Bitcoin

The Argentine province is analyzing the circulation of a digital currency

According to information published in the prestigious local media iProUP, The Argentine province of Cordoba plans to distribute a digital token for payments within its jurisdiction.

Take into account the information given in the media the proposal by the legislature of the Argentine province to create the decentralized solution as a voluntary means of payment among the citizens of Cordoba.

First, the Commission for Economic, Budgetary, Public Administration and Innovation of the Provincial Legislature is the proponent of the use of tokens in the area of ​​the local economy by the legislator Leonardo Limia.

The Argentine province is analyzing the circulation of a digital currency
The Argentine province is analyzing the circulation of a digital currency

As verified by the media, The proposal proposes to label the employment programs and to offset half of the subsidies in the country’s fiat currency and the rest in tokens with a wallet.

The beneficiaries can use the tokens received in the province for daily activities such as checking their balance on their cell phones, pay in allied shops with the respective QR code and have access to discounts for the transfer of the token as a means of bulk payment.

Legally, allied companies can use the tokens to pay taxes to the community.

From now on, the experts consulted in this regard use it similarly to the current Mercado Pago in Argentina.

The legislator is currently in the phase of creating the symbolized payment system and will later begin to disclose and agree with the chambers of commerce. for acceptance in accordance with the information disclosed.

According to experts, This type of initiative could create a circular economy that supports the province in difficult times of the pandemic. Provide special incentives for the payment of public services, provincial taxes and other local obligations to the city council.

Similar initiative

The impetus that has been given to tokenize the local economy since the Cordoba legislature is something new at the public level, but on the other side of the sidewalk, private initiatives have emerged in the same province in the recent past.

In April last year, Cointelegraph reviewed the local proposal for the QXA token advertised by Qaixa.

On this occasion, Maximiliano Scandogliero, CEO of the company, discussed the proposal to use an ecosystem of blockchain solutions and a sign for the local economy.

“The cryptocurrency (the QXA token) would circulate more intensely among local providers, which could in turn download it into their supply chain, also as additional elements to the salary basket and to fulfill the commitments to the Treasury. The latter will be received upon receipt be able to throw what is perceived as a cryptocurrency in the “provincial purchase” and, among other things, in addition to the wages “, as they explained in a presentation with Cointelegraph in Spanish.

The token would be projected onto the quorum blockchain under the ERC-20 standard and would provide a number of solutions for its implementation, ranging from a wallet to marketplaces for its distribution.

As economies are increasingly affected by the corona virus pandemic and the technological challenges that require more use of “contactless” payments to control their spread, The use of blockchain technology as a solution for the new decentralized finances is becoming more and more common.

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