Despite Argentine President Javier Milei rolling out a tax-free deposit bill to attract capital back into the country, due to a severe trust crisis, the country’s public has still hoarded nearly 170 billion USD in cash outside the banking system, and the new bill has attracted even less than 1 billion USD in dollar deposits. It is said that this is related to the crisis in 2001 involving the Argentine government’s forced conversion of dollar deposits and restrictions on withdrawals. Due to the lukewarm response to the policy, Milei has recently withdrawn his core campaign promises to abolish the central bank and achieve economic dollarization. (Bitcoin com)