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Argentina Discusses The Possibility Of Creating State cryptocurrencies

05 March 2020 16:31, UTC
Argentina Discusses The Possibility Of Creating State cryptocurrencies
By Anna Martynova

Argentinean legislator Josefina CANALE said on her personal Twitter account that she supported the development of a local cryptocurrency for the city of Mendoza. This currency could help the city in the current macroeconomic situation in the country. As it is known, the Argentine peso is unstable and its value drops markedly. She also explained that a digital token can be useful for paying taxes.

The reaction to the proposal of the representative of the authorities was mixed. Opponents of the idea urge the authorities to pay attention to the cryptocurrency of Venezuela Petro, so as not to repeat mistakes already made. Supporters of Canale expressed the view that this would help modernize the provincial government. In addition, it is a good starting point for solving the economic and tax situation in the country.

The proposal of Josefina Canale is not at all new. A few weeks ago, former President of the Central Bank of Argentina, Martin REDRADO, suggested following China and releasing a digital peso. His idea has also been criticized.

Image courtesy of CCN



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