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San Luis Passes Legislation Fostering Blockchain Technology

The Argentine province of San Luis has taken the initiative to include blockchain-based technology in its ongoing digital transformation effort. The provincial legislature recently passed bill VIII-1085-2022 titled “Financial Innovation for Investment and Social Economic Development,” which introduces blockchain as a tool to accelerate the growth of many sectors in the province.

San Luis is considering issuing its own dollar-pegged stablecoin as part of this measure. San Luis Savings Digital Asset tokens will be issued to all residents of the province and backed one hundred percent by the state’s liquid financial holdings. No rulebook for this regulation has been established yet. Therefore, it is unclear if this digital asset will be utilized as money or only as a kind of debt bond.

In addition, the legislation specifies that the province may issue up to 2% of the yearly budget. The legislation mandates that these assets will be tradable between users through wallet accounts but does not define the chain on which they will be produced.

What About Local NFTs?

A section of the statute addresses the distribution of creative digital materials. It declares that “San Luis Art Digital Assets” would be issued as a collection of artworks made by provincial artists with the aim of providing them with a means of digitizing their work. Each of these works will be issued as a non-fungible token (NFT), which means that its owner will have exclusive rights to it and can be sure that it is a genuine work of art.

The province will also establish a domestic market where artists may sell their works and enhance their profiles within the artistic community of San Luis.

On December 7th, the Argentine government unveiled a blockchain national framework to begin using blockchain technology in its growth goals. The document outlines two potential applications of blockchain technology: auditing and identification, and establishes a national blockchain committee. The issue of coins, however, is not addressed.


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