Through the Executive Branch, Uruguay accepted a $200 million loan from the Inter-American Development Bank (IDB) to face the climate crisis and promote the energy transition.

The loan, which will be amortized over 20 years, will allow the country to advance in key areas such as “the decarbonization of transport and supporting green hydrogen projects.”

Uruguay will have a three-year period to withdraw the funds, with the possibility of renewal for three additional years.

“The Executive Branch resolution designated the Minister of Economy, Azucena Arbeleche, and the Undersecretary, Alejandro Irastorza, to present the corresponding documentation to the IDB to obtain the credit.”

Other areas that will benefit from this IDB loan are the “development of green hydrogen with private participation through renewable energy resources and strengthening the ecosystem of innovation, capacity development, gender, diversity and financing for climate action.”

There are some conditions that the country must meet in terms of charging stations for electric vehicles, a roadmap for green hydrogen by the Ministry of Industry as well as a National Plan for Adaptation of the Energy Sector.

M.Pino

Source: elobservador

(Reference image source: Dan Meyers on Unsplash)

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The Minister of Economy of Argentina, Sergio Massa, indicated this Monday that the country needs a digital currency, which is why he has sent the project for a CBDC to Congress.

Although there are no further details about a digital currency from the Argentine central bank, Massa has insisted that the country needs a CBDC, which provides greater security against crimes such as tax evasion, among others, and is under the control of the Central Bank.

According to Massa, “Argentina takes more dollars out of the country than it brings in, its economy is in the black, and it also has problems in the tax system that limit development.”

This reality leads to the search for alternatives for the financial and economic apparatus of the South American country. Regarding the creation of a CBDC, Massa added: “We are going to launch the Argentine digital currency, just as your children propose in their platform economy, the possibility of trading with the cell phone or with the card, we are going to do it in a way global for all of Argentina, along with a money laundering law, so that those who have money abroad can bring it to use tax-free.”

The governor of Chaco, Jorge Capitanich, joined Massa’s position, pointing out that Argentina requires a multimonetary system; that citizens can pay with different currencies, and for this a legal and mandatory digital currency is required.

A CBDC would provide greater openness, stability and security to the financial system, in addition to opening doors to the consolidation of other sectors, such as labor, goods and services, among others.

The central bank’s digital currency has the same guarantees as paper money, issued by the central bank, although it does not have a physical counterpart.

M.Pino

Source: news.agrofy

(Reference image source: EconomiaArg, Europa Press / dpa)

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La entrada Argentina sends CBDC project to congress apareció primero en Bitfinance.

The measure on regulation of access to foreign currency in the oil and gas sector had been mentioned by the new Argentine Economy Minister Sergio Massa. However, the decree was issued this week, specifying the requirements that companies in both fields must meet to obtain foreign currency.

According to decree 484/2022, “the beneficiaries may, in order to encourage investments to increase the production of the hydrocarbon areas under their ownership, present themselves together with other legal entities with a minimum investment of US$ 50 million”.

The companies that are accepted will enjoy the corresponding benefits from the third quarter of the year. They must submit all collections for these purposes, within the time stipulated for receipt by the Secretary of Energy.

According to the decree, the companies that are accepted to receive the allocation of foreign currency, “must increase their purchases and contracts with national and regional suppliers by December 2024 by 30 % for drilling and completion items, and by 40 % for the items of production and maintenance and works and surface installations on the percentage of composition of the expense of 2021.”

Government representatives have justified the issuance of this decree, taking into account Argentina’s deficit situation in the energy trade balance. On the other hand, they consider that the measure is fundamental for the macroeconomic impulse of the country.

M.Pino

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Source: perfil

La entrada Argentina issues decree for access to foreign exchange from oil and gas sectors apareció primero en Bitfinance.