The Misiones stablecoin could be the first of its kind in the South American country. Digital data storage seeks to provide transparency and protect the environment.

In recent days, the Chamber of Deputies of Misiones approved creating the Missionary Financial Innovation Program with Blockchain Technology and Cryptocurrency. This new project will allow that Argentine province to have its stablecoin and store public administration data on the blockchain.

The Ministry of Finance, Public Works and Services of Misiones released a statement on this conceptual framework. They said that the province will now transform the finances and public and private management of its population. An interdisciplinary team that includes Finance Minister Adolfo Safran is in charge of analyzing the bill.

The Blockchain Will Serve to Create a Stablecoin, Manage Data, and Protect the Environment

The Deputies have already ratified the new law, but the Senate of the province has not yet approved it. One of its objectives is to create a stablecoin that will function as a financing and transaction tool with national and international private and public entities.

They will also encourage the use of the blockchain to manage data in different areas of public administration. The Ministry of Finance noted that state entities in Misiones have already used these technologies. For example, the Technology Hub of the Industrial Park of Posadas, the province’s capital, issued blockchain-based certificates.

The Misiones Tax Agency will also use this method for the Missionary Digital Citizen application. In this way, they will be able to identify taxpayers by scanning their identity documents.

The Chamber’s official bulletin, which announces the approval of the text, provides details about the objectives of the law. The former Governor of Misiones Carlos Rovira and Roque Gervasoni, legislators of the ruling provincial party Frente Renovador para la Concordia, promote the regulation.

The law seeks to provide traceability, security, inalterability and transparency to any data and process. Besides, Rovira says that implementing blockchain technology favors de-paperization, having a fundamental impact on biodiversity protection.

The official publications also specify that the Misiones Blockchain Program relates to creating the so-called Green Certificate. This bond will be a record of the economic values that the province provides in the form of environmental contributions. In this way, there will be proof of how Misiones contributes to absorbing part of the carbon footprint through its jungle.

Misiones Has Been Interested in Cryptocurrencies and Blockchain Before

In recent years, cryptocurrencies have occupied the legislative halls in this Argentine province on several occasions. In August 2020, a project emerged to reward environmentally aware citizens with the JellyCoin cryptocurrency. The organization Proyecto Colmena is still in charge of developing the plan and has even presented its White Paper.

In 2020, Deputy Roque Gervasoni introduced a bill to create a cryptocurrency exchange with state participation. Although that initiative was not successful, the legislator could collaborate in the new program that the Chamber of Deputies of Misiones recently approved.

By Alexander Salazar

The US Congress proposed converting stablecoins into the equivalent of public money. The lawmakers recommend introducing a Central Bank digital currency and imposing taxes on stablecoins.

The Federal Reserve and Congress are on the task force of President Joe Biden’s administration. They recently released a document urging to regulate the use of stablecoins in the United States.

Caitlin Long said that the committee’s deliberations on that issue are still likely to continue. That Twitter user is a Bitcoin advocate and finance expert with over 20 years of experience at Wall Street.

According to the document, the government plans to convert stablecoins into the equivalent of public money. Banks insured by the Federal Deposit Insurance Corporation should be in charge of issuing it. Additionally, the US Treasury or reserves of the Central Bank should back each of the stablecoin icons. They are also planning to introduce a central bank digital currency and impose taxes on private stablecoins.

The publication concludes that innovation exceeds regulation, creating an uneven playing field. For that reason, it is easier and cheaper for technologically advanced companies to offer similar products and services.

Likewise, it reviews the history on this subject, noting that the problems associated with the production of money are like fifty years ago. First, it mentions the use of banknotes from private banks as a relevant aspect.

In the 19^th century, more than a dozen American banks created private notes that served as legal tender. Some problems with its operation led the US government to take control of the then monetary system. For that reason, they created the current national fiat currency of the United States.

Finally, the document adds that people seem to be currently using stablecoins as money. However, their prices are independent of geography but not of the perceived risk of their supporting assets. In that respect, they are very similar to the old private banknote system.

US Legislators Will Adjust the Regulations on Stablecoins

The report outlines new legislation for the United States to stop using one-to-one parity with stablecoins and the US dollar. That is what it is currently doing, using international reserves.

The document proposes to pass a law for stablecoin issuers to become Banks insured by the Federal Deposit Insurance Corporation (FDIC). The authors believe that Congress could adopt various regulations and oversight activities to do this.

However, some lawmakers argue that the banking statutes would be too cumbersome as stablecoin issuers only operate in the money market. Besides, they have also proposed subjecting these financial institutions to the regulations corresponding to a narrow banking statute. That means limiting their assets to reserves of the Central Bank or US Treasuries in the short term.

The US Congress also contemplates applying a more aggressive and comprehensive approach. That would include stablecoin issuers and the banking sector that has created flawed regulatory arbitrage for decades. In this way, they could adapt to technological development that would modify some current economic concepts. For all these reasons, they believe that it is mandatory to have a regulatory framework for stablecoins.

By Alexander Salazar

The proposal seeks that DAOs get legally recognized as unlimited liability entities, as Wyoming legislation already does in the United States of America.

A group of lawyers and developers from the decentralized finance ecosystem (DeFi) proposed a legal entity created in Australia representing decentralized autonomous organizations (DAO).

The Australian Digital Law Association and the global law firm Herbert Smith Freehills would be influencing an Australian Senate committee to encourage a new legal entity for DAOs to get recognition. This news came from news outlets CoinDesk, and Cointelegraph, and also cited an Australian Financial Review report.

Legal recognition for DAOs

DAO is an organization that runs through nodes that work with Blockchain code. This model, which appeared after the origin of Bitcoin and its underlying technology, allows organizations to function without hierarchical management. Members and nodes spot in various parts of the world and often play a role in decision-making by voting with governance tokens.

According to Cointelegraph, the initiative has the sole intention of allowing the ‘DAO Limited‘ project to have the chance to contract other legal entities through DeFi tools, which take advantage of Blockchain technology to eradicate traditional financial intermediaries like banks.

The boards of directors would meet their replacement by Internet communities, and DAOs would fall under the category of limited liability entity. This move would serve as a preventive measure for Australian members of a DAO from being responsible for any possible loss, which could appear due to decisions made by other community members.

According to the Australian Securities and Investments Commission, shareholders of limited liability entities will not be responsible for any company debt or loss unless they have brought personal guarantees.

According to what the lawyers think, the legalization of DAOs in Australia could transform the country into a more attractive alternative for global companies in the digital asset sector. A previous report noted that Australian DeFi entrepreneurs are moving en masse to jurisdictions with better regulations on the industry. One of these countries is Germany, which shows a solid regulatory system.

Australia Would Emulate Wyoming Ways

As DAOs are a new kind of organization and featuring a unique structure, there are a few laws in the world that recognize and define these organizations in the same way that there are laws for business structures such as limited liability companies (LLC) and other corporations.

In the United States of America, the state of Wyoming marked a milestone this year by becoming the first in that nation to pass legislation that brings legal recognition to DAOs. This legalization shares many similarities to the proposal in Australia; the Wyoming regulations recognize decentralized autonomous organizations as a new type of Limited Liability Company.

The intentions of lawyers in Australia arrive at a moment when DAOs seem to be acquiring popularity within the crypto-environment. In addition, the cryptocurrency exchange ShapeShift announced that it would dissolve its current corporate archetype to become a DAO. The plans of the company are part of its commitment to DeFi.

By: Jenson Nuñez

According to Palmer, cryptocurrencies show negative features of the current capitalist system. Palmer also says that the crypto industry takes the finances from desperate people.

Jackson Palmer, Co-creator of Dogecoin (DOGE), went to social media and commented against cryptocurrencies. According to Palmer, this is hyper-capitalist technology aimed at making people who already have money richer by means that, in his view, lack ethics.

The Developer Believes that Cryptocurrencies Serve as a Right-Wing Capitalist Technology

The main goal of this technology is to amplify and increase the wealth of its defenders through a combination of tax evasion, diminished regulatory oversight, and a scarcity imposed in artificial ways.

