Argentine Province of San Luis to Release Local Art NFTs and Dollar-Pegged Stablecoin

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A law enabling the province of San Luis in Argentina to create a blockchain-based, dollar-pegged stablecoin has been adopted.

The bill, which also permits the issuance of locally produced artistic works as non-fungible tokens (NFTs), aims to make blockchain technology available for the advancement of social development and economic, cultural, and financial inclusiveness.

An Argentine province named San Luis has begun incorporating blockchain-based technology as part of its modernization drive.

San Luis is considering issuing its own stablecoin that is pegged to the dollar as part of this ordinance.

The rulebook for this regulation has not yet been developed, thus it is still unclear whether this digital asset will serve as money or only as a type of debt bond.

The law also has a section on the distribution of creative digital assets.

It states that it will publish “San Luis Art Digital Assets” as collections of artwork made by regional artists with the intention of providing them with a forum for digitizing their works.

These works will be distributed as non-fungible tokens (NFTs), which ensure that each is “unique, conferring ownership and authenticity to the artist or holder of the digital asset.”

With the release of a blockchain national framework unveiled on December 7, Argentina has lately taken steps to incorporate blockchain technology in its development ambitions.

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