Argentina: Mutual Guarantees Society will use blockchain technology

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Blockchain technologies continue to find their way into Argentine public administration, where they have found several positive use cases to improve the efficiency of government management. And given the unfortunate situation of the corona virus, the government is turning to this technology to ensure adequate control over resources.

As is clear from the Official Journal of the Argentine Republic, Resolution 50/2020, the mutual guarantee contracts concluded between the Mutual Guarantee Company and the beneficiaries of the loans it has granted must remain in place registered in a blockchain to ensure the transparency of the data::

“The choice of support for the digital infrastructure used to carry out these operations, as well as the identity validation criteria used in relation to the users of the electronic signatures required to complete the contracts, are the sole responsibility of the Mutual Guarantee Companies For this purpose, the mutual guarantee companies must use a medium that is connected to blockchain technology. “

Article 2 of the decree also provides that the guarantee certificates issued by this institution also have an immutable digital signature.

This initiative aims to strengthen the country’s economy by granting guarantees to small and medium-sized enterprises The aim is to facilitate their entry into the financial world by obtaining credit and financing facilities from banks.

Argentina: Float with blockchain

Taking into account that the current president Alberto Fernández received a country that, according to the Venezuelan, was classified as the poorest economy in the world According to Mauricio Macri’s management, the coronavirus crisis requires the most stringent controls to prevent corruption and ensure the correct distribution of the country’s few financial resources, especially given the global economic slowdown.

This is not the first time that Argentina is experimenting with blockchain technology. The same official gazette on which the resolution was published is based on a blockchain. There are also local initiatives to use the blockchain for aspects ranging from optimizing waste disposal to paying taxes, fees and even bus tickets or some kind of alternative currency for some regions.

The Argentine government assures that the current economic context justifies the adoption of measures “that will facilitate access to public and private finance for micro, small and medium-sized enterprises”. However, President Fernández’s government recently decided to end this on an initiative by former President Macri to digitize the registration process of SMEs through a blockchain infrastructure.

As a result, the registration of companies took 24 hours to 55 days, according to the Argentinian portal “La Nación”.

It seems that the love / hate concept perfectly defines the relationship between the Argentine government and the world of blockchain technologies.



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