Argentina's president, Javier Milei, has restated his opposition to central bank digital currencies, describing them as "the biggest scam in human history." Milei believes that money should remain free of state authority.
Milei opposed today on Argentina's Meta Day proposals to introduce a digital currency in Argentina. He believes that technology is eroding central banks' monopoly on money issuance. This paves the path for more secure, decentralized trade systems, such as cryptocurrencies.
Milei says people are tired of bureaucrats making monetary policy. He encourages savers to avoid CBDCs and instead look into private sector possibilities. His administration seeks to limit the state's role in the economy, which could result in the gradual closure of Argentina's central bank.
The president regards CBDCs as another type of state financial manipulation. He prefers an economy in which savers own their assets. Milei's strategy is consistent with his goal of restoring economic freedom and investor trust in Argentina.
His administration sees blockchain as a tool for safeguarding savers against financial manipulation. Milei argues that shifting to private, decentralized currencies will lead to a monetary system devoid of state influence.
