Argentina's new president recently cut off distributions to the provinces. Many of them have a peso deficit: they collect fewer pesos in taxes than they spend. To cover the gap, La Rioja province approved Bocade, a pseudo-currency. They'll pay up to 30% of government salaries. You know what happens next!
But there is a catch: this time the federal government is not willing to eventually print pesos to cover the newly issued Bocade. So, I don't know at what price Bocades will be traded in bakeries throughout La Rioja given that the federal government is not "backing them".
From the article: