Javier Milei, the Argentine presidential candidate, has come up with his proposition to replace the central bank of Argentina with Bitcoins
Cryptocurrencies liberate citizens from the traps of current governments that are stealing their money, said Milei
Central banks are crucial for any economy as they are the finance pillars of an entire nation, and asking them to replace with Bitcoin could be just another electoral gimmick
Along the same lines, Javier Milei, the Argentine presidential candidate, has come up with his proposition to replace the central bank of Argentina with Bitcoin. Javier has been a long proponent of Bitcoin and cryptocurrency and believes in the complete decentralization of power (based on his recent remarks on cryptocurrencies).
Javier Milei believes that cryptocurrencies can change the course of the Argentian economy by making it more transparent and secure. Milei has clearly stated that he would be replacing the central bank of Argentina with Bitcoins if elected to office. Apart from this, Milei also stood by the fact that cryptocurrency enables citizens to actually control their money and spend it the way they want. Cryptocurrencies liberate citizens from the traps of current governments that are stealing their money, said Milei.
Recently, Argentina declared to launch its state-backed stablecoin.
Is It Possible To Replace Central Banks With Bitcoin?
Even though central banks are responsible for securing your money and being a mediator to settle transactions, this is just one part of their overall operations. Central banks curate and regulate the monetary policies of a nation while also regulating the total flow of currency in the country. Central banks are responsible for controlling inflation and the rate of employment in the country.
The policies of the central banks affect the global import-export rates and volumes. They utilize a network of banks to match the supply and demand of the currency of the country. Chiefs of the central banks are experienced finance professionals and also advise governments in taking significant financial decisions.
This goes way beyond being a record of transactions for retail users. Even though Bitcoin has a fair place in the traditional financial structures, opting for Bitcoins to replace the central bank of an entire economy could be nothing more than an electoral gimmick.
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