The Argentine president advocates for a clear division of crypto and the state

President Javier Milei recently advocated for maintaining a separation between cryptocurrency and state control.

Speaking at “Meta Day Argentina,” an event held at Palau Libertad Domingo Faustino Sarmiento, Milei criticized central bank digital currencies (CBDCs) and advocated private management of cryptocurrencies, warning against overreach of the government

Opposition to CBDCs and state control

In his speech, the president declared, “Don’t let the state take over and run cryptocurrencies.” Milei believes that private cryptocurrencies offer a reliable alternative to state-issued currencies and have emerged as a response to public dissatisfaction with royalty payments – profits made by governments from issuing currency.

He described digital assets as a revolutionary means of dismantling the state’s monopoly on money, thereby giving people greater economic independence. He further explained that technological progress, including innovations within the cryptocurrency space, serves as an important solution to the problems caused by centralized systems.

Milei also rejected the concept of CBDCs, labeling them as tools that could increase state control over financial systems. “They have already appropriated paper money and are defrauding us with the central banks,” the president said.

He generally advocated that virtual assets remain privately managed to maintain their original purpose as a trusted alternative to state-issued currencies. According to him, if the government takes charge of cryptocurrencies, “they will make us slaves.”

His comments align with his libertarian philosophy, which seeks to reduce state influence across sectors. His administration’s “Chainsaw Model” focuses on privatization and deregulation, targeting non-essential industries.

Recently, he revealed that this model is being considered for implementation in the United States. According to Milei, SpaceX CEO Elon Musk and Argentina’s Minister of Deregulation and State Transformation Federico Sturzenegger are collaborating to replicate his principles.

Trump’s Crypto Ambitions and Global Context

These statements come as US President-elect Donald Trump advances an ambitious cryptocurrency agenda following his re-election.

Trump has pledged to make the United States a global crypto hub. Throughout his campaign, he made several promises to people who are aligned with this.

His plans include firing SEC Chairman Gary Gensler, creating a Bitcoin reserve, and expanding Bitcoin mining operations in the country.

The Trump administration is already consulting with industry leaders to develop a pro-crypto regulatory framework. In addition, his team is considering several pro-crypto candidates for key roles within various financial regulatory bodies.

These initiatives are expected to position the United States as a central player in the cryptocurrency landscape worldwide.

SPECIAL OFFER (Sponsored) Binance Free $600 (Exclusive to CryptoPotato): Use this link to register a new account and receive an exclusive welcome offer of $600 to Binance (full details).

2024 LIMITED OFFER on BYDFi Exchange – Up to $2888 Welcome Reward, Use this link to register and open a 100 USDT-M position for free!