Argentina is currently in the research phase, according to reporting in Decrypt. Governor Raúl Jalil reportedly urged President Alberto Fernandez to create an Argentinian CBDC in February of 2021. For a long time, it appeared that Governor Jalil’s request failed to generate sufficient support. However, it was reported in 2023 that Argentina Central Bank director Juan Agustín D’Attellis Noguera has been working to introduce a legislative framework for an Argentinian CBDC as soon as possible.

Argentina earned an 85 out of 100 in Freedom House’s 2023 Freedom in the World report. Although this score is relatively high, there are still many concerns present in Argentina. Most of these issues do not tie directly into the issuance or use of a CBDC. However, of particular concern are the reports of serious government corruption.

Freedom House reported that “Many politicians hold immunity in connection with their elected posts, and are thus protected from legal consequences for corrupt behavior.” The U.S. State Department also reported that “Weak institutions and an often ineffective and politicized judicial system undermined systematic attempts to curb corruption.” Common examples of corruption included kickbacks, contracts, bribery, extortion, and protection. The existence of pervasive corruption is a major concern with CBDCs because it calls into question any promises that might be made by the government to limit surveillance, control, or other risks of CBDCs. Furthermore, the existence of corruption calls into question whether CBDC policies might be designed to exert political favoritism through subsidies, price controls, or other targeted restrictions.

For additional information on concerns regarding violations of human rights and civil liberties, see the following reports by Amnesty International, Financial Tyranny Index, Freedom House, Human Rights Watch, Privacy International, and the U.S. Department of State. For additional information on concerns regarding the risks of CBDCs, see the following webpage and report by the Cato Institute: The Risks of CBDCs and Central Bank Digital Currency: Assessing the Risks and Dispelling the Myths.

For additional information regarding metrics, the methodology page explains each of the data points and provides their respective sources.