The global financial landscape is marked by intense competition among currencies, where fiat currencies are seeking a digital version to maintain their relevance against the private crypto dollar (such as USDT, USDC, and the new regulated promise USAT from Tether).
1. The European Offensive Against the Crypto Dollar
Nine major European banks (including ING, UniCredit, and CaixaBank) have come together to create a private stablecoin tied to the euro (a move in the style of "MODO" Argentine) that will operate on the blockchain.
Objective: Limit the advance of crypto dollars and merge traditional finance (TradFi) with decentralized finance (DeFi).
Functionalities: Streamlining payments, facilitating the tokenization of stock assets, and allowing the programmability of money (e.g., treasury automation, reducing credit defaults).
Context: The European Central Bank continues with its schedule for the Digital Euro CBDC with a launch date in 2029, considered by analysts as too slow.
2. The Geopolitical Advance of BRICS and China
The issuance of digital currencies is a geopolitical strategy to reduce dependence on the US dollar.
BRICS: Working on a common virtual currency for international trade, backed by gold.
China: Accelerates the process and increases gold purchases to back the digital yuan, being the most advanced in this area.
Brazil: Promotes its own CBDC, the DREX, within its PIX payment platform.
3. Argentina and the Resurgence of the Digital Peso
The idea of a digital peso, stalled by the current administration, resurfaced at the Central Bank (BCRA).
Feasibility: Experts agree that a traditional digital peso would not have significant advantages due to inflation. The viable path is a stablecoin backed by bonds or assets (similar to Ripio's AL30 token).
Risk: The need to ensure anonymity (as with cash) is the main concern to avoid total traceability.
