>If Javier Milei, the front-runner in the campaign for the presidency, wins the election scheduled for later this year, the country's own currency could be abolished and replaced with the US dollar.
Honestly interesting to see them take this novel approach - not different from El Salvador adopting Bitcoin as their currency to try to breath life into their economy.
>Polls show that 60% of #Argentines oppose the idea because it would give too much power to the US central bank, the Federal Reserve.
>But like it or not, the dollar already plays such a big part in their economy that to some, the idea feels like a foregone conclusion.
>Argentines have traditionally set little store by their own currency, preferring to convert their spare pesos into dollars as soon as they can.
>They don't trust financial institutions much either, so they resort to what is locally known as the "colchón bank" - that is, stuffing their dollars under the mattress.
>Anecdotal stories abound of people keeping money buried in the garden, hidden in the walls or even secreted in heating systems - occasionally with disastrous consequences if there is an unexpected cold snap and the cash isn't retrieved before it goes up in smoke.
LOL.