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During a presidential debate on October 2, the country’s second major candidate explained his plans to “solve” the country’s devastating inflation after stating, “I clearly see that inflation is a big problem in Argentina.” He stated, “We will launch digital money in Argentina. This is something we will do globally across Argentina, and it will come with a whitewash law that allows them to bring and freely use their foreign exchange without new taxes.”

Massa, who currently serves as finance minister, has rejected the idea of Argentina switching to the US dollar: “Dollarization is what creates the allure of the dollar. Be patriotic and defend our currency, do not encourage the use of the US dollar,” he said.

Argentina’s general elections will take place on October 22.

Two of the three main election polls indicate that Massa is slightly behind, while Bitcoin-supporting candidate Javier Milei, who opposes the central bank, appears to have won Argentina’s August preliminary elections.

Milei had previously indicated his desire to adopt the American dollar as Argentina’s currency. As an economist and libertarian, he has long displayed a skeptical stance toward central banking. One of his election promises is to abolish Argentina’s central bank. Milei previously described Bitcoin as a reaction against “central bank fraudsters” and said the Argentine peso was allowing Argentinians to be deceived by inflation. The Argentine peso has lost over 99% of its value against the US dollar since December 2023.

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