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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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As the adoption of cryptocurrencies increases, the dynamics of countries are becoming a subject of curiosity. Especially, the trajectory of crypto is gaining attention in the lead-up to the 2024 presidential elections in the US.

Presidential elections in Argentina are also maintaining their intensity. One of the presidential candidates in Argentina is known for their close association with Bitcoin. The environment for Bitcoin in Argentina is positive.

Javier Milei, a libertarian president candidate who advocates for the abolition of the central bank and speaks positively about Bitcoin, was leading in the pre-presidential primary elections held in Argentina on Sunday.

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According to Bloomberg data, based on the counting of 90% of the votes, Milei is in the lead with 32%. The conservative party “Together for Change” follows with 30%. Pre-election polls had suggested that Javier Milei wouldn’t finish today’s voting in the third position.

Javier Milei previously stated, “The central bank is a deception, a mechanism where politicians deceive good people with inflationary taxes.”

While expressing a positive stance towards cryptocurrency, Milei did not advocate for the use of Bitcoin as legal tender in Argentina (similar to El Salvador). Instead, he advocated “dollarizing” the economy, which is currently struggling with a triple-digit inflation rate.

Milei is striving for the dissolution of the Central Bank of Argentina and identifies himself within an anarcho-capitalist framework. With a slightly more specific character, Milei denies the existence of global warming. The general presidential election in Argentina will take place on October 22nd, and in these elections, any candidate must secure at least 45% of the overall votes. If the elections proceed to a second round, the final stage will occur in November.

Milei’s stance against the traditional monetary system and his approach to Bitcoin position him as one of the crypto-friendly leaders. Although he secured a substantial portion of the votes in the primaries, the end of the tunnel is not yet in sight for Milei.

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