The International Monetary Fund is working with the Argentine government in order to create a new central bank digital currency (CBDC) of the Southern country. While the government explains that the goal is to increase exports and attract investments, the goal would also be to control economic transactions, especially in a country where both taxes and tax evasion are high.
Argentine’s Minister of Economy said about the new digital currency and the controls they want to impose:
“The best thing is to come clean because there will be a tightening of the law afterwards. Those who escape and evade should be put behind bars. We need to stop hunting outside the zoo.”
The project to create the central bank digital currency will be shortly to Congress for approval shortly. It is also worth taking into consideration that there have been multiple projects around the world that aim at creating a CBDC.
At the same time, the International Monetary Fund would like to move in the direction of a CBDC so as to stop the growth of virtual currencies, including Bitcoin (BTC). Bitcoin is the largest cryptocurrency in the world and has been used for payments over the last decade.