THE DENATIONALIZATION OF MONEY IN ACTION: Javier Milei in Argentina has got off to a roaring start (see this summary from Tyler Cowen.) One of his more under-the-radar reforms is to allow debts to only be paid in the currency denominated in the contract. Hayek would surely approve.

So Mr Milei in Argentina has done away with the concept of legal tender for his country. Debts now only need to be paid in the currency agreed in the contract.

Henceforth, currencies will compete. Who knows which ones will win – USD, BTC?

But CBDCs will surely lose. pic.twitter.com/yc9jVUf85D

— Andrew Montford (@aDissentient) December 22, 2023