantages of introducing a central bank digital currency (CBDC) to boost the national economy, the Central Bank of the Argentine Republic has declared an expedited effort in formulating the legal framework to bring the CBDC ecosystem into effect within the nation. On the 18th of October, during a public discourse broadcast on the Filo News channel, the Director of Argentina’s Central Bank, Juan Agustín D’Attellis Noguera, disclosed that the central bank is diligently crafting the legislative infrastructure for the digital peso CBDC initiative, recently put forth by the Minister of Economy and presidential candidate, Sergio Massa. As per Noguera, the proposal is poised for swift presentation and submission to the Congreso de la Nación Argentina, the country’s legislative body. Noguera praised Massa’s vision for the CBDC and indirectly criticized another presidential candidate, Javier Milei, who endorses the “dollarization” of the Argentine economy.

Notably, this isn’t the first instance where Noguera has championed the concept of a CBDC. In early October, he expressed his belief that a digital peso could play a pivotal role in stabilizing the Argentine economy as early as 2024. According to the official, the paramount characteristic of the CBDC is its traceability, which would empower the government in revenue collection. On the 2nd of October, Massa made a commitment to introduce a digital peso if victorious in the elections, with the aim of addressing Argentina’s persistent inflation problem. In the most recent electoral surveys, Massa trails slightly behind Javier Milei, who advocates the adoption of the United States dollar as Argentina’s official currency while opposing the central bank’s involvement in the nation’s economic affairs.