Quote taken from https://cpsi.media/p/why-and-how-to-dollarize-argentina and interview with Emilio Ocampo.
"Rasheed Griffith: What is your view on the use of Bitcoin, Ethereum, and other cryptocurrencies, similar to the experimentation in El Salvador with Bukele, and his policies towards crypto? Do you think that would be useful in Argentina?
Emilio Ocampo: First of all, the Bukele experiment hasn't worked, okay? So, we have a very strong precedent there, and the reason it hasn't worked is because Bitcoin is not a currency that people want today.
Maybe speculators want Bitcoin, but the average worker doesn't want to pay in Bitcoin because maybe tomorrow he has 20 percent more, and the day after he has 25 percent less and it just doesn't make any sense. You need a stable currency and Bitcoin now can’t provide it. Maybe 10 years from now it's going to be a different story.
So Argentina doesn't have the luxury of tampering with or trying to be… Because in theory you could say, well what Argentina needs is a stable coin based in the cloud outside of Argentina or whatever, something like that. But look, we have to come back to reality. This is a country that is going through a very serious social crisis.
We're at the verge of hyperinflation. To start tinkering and proposing things that nobody has ever tried. The execution risk is huge. And by the way, I emphasize the point I made earlier. Under our proposal, the guiding principle is monetary freedom. It's the idea that you can choose which currency you want to use, not the government, you pay your taxes in dollars, anything else you want to sign your lease in euros or in Bitcoin or in yen, that's your choice.
The idea here is to get the government out of that position. It’s to provide people with complete freedom to decide what currency they want to use. So we don't need to do fancy schemes like what has been tried in El Salvador, which by the way, as I said, it's not working and it hasn't worked. We need to stick to the basics and to the basic idea, which is freedom.
At the end of the day, the basic idea here is freedom of choice. "