Argentina’s province to issue US dollar-pegged stablecoin
The bill also authorizes local artists to issue nonfungible tokens (NFT) to promote financial and cultural inclusion. The province of San Luis in Argentina approved a legislation allowing the issuance of its own stablecoin pegged to the United States dollar . The token, dubbed the "Activo Digital San Luis de Ahorro", will be available to all citizens of the province over the age of 18 and 100% collateralized in liquid financial assets of the province . The bill authorizes the province to issue the stablecoin up to 2% of its annual budget. It also stipulates that assets can be transferred between parties, but it does not specify which chain will be used for the transactions. The province of San Luis is home to over 430,000 people. The stablecoin issuance is only one of the initiatives described in the bill called “Financial Innovation for Investment and Social Economic Development”, which aims to promote development in several sectors in the province through Blockchai...