Argentina’s central bank is working closely with banks and credit card companies to launch debit cards denominated in US dollars, as part of a broader effort to adopt the dollar as the country’s official currency. Central bank chief Santiago Bausili announced this initiative, which aims to provide monetary stability amid the nation’s persistent economic challenges.
The necessary regulations are already in place, and the central bank is focusing on implementing the systems and security measures required to make these cards available. Although an exact date has not been provided, local reports and industry experts suggest the cards could launch by the end of the year.
This move is in line with President Javier Milei’s broader economic vision. Milei, who based his campaign on a platform of radical economic reforms, initially promised to close the central bank and fully dollarize the economy. However, since taking office, his approach has been more cautious. It has restricted the supply of pesos and gradually expanded the use of the dollar in everyday transactions.
If successful, the introduction of dollar-denominated debit cards could significantly transform Argentina’s financial landscape, attracting more stable investments and easing inflationary pressures. However, the transition presents challenges, and its long-term impact on the economy remains to be seen.
