Skip to main content

Argentinian Province Misiones Plans to Issue Its Own Stablecoin

misiones

The Argentinian province of Misiones plans to issue its own stablecoin in the future. This is one of the objectives that a recently approved law, the Missionary Financial Innovation Program with Blockchain and Cryptocurrency Technology, proposes. Misiones will also use a blockchain to issue documents and certificates to digitalize much of its work.

Misiones to Issue Stablecoin

The Argentinian province of Misiones informed last week it plans to issue its own stablecoin. This is part of an economic plan that seeks to modernize the structure of the province through the implementation of blockchain and cryptocurrency technology. This plan, which is laid out in the Missionary Financial Innovation Program with Blockchain and Cryptocurrency Technology, a new law that was approved by deputies last week, also features the proposed digitalization of much of the work Misiones does today.

This law would make Misiones the first province to implement the creation of its own stablecoin in Argentina. The issuance of this stablecoin could allow Misiones to have another financial tool to use in transactions with private and public entities of Argentina and the world. In its scope, the law also includes the use of blockchain to issue documents and other certificates that are now issued physically. Carlos Rovira, one of the proponents of the law, stated:

The implementation of blockchain technology tends to favor de-paperization, generating a fundamental impact on the policies for the care of biodiversity involving all species of plants, animals, microorganisms, and their genetic material.

Another proponent of the law, Roque Gervasoni, called the invention of cryptocurrencies a “scientific and technological milestone, representing one of the most salient events in the digital and traditional economy in recent times.”

Green Certificates

This blockchain initiative has a big green motivation. Another of the objectives of the law is to support the issuance of a “green bond” that would certify the ecological contributions that the province makes to the world. The certificate will be issued on top of the blockchain to certify in an unalterable way how much of the region’s carbon footprint is being absorbed by the Misiones jungle.

However, forthcoming technical details about this proposal are scarce. The new regulation doesn’t define whether the province will create its own blockchain, or if it will issue these initiatives on top of an already existing blockchain project.

What do you think about Misiones’ plan to issue its own stablecoin? Tell us in the comments section below.



from Bitcoin News https://ift.tt/3iGRPXB
Labels:

Comments

Post a Comment

Popular posts from this blog

Mt Gox Creditors Updated, Trustee Says Rehabilitation Custodian Is ‘Currently Preparing to Make Repayments’

On August 31, 2022, the Mt Gox trustee Nobuaki Kobayashi explained in a recent letter that the rehabilitation custodian is “currently preparing to make repayments” to Mt Gox creditors. Trustee Updates Mt Gox Creditors — Repayment Date and Exchange Still Unknown Last week speculation and rumors concerning the release of 140K bitcoin ( BTC ) from Mt Gox littered social media platforms and headlines. Bitcoin.com News covered the situation six days ago as a number of people and Mt Gox creditors called the rumors “ fake news .” During that same period of time, a bitcoin whale transferred 10,000 BTC to unknown wallets, and a 2018 annotation , heuristics, and clustering methods show the funds likely originated from the June 2011 Mt Gox hacks. Following the mysterious whale transfer, last Wednesday, Mt Gox published an official update from the court trustee Nobuaki Kobayashi that explains the court is “currently preparing to make repayments” to creditors. Mt Gox creditors have been wait...
Post a Comment
Read more

Economists Discuss Russia, China Potentially Developing Gold-Backed Currency That Could Undermine US Dollar

Economists have weighed in on reports that China and Russia may be developing a new gold-backed currency that could undermine the U.S. dollar’s status as the world’s primary reserve currency. Russia and China May Be Developing Gold-Backed Currency Several experts have shared their views on Russia and China potentially creating a new gold-baked currency, Fox Business reported Saturday, emphasizing that China has been buying up huge quantities of gold while Russia was forced off the U.S. dollar due to sanctions imposed on the country following its invasion of Ukraine. The news outlet noted that some experts have cautioned that these moves, along with the closer relationship that has developed between Moscow and Beijing, point to the likelihood of China attempting to launch a gold-backed currency. However, neither Russia nor China has officially confirmed plans for such a currency. Craig Singleton, senior fellow at the Foundation for Defense of Democracies and a former U.S. diplomat,...
Post a Comment
Read more

Fidelity Discusses Bitcoin as Portfolio Insurance — Could Soon Stand in ‘Stark Contrast’ to Path Fiat Currencies Take

Fidelity Digital Assets, a subsidiary of Fidelity Investments, says that bitcoin could be considered portfolio insurance. The firm notes that the cryptocurrency “may soon stand in stark contrast to the path that the rest of the world and fiat currencies may take — namely the path of increased supply, additional currency creation, and central bank balance sheet expansion.” Fidelity Says Bitcoin Could Be Portfolio Insurance Fidelity Digital Assets, a subsidiary of Fidelity Investments, recently published a research study titled “The Rising Dollar and Bitcoin.” The research outlines “how bitcoin could be considered portfolio insurance” as the rising dollar impacts global currency markets. “The strengthening U.S. dollar is wreaking havoc among other countries and may put pressure on the Federal Reserve to soon reverse its tightening monetary actions, something that has precedent based on 1985’s Plaza Accord,” Fidelity explained. In addition, “more monetary debasement may be needed to ...
Post a Comment
Read more