Argentina's President Javier Milei Confirms the Closure of the Central Bank

Argentina's President Javier Milei makes a groundbreaking move by confirming the closure of the Central Bank, a decision that has sparked widespread interest and speculation.

Dive into the details of this bold policy change, the expected impact on the country's economy, and how it aligns with Milei's libertarian ideals and support for cryptocurrencies like Bitcoin.

Milei Reaffirms Central Bank Shutdown in Post-Election Move

Argentina's newly elected President Javier Milei has reconfirmed his election promise to shut down the Central Bank.

This confirmation was reported in a statement posted on the 24th by the official Twitter account of the Argentine Presidential Residence.

Financial news outlet Watcher.Guru, known for reporting on cryptocurrency and finance-related news, also reported, “Argentina's President Javier Milei confirms the closure of the Central Bank.”

Official Statements and Upcoming Government Agenda

The statement from the Presidential Residence included, “The only official information about the future administration led by Mr. Javier Milei will be announced by this media.”

Milei has reposted multiple related posts on his own Twitter account.

The statement also detailed the appointments of Osvaldo Jorcano as the head of the National Social Security Administration (ANSES) and engineer Horacio Marin as the head of Argentina's state-owned oil company, YPF.

It mentioned that “As part of the upcoming President's agenda, a phone call with South Korea's President Yoon Seok-youl is scheduled for this afternoon.”

The content regarding the closure of the Central Bank was stated at the end of the announcement, emphasizing, “Considering the spread of misinformation, we want to clarify that the closure of the Central Bank of Argentina (BCRA) is not an issue.”

This implies that there is no room for negotiation in the closure of the Central Bank, and a process to reduce its operations is expected to begin.

Milei's Ideology and Reforms

Javier Milei, an advocate of libertarianism, has called for reforms including the abolition of the Central Bank and Argentine peso, and the dollarization of the economy.

He gained attention in May this year by destroying a model of the Central Bank on a television show.

Milei has previously expressed support for Bitcoin (BTC), which has led to significant interest from the cryptocurrency industry in his upcoming policies and Argentina's direction after the abolition of the Central Bank.