Pro-Bitcoin President-Elect Javier Milei has announced plans to dissolve Argentina’s Central Bank to combat the country’s economic crisis and inflationary pressures.
Milei To Abolish Argentina’s Central Bank
In a press release published by the Office of President Javier Milei on X (formerly Twitter), the administration declared that all official information regarding Milei’s future government decisions would be exclusively communicated through its X channel.
“The Office of the President-elect of the Argentine Republic announces that the only official information about the future government, led by Javier Milei, is that published by this channel,” the press release stated.
The publication also officially debunked the recent rumors surrounding the fate of Argentina’s Central Bank. According to the statement, Argentina’s President-elect has deemed the elimination of the Central Bank a non-negotiable matter.
“In response to false rumors, we wish to clarify that the closure of the Central Bank of the Argentine Republic (BCRA) is not a negotiable matter,” the publication stated.
Earlier in May this year, Argentina’s central bank raised its benchmark interest rate by six percentage points to 97% in an attempt to tackle the nation’s skyrocketing inflation. Argentina’s inflation this year has also accelerated to almost 143%.
Milei’s plans to dissolve the country’s Central Bank and potentially implement a dollarisation program is a testament to his visions for the country’s economic recovery. The pro-Bitcoin President has promised to combat inflation challenges in Argentina and transform the country into a stronger nation.
Milei’s Support For Bitcoin Sparks Heated Discussions
Javier Milei’s public support for Bitcoin in Argentina has been a focal point for discussions since his victory in the Argentinian Presidential elections.
The pro-Bitcoin libertarian has been a strong advocate of BTC long before he was elected President of Argentina. Following his successful election, there have been rumors of the introduction of Bitcoin as an official legal tender in Argentina. However, no verified reports confirming these developments have surfaced.
Due to Milei’s support for Bitcoin, the cryptocurrency’s adoption has grown considerably in the country. BTC’s growth in Argentinian’s markets also coincides with the steady devaluation of the nation’s currency which has crashed almost 99% since the beginning of the currency crisis in 2018.
Many crypto enthusiasts have expressed their perspectives on the potential effects of dollarisation or the introduction of Bitcoin into Argentina’s financial system.
One member of the crypto community has stated that ‘bitcoinizing’ rather than ‘Dollarizing’ Argentina could elevate it to one of the wealthiest countries. Other members have stated that Bitcoin could significantly improve Argentina’s economy than the International Monetary Fund (IMF).
BTC rests firmly above $37,500 | Source: BTCUSD on Tradingview.com
Featured image from The Crypto Times, chart from Tradingview.com