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Argentina’s Misiones province could issue its own stablecoin

The Chamber of Deputies of the Argentine province of Misiones approved the creation of the Missionary Program for Financial Innovation with Blockchain Technology and Cryptocurrency. From this project, Misiones will have its own stablecoin and will store data from the public administration on the blockchain.

According to a statement from the Ministry of Finance, Finance, Public Works and Services of Misiones, this will be “the first province in the country to approve a conceptual framework to develop these digital tools that are transforming finance and public and private management at a global level” . The bill is being analyzed by an interdisciplinary team that includes, among other professionals, Finance Minister Adolfo Safrán.

The initiative, which already has half the ratification of Deputies but must also be approved in the Senate of the province to be approved as law, has three main objectives. The one that stands out the most is the creation of a stablecoin (or ‘stable cryptocurrency’ in Spanish) that will work for the province as a “financing and transaction tool with private and public entities in the country and the world.”

In addition, the use of blockchain for data management will be promoted in different areas of public administration. Misiones already has a history in the use of these technologies by state entities, according to the Ministry of Finance. For example, the Technological Pole of the Industrial Park of Posadas (the capital of the province) issued certificates issued based on the blockchain; Also, the Misiones Tax Agency will soon use this method for the Missionary Digital Citizen application that, among other things, will allow to identify taxpayers by scanning their identity document.

On the other hand, in the official gazette of the Chamber in which the approval of the text is announced, the objectives of the law promoted by Carlos Rovira, former governor of Misiones, and Roque Gervasoni, both legislators of the provincial official party, the Renewing Front for Concord. In this sense, it is explained that it seeks to “provide traceability, security, inalterability and transparency to any type of data and processes.” In addition, Rovira expresses that “the implementation of blockchain technology tends to favor de-paperization, which generates a fundamental impact on biodiversity care policies.”

The last of the objectives of the Mission Blockchain Program that is detailed in official publications has to do with the creation of the so-called Green Certificate. This voucher will be a record stored in the blockchain of the economic values ​​that the province contributes to the region and the world in the form of environmental contributions. Thus, it will be evidence of how Misiones contributes to the absorption of a part of the carbon footprint through its jungle.

Misiones has shown interest in cryptocurrencies and blockchain in the past

In this Argentine province, cryptocurrencies have occupied the legislative precincts on several occasions in recent years. For example, in August 2020 CriptoNoticias reported on a project to reward citizens with good practices for caring for the environment with a cryptocurrency called JellyCoin. The organization in charge is called the Beehive Project, and according to a February 2021 post, the plan is still under development and its whitepaper has already been submitted.

For his part, the deputy Roque Gervasoni had presented in 2019 a project to create a cryptocurrency exchange with state participation. However, this initiative did not prosper, although finally the legislator was able to collaborate in the new program recently approved by the Chamber.

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