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Argentinian Government Advances Creation of National CBDC CryptoBlog

ByHazel R. Lang

Apr 29, 2022

The Argentinian government has taken the first steps in launching its own central bank digital currency (CBDC). A new decree with number 207/2022 gives new powers to the Argentine Mint to get involved in the research, development and issuance of digital currencies. This puts Argentina on the trail of countries like Brazil and Mexico, which are already involved in the development of their electronic currencies.

Argentina prepares the ground for a CBDC

The Argentine government is preparing the legal ground for the future issuance of its own central bank digital currency, the digital peso. In a decree approved and published on April 26 under number 207/2022, the Argentine government modified the functions and faculties of the National Mint, giving it new responsibilities and possibilities.

In these new faculties, the decree includes the capture and digital processing of data, images, codes, sounds and microchips, the design and development of software, the implementation of digital security, the remote processing of information , printing and/or saving databases.

While the National Currency only had the ability to print the national currency, the new decree justifies this change by specifying that:

Currently, the advancement of digital environments in terms of transactions and payments…artificial intelligence and digital governance systems, as well as the emergence and proliferation of blockchain technology, cryptographic technologies and assets justify the national currency scope update.

For Rosendo Gravanago, legal adviser in the field of crypto assets, this is a clear move in the direction of issuing a CBDC. He stated:

This gives us the pattern that Argentina is trying to enter the CBDC trend, a trend that has embraced centralized electronic fiat currency.

Argentinian national exchange and payment platform

Additionally, there are other modifications to the original purpose of the organization that hint at the future creation of a nationwide exchange with payment processing capabilities. In this sense, the decree allows the National Mint to manage and execute payments and/or collections on behalf of third parties through the use of electronic devices, transactional platforms or any other means.

Gravanago told local media that:

With this regulation, the National Mint is empowered to create a sort of central exchange.

These changes place Argentina in the panorama of CBDCs in Latam, behind countries like Brazil and Mexico that are already engaged in research and development tasks related to the future issuance of their digital currencies.

What do you think of the sets that the Argentinian government is taking in view of the possible issuance of a digital peso?

Sergio Goschenko

Sergio is a cryptocurrency journalist based in Venezuela. He describes himself as late in the game, entering the cryptosphere when the price surge happened in December 2017. Having a background in computer engineering, living in Venezuela and impacted by the cryptocurrency boom at social, it offers a different point of view. on the success of crypto and how it helps the unbanked and underserved.

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