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Lawyer Says Argentina Should Bin Dollarization Plans, Adopt BTC

Tim Alper
Last updated: | 2 min read
A stack of metal tokens intended to represent Bitcoin decorated in the colors of the flag of Argentina rests on scattered dollar bills.
Source: luzitanija/Adobe

A prominent Argentine lawyer has told a leading presidential candidate to bin his dollarization plans in favor of a Bitcoin (BTC) adoption drive.

The comments were directed at Javier Milei, a right-wing political leader who has been described as a populist by some commentators.

Milei has previously spoken out in favor of Bitcoin, and was last year embroiled in a crypto-related controversy.

But one of Milei’s most notable manifesto pledges includes a two-and-a-half-year plan to dollarize the Argentine economy, which has been devastated by years of hyperinflation.

Milei is not the only politician in the nation to call for dollarization, but has arguably become the most vociferous advocate of USD adoption.

And his plan has drawn the ire of Carlos Maslatón, a notable lawyer-turned-politician and BTC advocate.

Maslatón wrote on Twitter that Milei’s dollarization plans were a “joke,” and explained:

“The dollar was and is imposed by force. It […] expands at the will of the North American state, without limit or criteria. The only voluntary currency in circulation is Bitcoin, which I have been talking to you about since 2013. But you could never understand [BTC], as you are pro-paper money.”

Maslatón hoped to run for president as part of the La Libertad Avanza alliance, but failed in his bid to win party approval.

Recent opinion polls have Milei with a support rate of around 18%, some 10% behind the front-running candidate Sergio Massa, Reuters reported.

Maslatón’s comments drew no shortage of replies, with one prominent observer commenting that Argentina should launch an “innovative” gold-back cryptoasset, and adding:

“Inflation belongs to a bygone era.”

Argentina Set for Fiat Versus Bitcoin Battle?

The lawyer was replying to USD-related comments from Milei, who had taken aim at the fiat peso.

Milei claimed that the peso’s status as legal tender “favors political [thieves].”

A growing number of Argentine politicians have spoken out in favor of BTC adoption of late, including Martin Tetaz, a lawmaker for the city of Buenos Aires.

In May, Tetaz suggested that citizens keep their savings in BTC, rather than USD or pesos.

Buenos Aires has been attempting to secure a new IMF loan, a fact that appears to have driven the government to fast-track crypto regulations amid a fast rise in popular crypto adoption.