Milei's dollar deposit push struggles to win over Argentines
Updated
Updated · Bloomberg · May 3
Milei's dollar deposit push struggles to win over Argentines
12 articles · Updated · Bloomberg · May 3
In Buenos Aires, used-car dealer Alejandro Lamas says customers still bring stashes of ageing US bills kept under mattresses rather than in savings accounts.
The weak response to Milei's latest plan to channel cash dollars into dollar-denominated bank deposits underscores persistent public mistrust of both the state and financial system.
That scepticism, rooted in Argentina's long history of economic instability and banking trauma, suggests large volumes of household dollars may remain outside the formal economy.
With trust in banks at historic lows, could stablecoins and digital assets become Argentina’s true financial backbone—or will scandals doom them too?
What breakthrough policy or innovation could finally convince Argentines to abandon cash hoarding and embrace formal banking after decades of distrust?