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Saturday, February 4, 2023

Argentinian Government Advances the Creation of a National CBDC

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Argentinian Government Advances the Creation of a National CBDC – The government of Argentina has taken the initial steps toward launching its own digital currency (CBDC). The Argentinian mint has been given expanded powers to investigate, develop, and issue digital currencies as a result of a new decree with the number 207/2022. This puts Argentina on the heels of countries such as Brazil and Mexico, which are already developing their own e-currencies.

Argentina’s government is laying the groundwork for the future issuing of its own digital currency, the digital peso, by its central bank. The Argentinian government updated the activities and capacities of the national mint in a decree passed and published on April 26 with the number 207/2022, giving it new obligations and possibilities.

Also Read: Shenzhen Residents to Receive 15 Million Yuan in Digital Currency

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The decree covers capture and digital processing of data, codes, images, sounds, and microchips, digital security implementation, software design and development, teleprocessing of information, printing, or recording of databases among these new faculties.

Whilst the national mint just had the faculties to print national currency, the new decree justifies this change by stating that:

“The evolution of digital environments in terms of transactions and payments, artificial intelligence, and digital governance systems, as well as the introduction and dissemination of “blockchain” technology, cryptographic technologies, and assets, justifies an expansion of the national mint’s scope.”

According to Rosendo Gravanago, a legal advisor in the crypto asset space, this is a definite step toward obtaining a CBDC. He explained:

“This reveals that Argentina is attempting to join the CBDC movement, which has seen the adoption of centralized electronic fiduciary money.”

There are also further changes to the organization’s original aim, including the formation of a nationwide exchange with payment processing capabilities in the future. In this way, the decree empowers the national mint to handle and execute payments and/or collections on behalf of third parties using electronic devices, transactional platforms, or other means.

Also Read: Riot Blockchain Is Constructing a 1 GW Bitcoin Mining Facility in Navarro County

Gravanago told the local media that:

The national mint is given the authority to develop a sort of central exchange as a result of this regulation.

Argentina now finds itself in the CBDC panorama in Latam, following countries like Brazil and Mexico, which are already working on research and development tasks related to the eventual issue of their digital currencies.

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