Following the same thread, Parker spoke about the industry around cryptocurrencies. According to him it taps into a network of shady business connections and bought influencers. According to Palmer, the success of cryptocurrencies is on the false promise of get-rich-quick, by which new money gets extracted from the naive and the financially desperate people.

Also, the developer took the chance to speak against the defects that he sees in the capitalist system. He said that cryptocurrencies are like taking the worst parts of capitalism, technically setting a limit in interventions that could serve as protections or safety nets for the average person.

In addition, he stated that the crypto asset market is heavily manipulated and controlled by a cartel of many wealthy figures. These figures, he says, are moving the business toward something akin to the centralized financial system, which they say they want to replace.

For the co-creator of the cryptocurrency, which started as a simple joke, the ecosystem is still unprepared for a discussion on this topic. The co-creator said that even the most modest criticism of cryptocurrencies would be controversial for the figures who currently control the industry. It would also enrage retail investors, who have sold the false promise that they will one day become billionaires.

Debate on Twitter against the Creator of Dogecoin

Palmer and his comments generated a bunch of different opinions within crypto-Twitter. Juan Condori, aircraft line manager at the Talma Company, stated his thoughts in the following tweet: You are only a resentful person if you started something and you do not have a viable project, nothing happens, the currency stagnates, unless someone finances bad propaganda, what little person you are.

One user who argued against Palmer Ironically wrote: “OK! Ban any exchange that does not have a judge involved.” According to this user, Palmer redounds too much to say that cryptocurrencies are not the right choice because some people win and others lose.

Palmer has also received criticism for the generalization he made during his criticism. @dogedoor told him that generalizing a topic is just a dumb way of looking at things. The user continued saying that It is like saying users do not want to spend money because people use it for bad things.

By: Jenson Nuñez

Bitcoin, USDT, Litecoin, Tron, and Bitcoin Cash are going through donations to Cubans affected by the current situation in the Nation.

Some Cubans are using cryptocurrencies as an alternative to sending donations to support their countrymen in these moments of humanitarian crisis and citizen protests against the current government of Cuba.

Cubans clarified that the beneficiaries sum all citizens in the country. This news comes according to information from Coindesk, the medium that reported this news.

As reported by the media outlet, Cuban citizens started to protest against the government this month, mainly pointing to the quick escalation of the crisis that attacked the island due to the COVID-19, but the protest became political and started to aim at the government and its restrictive measures.

The economic and social crisis that has been hitting the island for more than 60 years became the main reason for the citizens to initiate protests against the current government. This situation, as some say it is the most relevant social upheaval in decades.

Coronavirus cases increased rapidly on July 9, with positive results reaching 6,422 after 3,664 the day before. Matanzas, which appears to be the most affected province, marked half of the cases in the region.  #SOSCuba and #SOSMatanzas became popular hashtags and led the trending topics in various parts of the globe.

Crypto Seems to be the Best Option

According to the situation in Matanzas, local businesswoman Thais Liset started to set strategies to aid her compatriots in that province.  According to Coindesk, she then decided that crypto donations would be the best option to bring aid to a crisis in the country due to the lack of supplies, medicines, and food.

Both Cuban YouTuber Frank el Makina and Liset received complete assistance from Erich García Cruz, a very popular Cuban crypto influencer who carries out projects such as BitRemesas and QvaPay.

These projects focus their efforts on the entry of remittances and collection in dollars by Cubans using cryptocurrencies, facilitating the procedures to aid citizens, and at the same time include them into the crypto world.

Cubans Desire to Help Each Other

The initiative started because the use of cryptocurrencies is an easy and secure method to send and receive payments from Cubans based in Cuba.  For Cubans, cryptocurrencies seem to provide the fastest way for people to make donations.

Cubans inside Cuba itself were the ones who collaborated the most. The initiative also generated a series of transactions from Cubans inside Cuba, although the number of remittances in cryptocurrencies approached a peak.

The Internet appears to be Under Restrictions

However, obstacles are impeding these donations to come to fruition. The usual internet outages on the island obstruct the proper functioning of crypto transactions. One clear proof of this situation resides in the public registry of QvaPay. No new donations have happened in days. This situation might be happening because of internet outages, and many people couldn’t use their wallets.

By: Jenson Nuñez