Javier Milei, the current president of Argentina, has once again expressed his rejection of central bank digital currencies (CBDC). Clearly declaring his preference for cryptocurrencies.
During the Meta Day event, Milei referred to former Economy Minister Sergio Massa's intentions to implement a digital currency in Argentina, an idea that was under evaluation before he assumed the presidency.
Javier Milei rejects CBDCs
At a recent event, the president reiterated his criticism of CBDCs, going so far as to describe them as “the greatest fraud in the history of humanity.” He also reaffirmed his belief that the currency should remain outside of state control.
Milei argued that the monopoly that central banks had over the issuance of money is beginning to crumble thanks to technological advances. These advances pave the way for more reliable and decentralized means of exchange, such as cryptocurrencies.
Read more: Cryptocurrency regulation around the world
According to him, “people around the world are tired of inflation decided by bureaucrats in power.” That’s why they’ve started adopting cryptocurrencies as an alternative to traditional currencies, which he considers to be manipulated by states.
Don't let the States take control, said the Argentine president.
Furthermore, Milei has opted for a policy of reducing the role of the State in the economy. This scenario could gradually lead to the closure of the Central Bank of Argentina (BCRA). Thus, he also highlighted that his government plan does not include the implementation of a CBDC.
Cryptocurrencies: the best alternative
For the president, this digital currency would be another step in state financial manipulation, while his administration aims for an economy where the population can maintain control over their assets. This is the reason for the growth in the adoption of decentralized cryptocurrencies and stablecoins as an alternative to the centralized system.
This approach, the president explains, responds to his objective of restoring economic freedom in the country and regaining investor confidence in Argentina.
Milei's administration maintains that any form of centralized currency undermines the autonomy of citizens and sees blockchain technology as a tool to protect the population from future financial manipulation.
Milei believes that this shift to private and decentralized currencies is the path to a monetary system free from state intervention, where citizens can decide which forms of money to use without fear of forced devaluations or manipulation by central banks.
The article For Milei, CBDCs are the biggest fraud in history was first seen on BeInCrypto Brasil.
