First FinTech law enacted in Argentina

The Ministry of Finance of the province of Misiones, Argentina, announced the approval of the Missionary Program for Financial Innovation with Blockchain Technology and Cryptocurrencies by the Chamber of Deputies of the province of Mission. It is the first province to create a regulatory framework for the development of these technologies.

The legislation was promoted by the Minister of Finance, Adolfo Safrán, and an interdisciplinary team, and presented by Deputy Carlos Rovira in 2020, in order to adapt new technologies as tools to enhance the social and economic development of the province, as well as how to give value to your natural resources

The main objectives of this project are:

Implement the chain of blocks (blockchain) in the information management of the different areas of government administration. With the intention of digitizing information in a reliable, transparent, safe, auditable, and ecological way.

Create for Misiones a stablecoin (stable cryptocurrency) that allows the province to have another financing and transaction tool with private and public entities in the country and the world.

The creation of a green voucher or certificate that, based on the information stored in the chain of blocks, gives a reliable, public, and unalterable account of the carbon footprint that is absorbed daily by each hectare of missionary forest.

What is blockchain?

Blockchain is a database that is not controlled by a person, but by a set of pairs of nodes with a central element, based on cryptography and another essential element, called a fingerprint, that does not allow its change, making it immutable.

Blockchain technology has its origins in 1991 when Stuart Haber and W. Scott Stornetta described the first work on cryptographically secured newsgroups. This began to gain popularity until 2008 when the arrival of Bitcoin was made public.