Argentina: Province of San Luis will launch its own cryptocurrency

The province of San Luis, in western Argentina, is preparing to launch its own cryptocurrency, Activo Digital San Luis, pegged to the US dollar

The upcoming launching of the US dollar-pegged cryptocurrency Activo Digital San Luis, in the province of Sal Luis, western Argentina was announced this week. The provincial Executive Power will established the value of the stablecoin.

The proposal was sanctioned by the Financial Innovation Law for investment and socioeconomic development, which establishes: “The issuance of the San Luis Digital Asset will function as a debt issuance for the provincial State. The difference is that instead of issuing bonds, the State will issue this cryptocurrency.”

The stablecoin will be backed to the value of the US dollar and based on a blockchain that has not yet been revealed. For its storage, a special wallet will be established, accessible to anyone over 18 years of age.

The deputies and senators who voted in favor of the new San Luis cryptocurrency focus on it as a new savings instrument. In addition to helping “higher education students, from the age of 16, in their financial education,” through the launching of the “school savings stamps for my future.”

The province of San Luis would also be considering the creation of its own collection of non-fungible tokens (NFTs) with digital works by artists from the province.

M.Pino

With information from national and international media specialized in cryptocurrencies

(Photo: a21.com, via web)

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