Fun

Central Bank of Argentina to Issue New 2,000 Peso Bill as Inflation Keeps Rising

News Feed - 2023-02-07 03:02:44

Central Bank of Argentina to Issue New 2,000 Peso Bill as Inflation Keeps Rising


The Central Bank of Argentina has announced the issuance of a new 2,000 peso bill, aimed at easing the burden of using cash for payments in the country. The bill, which will have a value of a little more than $5 ‘blue’ dollars (the informal exchange rate), is already being criticized as an insufficient measure. Argentine Central Bank Announces 2,000 Peso Bill


The Central Bank of Argentina has taken a new measure in its quest for securing the usability of cash as a means of payment in the country. The bank has announced the issuance of a new 2,000 peso bill, which comes to simplify the task of paying with cash for goods and services in the country.


The new bill, which doubles the value of the current highest-value bill, is designed to be a stopgap while the central bank increases the use of digital payments rails in a highly inflationary environment. In a press release issued on Feb. 2, the central bank declared: While the payment digitization process progresses, this higher denomination bill will improve the operation of ATMs and at the same time optimize the transfer of cash.


The bill, whose issuance date was not announced, was designed to commemorate the development of science and medicine in the country. An Insufficient Measure


While this move is directed to alleviate some of the troubles of citizens that pay with cash in Argentina, the measure has already been criticized as insufficient by some local analysts, who predict it will lose its utility quickly due to the rising inflation and devaluation in the country.


Juan Pablo Albornoz, an economist at Invecq, a local consulting firm, stated: Issuing a bill of 2,000 [pesos] indicates that the maximum denomination is still ridiculously low, it is not even 6 dollars. It does not solve the problems and possibly soon we will see the 5,000 [peso bill] go into circulation.


While Argentina has advanced in the digitalization of its payment system, with QR payments rising to reach record numbers last year, a significant part of the economy is still cash-based, affecting Argentines that have to hoard large quantities of bills to transact. According to Statista, in 2021, almost 45% of all of the payments made at POS (point of sale) terminals were cash-based.


Also, a survey conducted by global security company Prosegur in December found that two of every three Argentines prefer to receive cash for payments due to fees and delays associated with other payment methods, such as digital transfers and debit or credit cards. Tags in this story 2000 peso bill, Argentina, cash payments, Central Bank of Argentina, Devaluation, inflation, Juan Pablo Albornoz


What do you think about the new bills to be issued by the Central Bank of Argentina? Tell us in the comments section below. Sergio Goschenko


Sergio is a cryptocurrency journalist based in Venezuela. He describes himself as late to the game, entering the cryptosphere when the price rise happened during December 2017. Having a computer engineering background, living in Venezuela, and being impacted by the cryptocurrency boom at a social level, he offers a different point of view about crypto success and how it helps the unbanked and underserved. The Market Has Decided a Recession Is Coming, Says Mad Money"s Jim Cramer ECONOMICS | 5 hours ago Report: Egyptian Lawmakers Hail Parliament"s Endorsement of Pact to Join BRICS Bank ECONOMICS | 4 days ago


Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleThe Market Has Decided a Recession Is Coming, Says Mad Money’s Jim Cramer Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItOman to Incorporate Real Estate Tokenization in Virtual Assets Regulatory Framework


Real estate tokenization is set to be incorporated into Oman Capital Markets Authority (OCMA)"s virtual asset regulatory framework. According to an advisor with the authority, the tokenizing of real estate will open investment opportunities for local and foreign investors. Real ... read more.Draft Law Regulating Aspects of Crypto Taxation Submitted to Russian Parliament Bill ‘On Digital Currency’ Caps Crypto Investments for Russians, Opens Door for Payments Australia to List Bitcoin ETF After 4 Clearinghouse Participants Commit to Meet Stringent Margin Terms Microbt Reveals Latest Bitcoin Mining Rigs — Machines Produce up to 126 TH/s With Custom 5nm Chip Design

News Feed

Expert Calls On Ripple Community To Collectively Send XRP Price On 1,800x Rally To $1,000
Este artículo también está disponible en español. The idea of the XRP price reaching $1,000has once again gained traction as a social media platform X user called Drewski
Amaka Nwaokocha13 hours agoFTX hacker’s wallet stirs as Ethereum ETFs prepare for US debutThe data reveals two transactions where the exploiter moved 2,500 ETH, each valued at $4 million.6903 Total views21 Total shares
Cyprus Drafts Crypto Rules, May Introduce Them Before EU Regulations
Cyprus Drafts Crypto Rules, May Introduce Them Before EU Regulations Cyprus has prepared its own legislation to regulate crypto assets and is likely to adopt it before Europe final
XRP Whales Keep Buying – Data Reveals Smart Money Prepares For A Rally
Este artículo también está disponible en español. XRP has been range-bound in recent days, consolidating after successfully holding strong above the critical $2.10 suppor
JPMorgan reports holding shares of several spot Bitcoin ETFs
Turner Wright2 hours agoJPMorgan reports holding shares of several spot Bitcoin ETFsThe largest bank in the U.S. with $2.6 trillion in assets reported to the SEC that it had purchased roughly $760,000 worth of shares of
Biggest Movers: SOL, ADA Plunge, as Market Momentum Turns Bearish
Biggest Movers: SOL, ADA Plunge, as Market Momentum Turns Bearish Solana slipped to a three-week low on Feb.10, as momentum in cryptocurrency markets remained firmly bearish. At th
NGO Announces Plan to Use NFTs for Famine Victims of Ethiopia Tigray War
NGO Announces Plan to Use NFTs for Famine Victims of Ethiopia Tigray War A non-governmental organization (NGO), Save Tigray, has announced it will be using the p
Free TON Community Achieves Sufficient Decentralization With the Network Becoming a Defacto Mainnet
Free TON Community Achieves Sufficient Decentralization With the Network Becoming a Defacto Mainnet The Free TON community declares achieving sufficient decentra
NFT Weekly Sales Volume Improves Jumping 17% Higher Than the Week Prior
NFT Weekly Sales Volume Improves Jumping 17% Higher Than the Week Prior After cryptocurrency assets jumped in value this week, following the Federal Reserve’s rate hike on W
Jesse Coghlan2 hours agoWhat happens if SEC doesn’t appeal Grayscale spot Bitcoin ETF ruling?The SEC must appeal Grayscale’s win in a D.C. Appeals Court on Oct. 13, or it will have to approve — or try to delay —
Phantom Wallet climbs Apple app store charts — Bullish sign for Solana?
Ciaran Lyons3 hours agoPhantom Wallet climbs Apple app store charts — Bullish sign for Solana?Phantom Wallet has climbed to third position on the utility category on the Apple app store and several crypto commentators
Bitcoin, Ethereum Technical Analysis: ETH Hits $2,000 Following Shapella Upgrade
Bitcoin, Ethereum Technical Analysis: ETH Hits $2,000 Following Shapella Upgrade Ethereum moved above $2,000 on Thursday, as markets continue to react to the successful Shanghai up