San Luis In Argentina Issues Its Own US Dollar-Pegged Stablecoin

San Luis, a province in Argentina adopted laws permitting the creation of its own stablecoin linked to the US dollar. The token, known as the “Activo Digital San Luis de Ahorro,” will be available to all province residents over the age of 18 and will be 100% collateralized in the province’s liquid financial assets.

The bill gives the province the authority to issue the stablecoin up to 2% of its yearly budget. It also says that assets can be transferred between parties, but it doesn’t say which chain would be utilized. Besides, the province is home to roughly 430,000 inhabitants.

The stablecoin issuance is just one of the programs outlined in the bill titled “Financial Innovation for Investment and Social Economic Development,” which seeks to use blockchain technology to advance development across a number of province-wide sectors, including generating value and streamlining auditing processes.

To encourage financial and cultural inclusiveness, the bill also permits regional artists to issue nonfungible tokens (NFTs) in addition to the stablecoin.

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