New Law Makes Misiones to Issue Own Stablecoin in Argentina

New Law Makes Misiones to Issue Own Stablecoin in Argentina

Misiones, the first province of Argentina to impose the financial innovative law that uses Blockchain and Cryptocurrency. This recently approved law, the Missionary Financial Financial Innovation Programs is making Misiones to issue its own Stablecoin.

The plan to issue a stablecoin is an economic plan to implement the blockchain and crypto technology for updating the structure of the province. The new law was approved in the House of Representatives of the Province last-week, to digitalize the work of Misiones.

The objective to create stable cryptocurrency is to digitize the information in a reliable, securable, traceable, and also ecological way. Issuing this stablecoin will enable Misiones to have another transaction and financing tool used for transactions with private and public entities in Argentina and the world.

In the subject of the fundamentals of the project, Carol Rovira, one of the proponents affirmed that:

“The use of blockchain technology tends to favor de-paperization, which has a significant impact on biodiversity policies. Biodiversity is the variety of life forms that develop in a natural environment, including all species of plants, animals, microorganisms, and their genetic material, as well as the relationships they form with one another and with the environment.”

Green Certificate via Blockchain Technology

On the other hand, the principle empowers the provincial Executive Power, as the enforcement authority, to issue a “green certificate”. This will be a document that supports the benefits generated by ecosystem services. It works as a means of limiting the economic exploitation of missionary land in order to preserve biodiversity.

Moreover, if the province starts to issue the Green certificates, it may be in traditional way or digitalized with blockchain-technology. This adoption of a new legislative tool is a basis that allows the progress in economic acknowledgment of the enormous contribution that missionary biodiversity makes to minimize the effects of climate change.

Significantly, the new regulation has not confirmed the blockchain until now. The province may create its own blockchain or will integrate the existing blockchain technology.

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