The Argentine currency control, otherwise known as cepo, is on of the many regulations introduced by former president Christina Fernández de Kirchner. The cepo exists out of import and export rules and currency controls designed to protect the foreign currency reserves of the Central Bank.
In his campaign, president Mauricio Macri promised to get rid of the currency controls, which would result in the blue dollar rate disappearing.
On 16 December he began the economically risky process of lifting these controls and bringing the to different exchange rates together.The government will attempt to keep the devaluation of the Argentine peso from exceeding 15.00 AR$, so that inflation is not impacted and prices are affected minimally.
If you are an Argentine who earns pesos and uses an Argentine credit card, it basically means that you will have to pay higher interest rates. Also, the price of basic consumer goods will increase a little bit, but will stabilise soon after.
Basically, in the short terms life will get more expensive for individuals, but in the end the governments hopes to achieve a more stable currency and a more healthy economy.
