Argentina’s Entre Rios province has announced plans to issue a stablecoin pegged to the US dollar. The stablecoin, called the “Peso Digital,” will be available for purchase and use within the province and is expected to be launched within the next few months.

According to the governor of Entre Rios, Gustavo Bordet, the Peso Digital will provide a “safe and stable” alternative to the Argentine peso, which has been plagued by high inflation and currency volatility in recent years.

“We believe that the Peso Digital will be a game-changer for our province and will help attract investment and boost economic growth,” Bordet said in a statement.

How the Peso Digital Works

The Peso Digital will be available for purchase on a dedicated website and will be backed by US dollars held in a secure escrow account. Each stablecoin will be worth one US dollar, and users will be able to use them to make purchases and pay bills within the province.

The Peso Digital will also be available for purchase in physical form, with a limited number of “Peso Digital debit cards” being issued to users. These debit cards will allow users to make purchases and withdraw cash from ATMs within the province.

Why Entre Rios is Issuing a Stablecoin

Entre Rios is not the first jurisdiction to issue a stablecoin, but it is the first to do so in South America. The province’s decision to launch a stablecoin is driven by the economic challenges facing Argentina, which has been grappling with high inflation and currency volatility in recent years.

The Peso Digital is intended to provide a more stable alternative to the Argentine peso, which has lost value due to the country’s economic troubles. By pegging the Peso Digital to the US dollar, the province hopes to attract investment and boost economic growth.

Argentina’s Entre Rios province has announced plans to launch a stablecoin pegged to the US dollar. The Peso Digital will be available for purchase and use within the province and is expected to be launched in the coming months. The stablecoin is intended to provide a more stable alternative to the Argentine peso and boost economic growth in the province.

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Filed under: Bitcoin - @ December 17, 2022 3:28 pm