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In Argentina, Javier Milei Opened the Door for Salaries, Contracts and Businesses in Any Currency — Dollar, Gold or Even Bitcoin — as Part of His Agenda to End the Central Bank.
Argentina took another step towards an unprecedented economic policy on the continent. President Javier Milei, amid the economic crisis hitting the country, moved forward with his campaign promise: he weakened the power of the Central Bank and enabled the use of alternative currencies, such as dollars, gold, and Bitcoin, in labor contracts, businesses, and everyday transactions. According to analyst Fernando Ulrich, the measure aims to confront chronic inflation, which, according to Milei, is a direct consequence of the unchecked issuance of pesos.
In practice, companies and workers can now choose which currency to negotiate salaries or formalize contracts, breaking the monopoly of the national currency. The president, who had previously defended the closure of the Central Bank, sees this opening as a way to restore freedom to Argentines and create a less crisis-prone economic environment.
End of the Argentine Peso Monopoly
Historically, the Argentine national currency suffers from frequent devaluations and double-digit inflation. Milei accuses the Central Bank of being directly responsible for this process, by expanding the monetary base to finance government spending. The solution found was to break the peso monopoly, allowing workers and entrepreneurs to choose the most reliable asset to preserve value.
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The decision brings Argentina closer to uncommon experiences worldwide. Countries like El Salvador have adopted Bitcoin as official currency, but restricted the choice to a specific alternative. Milei’s model, however, is different: it creates an open competition among currencies, where each citizen can opt for the payment method they consider safest.
Dollar, Gold, and Cryptocurrencies in Daily Life
In practice, immediate preference tends to be placed on the U.S. dollar, which is already widely used in the Argentine economy, especially in real estate and high-value transactions. However, the legislation also opens the door for contracts in gold and even Bitcoin, which begins to compete in the formal job market. For supporters of the measure, this protects citizens from the inflationary erosion of the peso, allowing them to preserve income in stronger currencies.
On the other hand, critics warn that the opening may increase inequality between those who have access to strong currencies and those who continue to receive pesos. Moreover, the use of cryptocurrencies still faces regulatory challenges, volatility, and large-scale acceptance.
Impacts on the International Scenario and Brazil
The measure transforms Argentina into a global economic laboratory. If it works, it could serve as an example for other countries in monetary crisis; if it fails, it will reinforce the weight of the economic orthodoxy that Milei insists on challenging. For Brazil, a neighboring and main trading partner, the impact is direct: bilateral contracts and supply chains could be affected by the multiplicity of currencies in circulation.
Experts like Fernando Ulrich highlight that Argentina, by allowing salaries and businesses in alternative currencies, takes a radical step towards individual financial freedom, but assumes high risks of instability and legal challenges to contracts.
The dismantling of the Central Bank’s power is a landmark in Milei’s government. Instead of controlling inflation with traditional monetary policies, the bet is on decentralization and free choice. However, the country faces the challenge of creating enough confidence for investors, businesses, and workers to accept this new model in an environment already weakened by decades of crises.
And you, do you believe that allowing salaries in dollar, gold, or Bitcoin could be the solution to the Argentine economic crisis? Could this monetary freedom inspire other countries, or is it an uncontrolled risk? Share your opinion in the comments — we want to hear your thoughts on this unprecedented experiment.
Tail decisão ira favorecer sem duvida a população mais rica que negociará nas moedas fortes e pagara salários aos mais pobres em peso que vai perdendo mais e mais valor. É cruel ver a extrema direita promovendo a fome e miséria onde governa para favirecer que já tem muito dinheiro.