The discussion about Bitcoin (BTC) is missing as Argentina's Javier Milei devalues ​​the peso, earning praise from the IMF

Argentina's recently elected president devalued the country's currency by more than 50% and announced spending cuts, but Javier Milei, perhaps to the dismay of cryptocurrency enthusiasts, has not translated his enthusiasm for Bitcoin (BTC) into official government policy – at least not yet.

By cutting the peso's value from less than 400 to 800 per US dollar, Milei brings the government's official valuation largely in line with that of private markets, where the peso has often traded at more than 1,000 per dollar recently. What is notable, however, is that the Milei government has done nothing to lift the capital controls introduced by the previous government, which allowed it to cap the official interest rate at around 400.

Measures to reduce government spending included the announcement that contracts lasting less than a year would not be renewed, subsidies for public transport, electricity, gas and water were cut, and government advertising was canceled for a year.

The moves were praised by the International Monetary Fund (IMF). Chief Executive Kristalina Georgieva said she welcomed the “decisive measures” and called them “an important step towards restoring stability and rebuilding the country's economic potential.”

The IMF's praise will certainly raise the antennae of Bitcoin fans who have been hoping that libertarian Milei would be friendly to BTC and perhaps even push to make it legal tender in this country. “The central bank is a fraud,” Milei said earlier this year. “What Bitcoin represents,” he continued, “is the return of money to its original creator, the private sector.”

A year and a half ago, Argentina borrowed $45 billion from the IMF. One of the conditions was that the government take measures “to prevent the use of cryptocurrencies in order to prevent money laundering, informality and disintermediation.”

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