The Argentine province of San Luis has passed a bill that allows it to issue a stablecoin pegged to the dollar. The new law will also give local artists a chance to get their work done in the form of NFTs.
The bill, titled “Financial Innovations for Investment and Socioeconomic Development”, is the latest step towards digitization of the sector. The legislation aims to use blockchain for the benefit of the sector. These benefits include “financial innovation” and “social, economic, cultural and financial inclusion”.
What’s in the new law?
Law’s potential stablecoin will be 100% collateralized in San Luis’ liquid financial assets. Once it becomes available, it will be accessible to all the citizens of the state. It is currently unclear how this stablecoin will function, as current legislation only paves the way for creation.
The law also gives state governments wide powers with respect to blockchain technology. This includes building platforms using blockchain and creating blockchain training programs. San Luis also hopes the technology will help streamline administration and increase transparency. Also reduce the use of paper in state agencies.
By law, all owners of crypto assets in the state must be over 18 years of age.
blockchain for local good
San Luis is the latest subnational region to use blockchain for social good. CityCoin is an example of a private initiative designed to generate revenue for local municipalities. The project is built on Stack, an open-source blockchain network powered by bitcoin. MiamiCoin (MIA) was its first iteration, followed by New York and Miami.
The world’s most famous supranational government – the UN – has used technology to help vulnerable Ukrainians.
On Thursday, Stellar Networks announced a partnership with the United Nations International Computing Center (UNICC) to transport USDC to those affected by the Russian invasion of Ukraine. People in need will receive money in USDC. To avail, users need to download Vibrant, a non-custodial digital wallet, on their phones. The money can then be converted into dollars, euros or the local currency.
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