The Argentine government has taken the first steps towards launching its own central bank digital currency (CBDC). A new decree, numbered 207/2022, has given the Argentine Mint a new department to participate in the investigation, development and issuance of digital currencies. This puts Argentina on the path of countries such as Brazil and Mexico that have already participated in the development of its electronic currency.

Argentina gets ready for CBDC

The Argentine government is preparing for the future issuance of its own central bank digital currency, the digital peso. In Decree No. 207/2022, approved and published on 26 April, the Argentine government revised the functions and faculties of the National Mint, giving it new responsibilities and possibilities.

In these new colleges, the statute covers the capture and digital processing of data, images, code, sound and microchips, software design and development, implementation of digital security, remote processing of information, printing and/or database recording.

While the National Mint has just acquired the ability to print its own currency, the new decree justifies the change with the following statement:

Presently, advances in the digital environment for and payments…artificial intelligence and digital governance systems, as well as the emergence and proliferation of “blockchain” technology, cryptography and assets, justify a national mint-wide update.

For Rosedo Gravanago, a legal advisor in the crypto-asset space, this is a clear step in the direction of issuing a CBDC. He said:

This gives us a pattern of what Argentina is trying to enter into the CBDC trend that has been adopting centralized electronic trust currencies.

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Argentine national transaction and payment platform

In addition, there are other modifications to the original purpose of the organization, hinting at the creation of a national exchange with the possibility of payment processing in the future. In this sense, the decree allows the National Mint to manage and execute payments and/or collections on behalf of third parties through the use of electronic devices, trading platforms, or any other means.

Gravanago declared to local media:

Through this provision, the National Mint has the power to create a kind of central exchange.

These changes Argentina in the CBDC landscape of Latin America, behind countries such as Brazil and Mexico that are already engaged in research and development tasks related to the issuance of digital currencies in the future.

What do you think of the measures taken by the Argentine government to potentially issue a digital peso?

Sergio Goshenko

Sergio is a cryptocurrency journalist in Venezuela. He describes himself being late to the game, entering the crypto space when prices rose in December 2017. With a background in computer engineering, living in Venezuela, and being affected by the cryptocurrency craze on a social level, he offers a different perspective on the success of cryptocurrencies and how it can help the unbanked and underserved.

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