Argentina’s President Calls Crypto a ‘Hard Currency’ that Can Fight Inflation

Argentina’s President, Alberto Fernández, has made some remarkably bullish comments about cryptocurrency, noting that tokens may have the ability to fight inflation and function as “hard currency, somewhat” – though he sought to temper his musings by adding the caveat that he is not particularly well-versed in the world of decentralized digital assets.

The remarks were made during an extensive video interview posted on Filo News’ Caja Negra YouTube page, in which Fernández said that cryptocurrency has the potential to “nullify inflation.” In Argentina, where hyperinflation has plagued the economy, driving the country into a financial quagmire, the latter has been a contentious topic in recent years.

However, it appears that Fernández or his representatives were eager to discuss cryptocurrency – and intended to fuel more debate by sharing crypto-related passages from the interview on the President’s official Twitter account.

Fernández posted on the social media network the following comment he made in the video:

“The discussion regarding how cryptocurrencies work is a global one. And I must admit that it is a delicate situation that requires caution. [It is] rather unknown in my circumstance. But there’s no denying it; maybe it’s in a good way.”

During the video, he discussed cryptocurrency in greater detail, claiming that the sector’s progress was now “irreversible.”

However, he constantly emphasized the importance of treating crypto adoption-related issues with “care” and “caution” – and admitted that “in my case,” much about the world of crypto was “unknown.”

When questioned on the subject, President Obama stated:

“The benefit of cryptocurrencies is that the inflationary effect is greatly reduced.”

He also cautioned, saying, “It’s also true that [crypto] causes vulnerability, because there have already been [incidents of] fakes and [illicit usage].”

However, as Fernández pointed out, the message was generally positive:

“Even though things are jumbled in terms of microeconomics, technology, transparency, and non-transparency, […] it’s probably a good way.”

He also stated that he had the “feeling that somehow” it could “contain” the capability to battle “inflationary” forces owing to its ability to operate “somewhat” as a “hard currency” – and that some sort of qualified crypto-related advancement was likely “worth the risk.”

The President did not elaborate further, but did add that fintech-related laws are now being examined as Buenos Aires plans to regulate the crypto and blockchain sectors.

Alberto Fernández. Source: A video screenshot, Youtube/Filo News

This site uses cookies to offer you a better browsing experience. By browsing this website, you agree to our use of cookies.