Economy La Rioja presents bill to issue AR$15 billion in parallel provincial currency

[Flamingo]

Interesting to see how this plays out. La Rioja province is thinking about using their own kind of money instead of dollars. They might even make special bonds using this new money.

“I do not want our people to die of hunger,” said the governor. “The currency would have a percentage in cash and another in bonds. The province would receive these bonds as a way of paying for utilities, taxes, and fees.”

La Rioja presents bill to issue AR$15 billion in parallel provincial currency - Buenos Aires Herald

The local legislature is set to debate the issue in the upcoming days: if approved, it wouldn't be the first time

buenosairesherald.com

 

[Wally]

Yep saw this too

Ricardo Quintela enviará un proyecto para que La Rioja tenga moneda propia

"Vamos a enviar a la legislatura provincial un proyecto de moneda propia para la provincia", adelantó el gobernador.

www.ambito.com

 

[All the Answers]

In La Rioja, they're introducing a new currency called Bocade and issuing $22.5 Billion worth of it. The provincial legislature, which usually just approves whatever the leader Quintela suggests, already gave the green light to this plan today. Quintela is making 30% of public service employees' salaries be paid in Bocade, and businesses owned by the province have to accept them at a 1:1 exchange rate with pesos.

If I were a public employee, I might consider taking legal action or protesting because our contracts are supposed to be in the national currency, which is Argentine pesos. Not many people like pesos, and now they're introducing this new local currency, so it'll be interesting to see how things play out.

Factoid: Quintela, the governor, said he would resign if Milei won, but he hasn't kept that promise yet. We're still waiting.

 

[Vero]

It's kind of funny how this other political party used to be against using the dollar or having different currencies, and now they're creating their own currency! This pretty much shows how Argentine politics, especially the populist kind, operate. When you can't really afford what you promise, just print some paper that looks like money and give it to people, even if they might not want it. But the thing is, those papers might not be worth much, and people might not be able to do much with them.

Milei's response was spot on. They can create their currency and compete with others, but they shouldn't expect the government to step in and help when people end up stuck with that currency and want to get paid.

Only in Argentina!

La Rioja tiene casi 40 empresas estatales y más empleo público que privado registrado

El gobernador Ricardo Quintela admitió que no llega a cubrir la totalidad de los sueldos y por eso emitirá una cuasimoneda para abonar parte de los salarios. La puja con el gobierno nacional

www.infobae.com