There is a long history of governments choosing to use something as a national currency that is outside the control of the central bank -- the US Dollar, gold,

There is a long history of governments choosing to use something as a national currency that is outside the control of the central bank -- the US Dollar, gold, silver, etc. It has been tried many times before, and sooner or later it has always led to panics, bank runs, financial instability, and brutally painful recessions. In theory, panics "should not happen" if banks are properly run. In reality, people can and will panic from time to time, because the rational response to concerns that banks may fail is to withdraw everything from them. If Milei is successful in getting Argentina to adopt the US Dollar as the national currency, I can confidently predict a future wave of bank runs: A majority of depositors will show up asking to get their dollars out of their banks, which will of course call the Argentine Central Bank to try and borrow dollars... but the Argentine Central Bank itself can run out of them.