The Blockchain Development Bill Was Approved by San Luis Obispo.

As part of Argentina's ongoing effort to become more digitally advanced, the province of San Luis took the initiative to use blockchain technology for the first time. A bill with the number VIII-1085-2022 and the title "Financial Innovation for Investment and Social Economic Development" was recently passed by the provincial legislature. This bill, which was recently approved, introduces blockchain as a tool to potentiate the development of several fields in the province, including the generation of value and the improvement of auditing processes.

In accordance with this regulation, San Luis is considering the possibility of issuing its own own dollar-backed stablecoin. Every resident of the province will have access to the token, which will be given the name "San Luis Savings Digital Asset." Additionally, the token will be fully collateralized by liquid financial assets owned by the provincial government. As the rulebook for this regulation has not yet been developed, it is still unknown if this digital asset will be used as a currency or will simply act as a form of debt bond. This is because the law has not yet been codified.

In addition, the law stipulates that the province shall be permitted to issue up to 2% of the annual budget of the province in the form of debt at any given time. The law does not identify the chain on which these assets will be issued; however, it does stipulate that users will be able to transfer them to one another by using a variety of wallet accounts.

Art NFTs

In addition to that, the law has a chapter that is specifically devoted to the distribution of artistic digital assets. It specifies that it will issue "San Luis Art Digital Assets" as art collections developed by local artists of the province with the aim of providing them with a platform for digitizing their own artwork. These art collections will be available online. These pieces will be distributed in the form of NFTs, which stands for "non-fungible tokens." This will ensure that each one is "unique" and will confer ownership and authenticity to whoever is in possession of the digital asset.

Additionally, the province will establish an internal market that will enable creators to commercialize their works, elevating their profile within the artistic community of San Luis because they will be seen as contributing members of that group.

Recently, Argentina has been making efforts to include blockchain technology into its growth goals, and on December 7, they issued a blockchain national framework that was presented to the public. Auditing and identification are outlined as two potential applications of blockchain technology in the document, which also establishes a national blockchain committee. Blockchain technology may also be beneficial in other contexts. On the other hand, there is no mention of the issuance of currency.

Sergio Goschenko

Sergio is a journalist who covers the cryptocurrency industry and lives in Venezuela. He considers himself to be a late entrant, having just started investing in cryptocurrencies when there was a significant price increase in December of 2017. Because of his background in computer engineering, his current location in Venezuela, and the fact that he has been personally impacted by the boom in cryptocurrency on a social level, he offers a unique perspective on the success of cryptocurrencies and how it helps the unbanked and the underserved.