In San Luis, a province of Argentina, a Financial Innovation Law that proposes the investment and socio-economic development of the province through a new mechanism, the creation of a stable currency backed by the province of San Luis itself.
The promulgation of this law is verified after the National Blockchain Committee has been created by the national government. The recently approved regulations of the province establishes that the use of the chain of blocks will be the main technology to develop digital platforms to integrate services and applications.
The regulation approves the creation of exchange digital assets, What is not yet clear in the regulations is under what format this new savings modality will be established. In general terms, the law indicates that some “San Luis saving digital assets” for an amount that does not exceed two percent of the annual budget of the provincial central administration.
The creation of these digital assets will be a “convertible dollar at the seller’s rate, published by the Provincial State Financial Agent, at the time of the exchange”. In this sense, it is glimpsed that the digital asset of San Luis will not fluctuate in the free market, but will be supervised and regulated by an entity belonging to the province.
The regulation also clarifies that these digital assets that the province will issue will be 100% backed by “financial assets of the Provincial State realizable in the short term”. In this sense, short-term realizable financial assets are understood as any investment operation, accounts receivable, among other types of assets that make up the patrimony of the province. Which means that these digital assets will be issued as a kind of a public debt bond.
Here is an important issue to take into account, This law responds to a project that was passed into law in 2011 when, as incentives, high school students were given the opportunity to receive a number of state stamps, which could be treasured and later exchanged for physical money.. With the implementation of this new regulation, this exchange possibility has an improvement in terms of value.
Previously, the provincial government granted him an amount of “School Savings Stamps for my Future” to each student who complies with the requirements of the 2011 law, and this new regulation allows the use of these same stamps to carry out the respective exchange before the financial authority of the provincial state with a revaluation of the stamp.
In addition, with the possession of the “San Luis de Ahorro digital assets” holders may transfer them to third parties through the wallet that is enabled for this purpose, or through a transfer in the markets that must be established from the creation of this new savings modality.
A marked difference in this regulation with the savings stimulus plan through stamps, is that freedom is established for any natural person over eighteen years of age or legal entity to acquire these digital savings assets.which according to the sanctioned law It is not yet clear that it is effectively a stablecoin or a token, nor does it clarify under which network it will be created. It is limited to indicating the creation of the digital asset in the Blockchain chain and of “implement the use of Smart Contracts”.
The regulation also creates a digital art asset, which encourages artists to use Blockchain technology to market their works. through the use and implementation of Non-Fungible Tokens (NFT). In addition, they announce that the art collections of the Province will be part of these non-expendable assets present in the local crypto market.
It only remains to wait for the regulation of this regulation to be able to know what type of digital asset will be created, under which Blockchain network it will be operable and if an own virtual wallet will be created or if any of the already existing and widely used ones in the cryptographic sector can be used.
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