New Argentine Pro-Crypto President Javier Milei: Closing Central Bank Can't Benego!

JAKARTA - Argentina will experience major changes in its monetary and fiscal policies under the leadership of the newly elected president, Javier Milei. The pro-crypto president has revealed his plans to close the country's central bank, Banco Central de la Rep Rep. Rep. Argentine (BCRA), and replace the national currency with the US dollar.

Milei also expressed his enthusiastic support for Bitcoin, which he considers to be better money than fiat currencies issued by the government.

"Regarding the false rumors circulating, we would like to clarify that closing the Central Bank of the Republic of Argentina (BCRA) is not a negotiateable thing," Milei's Presidential Office confirmed in a statement posted on November 24 on social media X.

Milei has been a vocal critic of central banks, describing it as a "fraud" and a tool for politicians to implement "inflation tax" to the public. Milei has vowed to abolish the BCRA and replace Argentine pesos with US dollars.

This outspoken leader has also expressed his enthusiastic support for Bitcoin, stating that Bitcoin represents "the return of money to its creator, namely the private sector."

He compared the limited supply of Bitcoin to the trend of fiat currency inflation issued by the government. Following Milei's shock victory this week, the price of Bitcoin in Argentina skyrocketed to an all-time high as investors welcomed the central anti-bank rhetoric and pro-crypto.

Milei officially took office as Argentina's next president on December 10, 2023. He replaced Alberto Fern airedez, who has been in power since 2019. Fern Allahdez has struggled to deal with the economic crisis that hit Argentina, which was marked by high inflation, large debt, and widespread poverty. The country's annual inflation rate reached 124.4% in September 2023.