Argentine Central Bank Executive Says CBDC Will Boost Tax Collection

Argentine Central Bank Banco Central de la República Argentina’s director Juan Agustin D’Attellis Noguera recently supported CBDC. Noguera openly expressed support for the Minister of Economy Sergio Massa while promoting a central bank digital currency to improve the national economy. He said that a CBDC can provide a solution for Argentina’s concerns related to tax collection.

An Argentine Central Bank Official Claims CBDC Will Better Tax Collection

Noguera voiced his confidence that the development of the digital peso could assist in stabilizing the economy of Argentina by 2024. In the opinion of the official, the CBDC’s chief characteristic deals with its traceability. As per him, this would assist the authorities in gathering taxes. He said that the digital currency’s quality of operational traceability widens the tax base. He added that this will permit the tax collection along with minimizing them.

He moved on to say that the central bank’s digital currency will also assist in solving the monetary problems. He disclosed that the Argentine peso plays the role of an unstable regional currency. In this way, it often contests the US dollar while operating as a method of payment, Noguera mentioned.

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The official also discussed the CBDC in a considerably definite manner, promising that the introduction of the CBDC would be gradual. According to him, it will coexist with cash. He further revealed that it will completely replace the paper-based fiat currency in the project’s conclusive stage.

Presidential Aspirant Expresses Determination to Introduce a CBDC

On 2 October, Massa (a presidential candidate) took a pledge to introduce a CBDC upon being elected. As per the presidential aspirant, this would solve the long-standing inflation issue of Argentina.  The election polls point out that Massa is somewhat following Javier Milei who is an anti-central bank and pro-Bitcoin aspirant. He also intends to adopt the United States dollar as the local currency of Argentina.