This is a measure being studied by the Ministry of Commerce that follows the line of moving towards a system of currency competition, where the public can handle both pesos and dollars.
The Government will soon take the first steps of what is defined as a “coin competition”, by allowing businesses and companies to show their prices both in pesos as in dollars and charge in that currency. It would be a very important advance from the point of view of consumers, in a context in which the economic team managed to somehow stabilize the exchange rate in a ratio of $1000 to one dollar.
As confirmed by sources from the Ministry of Commerce to Ámbito, the measure is being studied. Above all, work will have to be done on payment service provider companies so that they can adapt the systems. Prices will be able to be displayed in both currencies and payments will also be able to be received.
With this, the Government will be promoting a de facto bimonetary system, just as it exists in Peru and Uruguay, where both dollars and the national currency can be used. It remains to define, in the case of Argentina, If a reform is going to be promoted in the law that establishes the forced exchange rate of the peso so that it no longer has this characteristic.
In other words, beyond the fact that a trade can accept US currency when selling a product, then you would have to convert it to pesos to pay taxes, because at least as the law stands now, only the national currency has the power to cancel debt.
Peso and dollar coexistence
A reform towards bimonetarism would then imply determining that both the peso and the dollar are official currencies in Argentina. In Peru this was established through a constitutional reform in 1993. In the experience of the Latin American country in the first years there was a strong de facto dollarization of the economy, but after inflation was stopped the public returned to the local currency. Today the dollar is used in Peru for long-term savings.
With the reform that the Government is analyzing, it is intended that the Debit cards can make payments in dollars. These plastics would be linked taking advantage of the results of the regularization of assets (CERA accounts) that were used to launder foreign currency.
Source: Ambito
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