Argentina’s President Indicates Interest in Adopting Bitcoin

Argentina’s president, Alberto Fernández is the latest president to show interest in cryptocurrencies.

In a recent interview with Caja Negra, a local media house, president Fernández was asked whether Argentina would launch its own Central Bank Digital Currency (CBDC) or perhaps even adopt Bitcoin as a legal tender.

In reply to the question, Fernández stated that there’s no reason why the country would kick against a potential Bitcoin adoption and that it is worth considering.

“I don’t want to go too far out on a limb … but there is no reason to say ‘no’. Perhaps that is a good path to take,” he said.

With this reply, Fernández was in effect admitting that there was a slight chance that the country could explore cryptocurrencies in the near future.

Fernández also added that one of the most significant things about Bitcoin is its 21 million fixed supply, which, according to him, largely nullifies inflationary effects, a big issue that Argentina has been battling for some years now.

In fact, the country’s rate of inflation has grown so much that its fiat currency, the peso, has lost about 85% of its value against the US dollar in the past five years.

Regardless of this, however, Fernández professed that just like some other countries, he has worries of his own when it comes down to viewing Bitcoin as a barrier or solution to Argentina’s inflation.

“It’s a global debate, and I must confess that it’s a topic [that should be approached with] caution. In my case, there is caution because of how unfamiliar it is and because it’s hard to understand how this fortune materializes.”

Several countries’ interest in adopting Bitcoin as a legal tender was fueled when El-Salvador in June this year adopted Bitcoin as legal tender in the country.

El Salvador became the very first country to adopt bitcoin as a legal tender, a move that was frowned upon by several financial regulators.