51 between what cryptocurrency data shows and the public perception, which presents a problem for the growth and expansion of cryptocurrencies and fintech as a whole. If the leaders making the decisions about how to regulate these technologies do not have an accurate understanding of them, legislation can limit them unnecessarily. As the Paxful survey showed, there are both desire and need for crypto users and legislators to gain more knowledge on this topic. Promoting education centered on fintech is important for all parties involved. As individuals move toward fintech solutions offered by the private sector, the response of the government will be crucial in determining the economic stability of Argentina. If cryptocurrencies become the standard for many citizens, especially among the informal economy that operates primarily in cash, this shift may further destabilize the already volatile peso. If the majority of the country moves from using the peso to digital currencies outside of the control of the BCRA, there could be negative consequences for the country as a whole. Argentina has defaulted on foreign debts numerous times, and further weakening their sovereign currency will not help repay debts in the future. On the other hand, the fact that the BCRA and the government have shown they are willing to take steps toward embracing this new technology is a promising sign that they will continue to adapt to these changes. How Argentina and all other nations across the world will adapt to the paradigm shift of fintech will have profound implications. With today’s transaction fees and a general lack of awareness, a single cryptocurrency, such as Bitcoin, DAI, or Ethereum, becoming the globally accepted means of transacting seems outlandish. Yet countries have begun to recognize the benefits that these technologies offer individuals. Leaders in this space, such as the US, the EU, and China, all have been experimenting with their own central bank digital currencies (CBDCs). The US and the EU both have announced digital dollar and digital euro projects that are currently under the exploratory phase (Digital Dollar Project, 2021; European Central Bank, 2021). As central banks seek to develop plans for CBDCs, privacy concerns are an issue that will need to be addressed carefully. Decentralization is one of the pillars of cryptocurrencies, and CBDCs by their very nature are controlled by a central bank. One needs to look no further than China to see the privacy concerns associated with a central institution presiding over digital transactions. The People’s Bank of China (PBC) has been in the process of rolling out its own CBDC, the digital yuan, over the past few years. The digital yuan integrates with existing mobile payment services like Apple Pay and Google Pay, has no transaction fees, and is faster than credit card transactions, which is why many Chinese citizens like it. China has announced plans to eventually replace all physical cash and coins with the digital yuan. While forms of digital payment, such as Alipay and WeChat Pay, have been common in China for many years, the digital yuan raises new concerns of the PBC having complete control over the data that it collects. Unlike these private companies, there is no third-party to audit or control how the PBC uses the transaction data that it collects when people make a purchase with the digital yuan. This raises serious privacy concerns for users and companies doing business in China as to how this personal data will be monitored and used by the PBC (Shi, 2021). As countries like the US, EU, and China continue to explore the possibilities of CBDCs, finding a way to mitigate these privacy concerns will be critical in unlocking the capabilities of this new technology. Going forward, it will be important for Argentina to learn from other nations’ experiences to determine how CBDCs could be a solution to many of the country’s economic issues. Financial exclusion in Argentina has arisen from perpetual high inflation, currency controls, and the large informal economy. CBDCs, much like today’s popular cryptocurrencies, possess the ability to leverage the flexibility of fintech and address the roots of this problem. Argentina has been dependent on the stability of the US dollar for the better part of a century. Projects such as the digital dollar or digital euro may enable the BCRA to promote financial inclusion through a digital currency stabilized by another nation like the
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