The authorities in Latin American states have been staunchly opposed to cryptocurrencies and blockchain technology since their inception. However, Argentina appears to be a sole exception in this regard. The country is viewed as a center for the crypto technology and blockchain industries. The positive views on emerging digital currencies are seen to have been influenced by the people’s desire to overcome the restrictions placed by exchange systems and also reign in inflation.
Reports emerged from The Epoch Times adding to the country’s image as a blockchain-friendly nation: Argentina is set to have its unique blockchain system developed in alignment with the needs of the public services in the nation.
The blockchain platform was announced on the 29th June by the Argentine Internet Chamber of Commerce. The platform is supposedly called the Federal Blockchain of Argentina (BFA). News reports indicate that it is currently in the early stages of development.
This initiative is aimed at boosting the efficiency of public systems and to make them more accessible to the Argentine society. There will supposedly be fifteen stages through which the new system will be applied. The blockchain system is also supposed to be independent of any specific cryptocurrency for its operational process.
The BFA was created in collaboration with multiple entities and corporate actors involved. These include for-profit as well as non-profit ventures. The Network Information Center of Argentina, as well as the Universities Association for Interconnection Networks, are viewed as two major sponsors behind this movement.
The Status Of Blockchain In Argentina
Argentina has been a thriving commercial field for bitcoin and blockchain based investments. There are approximately thirty registered start-ups in the nation built around blockchain and crypto technology.
Multiple businesses and institutions in the nation also accept cryptocurrencies, as a mode of payment when conducting transactions. Federico Ast, an eminent entrepreneur based in the Latin American nation, believes that the country is set to become the ‘Silicon Valley’ for blockchain based institutions.[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]