Javier Milei admitted his plan to dollarize Argentina has stalled, saying the biggest obstacle is that citizens simply don’t want to abandon the Argentine peso. Despite allowing transactions in U.S. dollars and offering tax incentives, Milei said most people continue using the local currency.

Milei had proposed a “currency competition” model, letting people freely choose between the peso, U.S. dollar, or even crypto. However, adoption remained limited, leaving the peso as the default for everyday transactions. He emphasized that dollarization cannot be forced and depends on voluntary public uptake.

After easing currency controls, volatility increased and the government later sought stabilization measures. U.S. Treasury Secretary Scott Bessent previously signaled support for efforts to stabilize the peso, highlighting the challenges Argentina faces in transitioning away from its domestic currency.