Uncle Wong
Well-known member
To be fair I saw this on @BuySellBA's X Post.
Argentum - Argentina's New Proposed Currency
Ricardo López Murphy has introduced a bill in the Chamber of Deputies to replace the Argentine peso with a new currency called "Argentum" (symbol "AG"). The goal is to remove three zeros from the current denomination and thus simplify calculations and transactions in Argentina’s economy.
Key features of the proposal:
Equivalence: 1 Argentum (AG 1) will be equal to 1,000 current Argentine pesos.
Cents: The hundredth part of the Argentum will be called a centavo.
Implementation date: The Argentum would become legal tender on January 1, 2026, at which point the peso would cease to be the official currency.
Transition: There will be a six-month period starting January 1, 2026, during which both bills (peso and Argentum) can be used. After that, only the Argentum will be legal tender.
Conversion of balances: Financial institutions must convert bank balances from pesos to Argentum using the $1,000 = AG 1 ratio.
Issuance: The Central Bank will be responsible for issuing the new bills and coins, and may stamp existing peso bills to validate them as Argentum during the transition.
Scope: The proposal specifies that this is not an economic reform, but rather a technical tool to simplify operations and accounting records. It does not affect the purchasing power of the currency nor does it imply a structural economic reform.
Legislative status: The bill has been introduced in the lower house and, if approved, the Argentine peso would cease to exist as currency in 2026. As of now, the bill is under parliamentary review and has not yet been enacted into law.
Motivation: The initiative responds to accumulated inflation and the need to “organize the monetary system” and avoid using excessively large figures in prices, wages, and commercial transactions.
In summary, if Congress approves the bill, the Argentine peso will be replaced by the Argentum starting in 2026, with an exchange rate of 1 Argentum = 1,000 pesos, removing three zeros from the current currency and aiming for greater clarity and simplicity in everyday economic activity.
Argentum - Argentina's New Proposed Currency
Ricardo López Murphy has introduced a bill in the Chamber of Deputies to replace the Argentine peso with a new currency called "Argentum" (symbol "AG"). The goal is to remove three zeros from the current denomination and thus simplify calculations and transactions in Argentina’s economy.
Key features of the proposal:
Equivalence: 1 Argentum (AG 1) will be equal to 1,000 current Argentine pesos.
Cents: The hundredth part of the Argentum will be called a centavo.
Implementation date: The Argentum would become legal tender on January 1, 2026, at which point the peso would cease to be the official currency.
Transition: There will be a six-month period starting January 1, 2026, during which both bills (peso and Argentum) can be used. After that, only the Argentum will be legal tender.
Conversion of balances: Financial institutions must convert bank balances from pesos to Argentum using the $1,000 = AG 1 ratio.
Issuance: The Central Bank will be responsible for issuing the new bills and coins, and may stamp existing peso bills to validate them as Argentum during the transition.
Scope: The proposal specifies that this is not an economic reform, but rather a technical tool to simplify operations and accounting records. It does not affect the purchasing power of the currency nor does it imply a structural economic reform.
Legislative status: The bill has been introduced in the lower house and, if approved, the Argentine peso would cease to exist as currency in 2026. As of now, the bill is under parliamentary review and has not yet been enacted into law.
Motivation: The initiative responds to accumulated inflation and the need to “organize the monetary system” and avoid using excessively large figures in prices, wages, and commercial transactions.
In summary, if Congress approves the bill, the Argentine peso will be replaced by the Argentum starting in 2026, with an exchange rate of 1 Argentum = 1,000 pesos, removing three zeros from the current currency and aiming for greater clarity and simplicity in everyday economic activity.
