After years of rampant inflation, Argentina’s newly elected government aims to privatize money creation.
Newly elected Argentine President Javier Milei has confirmed his commitment to shutting down the nation’s central bank, Banco Central de la República Argentina (BCRA), despite rumors that he may back down from this campaign pledge.
“Regarding the false rumors being spread, we wish to clarify that the closure of the Central Bank of the Republic of Argentina (BCRA) is not a negotiable matter,” confirmed the Office of President Milei in a statement posted today on Twitter.
— Oficina del Presidente Javier Milei (@OPEArg) November 24, 2023
Milei has been a vocal critic of central banks, describing them as a “scam” and a tool for politicians to impose an “inflationary tax” on the public. He has vowed to eliminate the BCRA and replace the Argentine peso with the US dollar.
The outspoken leader has also expressed enthusiastic support for Bitcoin, stating that it represents “the return of money to its original creator, the private sector.” He contrasts Bitcoin’s finite supply with the inflationary tendencies of government-issued fiat currencies.
Milei formally takes office as Argentina’s next president on December 10, 2023.
Following Milei’s upset presidential victory this week, Bitcoin prices in Argentina skyrocketed to all-time highs as investors welcomed his anti-central bank and pro-crypto rhetoric.
Argentina has been struggling with high inflation for several years, which has put immense pressure on the government and the economy. The country’s annual inflation rate reached 124.4% in September 2023.
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