The favorite name for the presidential elections to be held in October in Argentina stands out with its Bitcoin support: IMF is disturbed by the situation.
October 22 is the date when Argentinians will vote on Bitcoin, dollarization, the continuation of the central bank, and the implementation of CBDCs (Central Bank Digital Currencies). Argentina is causing significant concern in the global traditional finance world. The country is set to elect a new president in the near future, and the possibility of this new president being staunchly against the central bank and significantly different from the previous administration is quite high.
Javier Milei is the favorite among those running in the election. He is a Bitcoin supporter and has pledged to eliminate Argentina’s central bank, two issues that undoubtedly cause significant concern among central bankers worldwide.
On the other hand, Sergio Massa, the current Minister of Economy and a former member of previous governments, is also in the running. Many see him as part of the ruling class responsible for Argentina’s current state, which poses a problem.
Inflation in Argentina reached 124% in September, the highest level since 1991, and to combat this, the Central Bank of Argentina raised interest rates to 118%. How can citizens of any country deal with such a situation?
However, Massa claims that things would have been much worse if he hadn’t been in office. Nevertheless, Massa has a lot of convincing to do to convince voters that he can fix the country’s problems. His promise to implement a central bank digital currency (CBDC) could be a sensitive issue for voters.
Whoever wins the election will have to engage in a rather uncomfortable series of negotiations with the International Monetary Fund (IMF). Argentina is the largest debtor country and still owes $44 billion out of the $57 billion loan granted by the IMF in 2018, with China recently helping with a payment.
Javier Milei, with his pledge to eliminate the Central Bank of Argentina and his insistence that Bitcoin is a much better alternative than even gold and silver, is likely to have the most uncomfortable relationship with the IMF.
The facts show that if Argentinians had been able to buy Bitcoin in the past few years and hold it instead of pesos in the bank, they wouldn’t have seen significant devaluation in their wealth. Milei, although seen by some as having peculiar views, is in disagreement with the IMF and pro-Bitcoin. This might be enough to win the upcoming presidential election.
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