Argentina's Central Bank Accelerates Work on Digital Peso Legislation

According to Cointelegraph, the Central Bank of Argentina has accelerated its work on the legislation to implement a central bank digital currency (CBDC) in the country. Argentina Central Bank director Juan Agustín D’Attellis Noguera revealed during a public discussion on the Filo News channel that the bank is working on the legislative framework for the 'digital peso,' a CBDC project recently proposed by the Minister of Economy and presidential candidate Sergio Massa.D’Attellis stated that the project will be presented 'as soon as possible' and then introduced to the national Congress. He praised Massa's approach to CBDC and implicitly criticized the position of another presidential candidate, Bitcoin-friendly Javier Milei, who has been publicly proclaiming the 'dollarization' of the Argentine economy. D’Attellis believes that the 'digital peso' could help stabilize the Argentine economy as soon as 2024, with its key feature being its traceability, which would allow the government to collect taxes.On October 2, Massa committed to introducing a digital peso should he win the election, aiming to address Argentina's enduring inflation issue. According to the latest election polls, Massa is marginally behind Javier Milei, who advocates for adopting the U.S. dollar as Argentina's official currency while opposing the central bank's role.