The long term effects are going to be serious whiplash. The monetary regime would go from severe inflation to super low inflation (below what Argentina needs). They will essentially be using Argentinian Government funds to buy US dollars, thereby helping the US keep its inflation under control.
That’s good for the US, but Argentina may fall into a recession. Growing economies need a growing money supply or businesses will not be able to borrow money to expand. By essentially hitching their economy to the slower growing US economy, Argentina is ensuring that their businesses pay high interest rates to borrow money. The US government is paying you 5%, risk free. Why tf would anyone loan money to Argentina less than 10-15%?
Remember how US tech companies all fired people at the same time when the Federal Reserve increased interest rates (it happened)? That’s what will happen to many companies in Argentina at the same time.
Edit: lol, he was just lying about “dollarization” for votes because it’s nuts:
He added no dollarization was planned in the short-term, as fiscal and monetary stabilization were need, the first source said.