There appears to be a growing interest in Bitcoin and cryptocurrencies in South and Central America, with Argentina being the latest Latin American country to hint at adopting Bitcoin.
While speaking to local media outlet Caja Negra, President Alberto Fernandez addressed matters concerning the government’s view on digitalization. Responding to a question about Argentina’s plans to debut its own central bank digital currency (CBDC), Fernandez said:
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 […] Everything is possible. They say the advantage is the inflationary effect is largely canceled out.
Argentina has been struggling with inflation for a few years now. The head of state believes that adopting Bitcoin could nullify the effects of inflation. On the flip side, he voiced his concerns on the subject.
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.
Last month, El Salvador became the first country to adopt Bitcoin as legal tender. A few other nations have shown interest in dealing with Bitcoin since then.