The decision to launch the stablecoin was announced amidst turbulent times in the nation’s economy.
Argentina took a positive step towards crypto adoption as one of its provinces approved the launch of a stablecoin, pegged to the U.S. dollar. Further details were revealed in the announcement, such as allowing those above 18 to use the coin and also liquid assets of the province being collateral for the stablecoin.
Called ‘Activo Digital San Luis de Ahorro,’ the token would be introduced as a part of the bill named “Financial Innovation for Investment and Social Economic Development,” which was mooted to boost crypto adoption in Argentina.
The bill officially stated, “The ‘SAN LUIS ART DIGITAL ASSETS’ will be art collections from the province, giving local artists the opportunity to digitize their work and have it launched on the digital market through an internal web platform for purchase and sale. For the creation of these collections, NFT (Non Fungible Token – Token No Fungible) technology will be used, making this work of digital art unique, granting ownership and authenticity to the artist or holder of the digital asset.”
With the country suffering from high inflation, the decision to release a stablecoin has been hailed by experts.