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