Argentina's Misiones Province Plans to Issue Its Own Stablecoin

If issued, Misiones' stablecoin will be used as a financing and transaction tool with private and public entities.

AccessTimeIconJul 21, 2021 at 5:32 p.m. UTC
Updated Sep 14, 2021 at 1:29 p.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global event for everything crypto, blockchain and Web3.Register Now

The Argentinian province of Misiones will issue its own native stablecoin. 

According to an official statement published by Misiones’ secretary of finance on July 15, the province has enacted a law authorizing the stablecoin, which will allow it to create a new financing and transaction tool.

The project was approved by Misiones’ House of Representatives and is being studied by an interdisciplinary team that includes Adolfo Safrán, the province’s minister of finance. 

“Misiones is the first province in the country to sanction a conceptual framework to develop these digital tools that are transforming finance and public and private management at a global level,” the statement said.

It is unclear whether Misiones will create its own blockchain or tap an existing network to support the stablecoin.

The law seeks to implement blockchain technology “with the aim of digitizing information in a reliable, transparent, secure, traceable and, moreover, environmentally friendly way,” the statement said. 

Blockchain technology will be used in a green bond that will keep track of the carbon footprint absorbed daily by Misiones' forests.

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.


Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.