Besides the fascination provoked to IT specialists and to internet users from across the world, the bitcoin is now debated at a political level. Political controversies about it appeared since the April 2013 Cyprus crisis, but now, a government thinks about using this currency to control inflation.
We are talking about Argentina, a country that managed to achieve a relative economic stability, after the 1996-2005 period, when the country suffered inflation of 60% per year. Official from this country declared that the bitcoin is an interesting currency that can consolidate the progresses made by this country lately. However, inflation is still at high rates, and the underground economy is stronger than ever.
The inventor of Bitcoin claims that this currency is non-political, and it will never be under the control of any government. However, the Cyprus crisis showed the importance of this currency, and its potential. According to Argentinean officials, the bitcoin can be an alternative to the degrading peso.
The Bitcoin sustainers even filmed this great piece in Buenos Aires, to sustain the idea. The result is 8 minutes of film, which practically explain why the Argentinean government should adopt this currency. According to the “producers”, the inflation in this country is created by the subterranean economy. BitcoinFilm.org is the website where this movie can be seen, and it also presents some other interesting ideas. The printed money is not an alternative anymore, and as the internet and communications take over the world, it is normal to find fin payment methods more adapted to the modern world.
The movie also sustains the benefits of Bitcoin in the Argentinean economy. The underground money can disappear this way, and even the possibility of opening a Bitcoin office was talked. The governmental abuses in Argentina are known to the world, and as the officials don’t even hide those, it is unlikely to introduce such currency that would probably annoy many “important” people of this country. Moreover, the Argentinean authorities applied capital controls, which prevent average citizens to transfer large sums of money and gold using credit cards, meaning that, just like in the case of Cyprus, the Bitcoin remains the only method to transfer large sums outside the country.