Argentine Province of San Luis to Issue Dollar-Pegged Stablecoin and Local Art NFTs

Argentine Province of San Luis to Issue Dollar-Pegged Stablecoin and Local Art NFTs

San Luis, a province of Argentina, has approved a bill allowing it to issue a blockchain-based, dollar-pegged stablecoin. The bill, which also approves the issuance of local artistic assets as NFTs (non-fungible tokens) seeks to enable the promotion of social development, and economic, cultural, and financial inclusion using blockchain. San Luis Approves Blockchain Development Bill

San Luis, an Argentine province, has taken its first steps to include blockchain-based tech as part of its digitization push. The legislators of the province recently approved a bill designated with the number VIII-1085-2022, called “Financial Innovation for Investment and Social Economic Development,” that introduces blockchain as a tool to potentiate the development of several fields in the province, including generating value and improving auditing processes.

As part of this law, San Luis contemplates the issuance of its own dollar-pegged stablecoin. The token, denominated “San Luis Savings Digital Asset,” will be available to all citizens of the province and will be 100% collateralized in liquid financial assets of the provincial state. It is still unknown if this digital asset will be used as a currency or will merely function as a kind of debt bond, as the ruleset for this law has still not been created.

The law also establishes that the province will be able to issue up to 2% of the annual budget of the province. The law does not specify the chain on which these assets will be issued, but does establish that they will be transferable between users via different wallet accounts. Art NFTs

The law also includes a chapter dedicated to the issuance of artistic digital assets. It establishes that it will issue “San Luis Art Digital Assets” as art collections created by local artists of the province with the objective of giving them a platform for digitizing their artwork. These pieces will be issued as NFTs (non-fungible tokens) guaranteeing each one to be “unique, granting ownership and authenticity to the artist or holder of the digital asset.”

The province will also build an internal market that will allow creators to commercialize their pieces, giving them visibility as part of the San Luis community of artists.

Argentina has recently made moves to include blockchain tech in its development plans with the issuance of a blockchain national framework presented on December 7. The document, which also creates a national blockchain committee, describes two areas in which blockchain tech might be useful: auditing and identification. However, it does not mention currency issuance. Tags in this story Argentina, art NFTs, Blockchain, dollar pegged stablecoin, province, province marketplace, San Luis, Token

What do you think about the San Luis dollar-pegged stablecoin concept? Tell us in the comments section below. Sergio Goschenko

Sergio is a cryptocurrency journalist based in Venezuela. He describes himself as late to the game, entering the cryptosphere when the price rise happened during December 2017. Having a computer engineering background, living in Venezuela, and being impacted by the cryptocurrency boom at a social level, he offers a different point of view about crypto success and how it helps the unbanked and underserved. Bank of Russia Moves to Safeguard Crypto Companies Against Sanctions REGULATION | 21 hours ago US Senators Unveil New Crypto Bill — Experts Call It the "Most Direct Attack" on Personal Freedom and Privacy of Crypto Users REGULATION | 23 hours ago

Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleNFT Sale Starts December 17, 00:00(EST) | Check out the New KV and Sale Information | Entertainment DAO Project ‘SUPER SAPIENSS’ by Three Directors Representing Japan Next articleBitcoin, Ethereum Technical Analysis: BTC Below $17,000, as ETH Nears $1,200 Breakout Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItFollowing a Brief Fee Spike, Gas Prices to Move Ethereum Drop 76% in 12 Days

Transaction fees on the Ethereum network are dropping again after average fees saw a brief spike on April 5 jumping to $43 per transfer. 12 days later, average ether fees are close to dropping below $10 per transaction and median-sized ... read more.Today"s Top Ethereum and Bitcoin Mining Devices Continue to Rake in Profits Goldman Predicts US Recession Odds at 35% in 2 Years, John Mauldin Wouldn"t Be Surprised if Stocks Fell 40% Fed"s Bullard Wants to Raise Bank Rate to 3.5% by Year"s End, Hints at 75 Basis Point Rate Hike Microbt Reveals Latest Bitcoin Mining Rigs — Machines Produce up to 126 TH/s With Custom 5nm Chip Design