The project intends to consolidate the lithium market in Latin America based on this token. The stablecoin would receive backup from lithium reserves.
Leaders of the lithium industry in Argentina and other Latin American countries are about to launch stable coins or stablecoin, which will focus its functions on the international price of this relevant mineral.
The Argentine Chamber of Lithium and the Latin American Chamber of Lithium proposed creating a token called Atómico3, based on the value of lithium. The price of lithium, a press release notes, is currently trading at USD 13,000 per tonne.
According to Pablo Rutigliano, head of the organizations, and promoter of this project, Latin America counts on lithium reserves in the world, but there is a need to establish an economy around this raw material in the region.
Standards of the Lithium Market in Latin America
The standards of the lithium market and the Latin American level is determined from the work in parallel with other organizations such as the mining chambers of Chile, Bolivia, and Peru, according to projections on the energy industry and electric vehicles (electromobility) worldwide.
On the project website, they state that Ethereum will be the native network that will host the Atomic3 stable coin. In that same web portal, potential buyers can register in advance of the token is put into circulation.
Rutigliano indicated that an effort is being made to figure the lithium reserves present in the area and deepen its exploitation once the token gets its correlation with the figured reserves.
The goal is to make a currency of the energy and electromobility ecosystem. They point out that with the stable currency an electric vehicle could be purchased as one of their use cases. The cryptocurrency will start its race with a price tag of $ 108 upon launch.
A token with a Value Anchored to the Price of Lithium
Rutigliano considers that unlike cryptocurrencies such as Bitcoin (BTC) and Ethereum (ETH), a stable cryptocurrency does not have as much volatility and is ideal to accompany the price of an asset such as lithium.
Once the cryptocurrency comes into action, investors will be able to buy the Atomic3 token with their credit card or with a bank transfer in Argentine pesos (ARS) or dollars (USD).
These payments will take part in a reserve fund or trust that the organizations that promote this proposal created to develop the project. The expectations are that, as the world faces a transition towards other types of energy models, lithium will revalue, and the Atomic3 market will become a more solid market.
It is Unclear if the Token will Help to Verify the Traceability of Lithium in its Supply Chain in Latin America
For the Argentine government, lithium is a relevant source of foreign exchange income and a good of national interest. The Argentine Chamber of Lithium is working with the Energy, Mining and Fuels Commission of the Chamber of Senators of Argentina to put on legal form a bill that declares lithium as a strategic currency.
Argentina ranks as one of the four biggest producers of lithium, an element considered by the press as “white gold.” Other countries such as Bolivia and Chile are also important producers in the region.
By: Jenson Nuñez
