President of Argentina considers adopting cryptocurrency as legal tender

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Babafemi Adebajo
Babafemi Adebajo

Femi is a freelance content writer with adequate experience creating content for online and offline media across different niches including technology. When he is not writing, you can find him trying out new technology or reading.

President of Argentina, Alberto Fernandez has revealed in an interview, that he is willing to adopt cryptocurrencies as legal tender in his country. Fernandez who admitted that there is a constant discussion around the importance and use of cryptocurrencies, which is not limited to his own country Argentina alone, but all over the entire world, acknowledged that the topic is one that must be handled and treated carefully as he is personally not well knowledgeable in the world of cryptocurrencies.

President of Argentina Open to Allow Crypto to Become Legal Tender

Speaking further with the Argentine journalist Julio Leiva on the Black Box program, President Alberto explained that just like him who cryptocurrency still remains unknown to, there are still many who do not even understand how the money is materialized in the crypto world. Those doubts and skepticisms he says, are part of the reasons why the project has not advanced further.

When Leiva probed further and asked if the President’s administration could possibly follow in the footsteps of El Salvador by adopting a cryptocurrency as legal tender or issuing a central bank digital currency, Fernandez said everything is possible. The president went further to analyze how dicey the situation is with cryptocurrencies stating the obvious advantage they possess in that nullify inflation in a way. But he was also quick to acknowledge the insecurity it will bring having confirmed how big scams have been done in the past, using cryptocurrencies. 

President Fernandez admits it is a difficult subject to touch and concluded that the country should not say no to the use of cryptocurrencies because it could bring important solutions to the persistent inflation problem, being a somewhat “hard” currency compared to its fiat counterparts.

What the Central Bank says

Although the president of Argentina is open to the use of cryptocurrency, representatives of the country’s central bank, in the person of the president of the Central Bank of Argentina, Miguel Peace, thinks otherwise. 

Miguel said that it would be prejudicial to the system if the money coming from cryptocurrencies were allowed to mix with the funds coming from the traditional exchange market.



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