In
#Argentina lawmakers were discussing a new labor law that could have allowed workers to receive their salaries through digital wallets run by fintech companies. This would have given people more choice instead of being limited to traditional bank accounts.
However, banks pushed back against this idea. They argued that if salaries moved to digital wallets, it would reduce the money held in banks, which they use to give loans and support the financial system. They also said digital wallets might not offer the same level of protection as banks if a company goes bankrupt.
Because of this pressure, the final version of the labor reform removed the digital wallet option. Now, workers in Argentina can only receive their salaries through traditional banking institutions, and fintech payment providers were left out.
Fintech companies criticized the decision. They said banks were mainly trying to protect their own business model rather than improve services for users.
Even with this change, the reform is still seen as a political win for Javier Milei, because it updates labor rules that had been in place since 1974.
In simple terms: Argentina updated its labor law, but workers still cannot choose digital wallets for their salaries because banks opposed the idea.
#CPIWatch #currwntupdate #dyor $BTC $ETH $USDC