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Milei – Argentina’s new President is firmly moving forward in implementing his promised radical economic policies. One of his most striking vows is the plan to abolish the country’s Central Bank, the Banco Central de la República Argentina (BCRA). The main reason for this decision is Argentina’s rapidly increasing inflation and loss of money value.
Milei believes that the Central Bank is responsible for economic problems. He aims to stabilize the economy by closing this institution. With this decision, profound changes in Argentina’s monetary policies and dollarization plans are also on the agenda.
In addition, Milei‘s government aims to control state spending along with economic reforms. In this regard, it was announced that the Social Security Administration ANSES will be managed by economist Osvaldo Giordano. Steps such as the privatization of some government institutions are expected to be taken to increase overall efficiency.
However, there are some challenges in implementing these radical changes. The libertarian coalition’s minority in Congress can hinder Milei ‘s plans.
In addition to these, Milei’s interest in Bitcoin is notable. Although there is no official announcement yet, being a Bitcoin advocate shows that cryptocurrencies will play a more significant role in Argentina in the future. In this regard, President Nayib Bukele of El Salvador’s official visit with Bitcoin Advisory Team leader Max Keiser and Argentina’s steps related to blockchain solutions indicate that the role of cryptocurrencies in the country’s economy could increase.
Many people positively receive these reforms and changes. However, challenges to be encountered in practice and the societal impacts of changes should be closely monitored.