The Argentinian Government has made the first steps toward launching its central bank’s digital currency (CBDC). A new decree, 207/2022, gives new capabilities to the Argentinian mint for the research, development and issue of digital currencies. Argentina now follows Brazil, Mexico and other countries that have already developed their digital currencies.
Argentina is ready for the CBDC
The government of Argentina has begun to prepare the legal environment for the future issuing of its digital currency central bank, the digital peni. The Argentinian government amended the functions and powers of the national currency mint with a publication date of April 26th, with the number 207/2022. This gives it new responsibilities as well as possibilities.
The new faculties will include the capture and digital processing data, images and sounds as well software design and implementation, digital security, digital security, teleprocessing, printing and/or recording databases.
Although the nation mint only had the ability to print the currency of the country, the decree now justifies that change.
Currently, the advancement of digital environments in terms of transactions and payments… artificial intelligence and digital governance systems, as well as the emergence and proliferation of “blockchain” technology, cryptographic technologies and assets justify the update of the reach of the national mint.
This is, according to Rosendo Gravanago (legal counsel in crypto assets), a step in the right direction for issuing a CBDC. He said:
It is clear that Argentina seeks to adopt the CBDC trends, which has already seen the adoption of centralized electronic fiduciary funds.
Argentinian National Exchange and Payment Platform
Other modifications have been made to the organization’s original purpose. This suggests the possibility of an exchange national with payment processing options. The decree gives the authority to the national mint for the management and execution of payments or collections for third parties using electronic devices, payment platforms and other methods.
Gravanago stated to the local media:
The national mint can now create a type of central exchange by implementing this regulation.
These modifications place Argentina behind Brazil, Mexico and Mexico in Latam’s CBDC panorama.
How do you feel about the steps that the Argentinian government has taken towards the possible issuance a digital peso
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