Milei Devalues Peso and Announces Austerity Measures; IMF Praises Decisiveness But Bitcoin Promotion Still Unclear
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Argentina's president, Javier Milei, devalued the peso by over 50% against the US dollar. The new exchange rate is 800 pesos per dollar.
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Milei announced spending cuts including not renewing government contracts under a year, reducing subsidies, and canceling advertising.
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The IMF praised Milei's "decisive measures" as an important step toward economic stability.
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Bitcoin supporters had hoped Milei would promote cryptocurrency, but he has not yet made it an official policy.
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A previous IMF loan required Argentina to discourage cryptocurrency use to prevent issues like money laundering.