Argentine politician says the country should adopt Bitcoin as a currency 

Carlos Maslatón suggested the Argentine government adopt Bitcoin, instead of the American dollar, to fight against inflation.

In Argentina there are no laws for the crypto sector. All the crypto companies are prohibited from accessing banking services from the local banking partners in the country but citizens are allowed to purchase crypto assets & are also required to pay tax against profit gain from crypto investment. Since 2006, the Argentine central bank has been failing to stop inflation in the country’s economy. 

This year inflation already reached nearly 142%, per Reuters report. 

In this situation, the majority of the citizens in this country are either purchasing Bitcoin or dollar-pegged stablecoins to fight against rapidly surging inflation.

Recently an Argentine politician Javier Milei suggested the country adopt the US dollar to bring the situation stable. But Carlos Maslatón, a notable lawyer-turned-politician and BTC advocate, suggested the country drop the idea of US dollar adoption and further suggested to go with Bitcoin adoption.

According to Carlos, the US dollar adoption idea is a joke because it will bring new restrictions on the country and further said that Bitcoin is the best thing in this situation but admitted that those people will not understand who loves paper money. 

A crypto & blockchain advocate suggested the Argentine central bank bring gold-backed cryptocurrency to fight against inflation.

Some crypto Twitter users noted that there are huge chance that Argentina may adopt the US dollar as well as Bitcoin, more similar to El Salvador’s Bitcoin adoption plan. 

Read also: Circle (USDC) reduces its workforce