Buenos Aires bets on Ethereum for 2023

Avatar Robert Mayne 2 years ago

The Capital of Argentina, Buenos Aires, bets on Ethereum for 2023. An ambitious plan developed by the city hopes to acquire Ethereum validator nodes. This as part of an implementation of Blockchain technology.

The objective is to implement, research and develop around the Blockchain. The government of Buenos Aires seeks to adapt to the crypto current and benefit citizens. The secretary of innovation and transformation of the city confirmed it at ETH Latam, one of the most important cryptographic events in America that took place in Buenos Aires, one of the cities that bets the most on Ethereum.

Diego Fernández confirmed the city’s intentions to acquire validator nodes during the conference. According to Fernandez, the effort and expense “it has been for regulatory and exploratory purposes”. While it is true that Buenos Aires, a city of three million inhabitants, can benefit from the Blockchain, there is a long way to go.

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Buenos Aires’ Bet on Ethereum

The plan revealed by Fernández will turn one of the most important cities in Latin America into the cradle of Blockchain, especially Ethereum. Especially on the world stage, with rising inflation and even more so in Argentina, which figures as the second country with the most inflation, only behind Venezuela.

The implementation of the nodes in 2023 will be carried out in a regulatory Sandbox environment approved by the city’s legislation in 2021, Fernández explained. Although he did not clarify how many nodes the city will install, he assured that they would be in data centers of “world class” owned by the government of the country’s capital.

The rising inflation not only created concern, in the month of April, Horacio Rodríguez Larreta announced that the government had decided to accept payment of taxes in cryptocurrencies. However, they accept cryptocurrencies through companies that will convert them into pesos. This will be possible through specific payment gateways.

On the other hand, citizens have taken the initiative and not only the Buenos Aires government seeks refuge in Ethereum. Some seek refuge in cryptocurrencies, such as ETH because of a rigid fiscal and monetary policy with foreign currencies, especially the dollar. This same case of exchange rate regulations made Venezuela the country with the largest Bitcoin transaction volume in Latin America.

Another of the plans carried out by the city government is the development of TangoID. The government is betting on Ethereum, but it also hopes to hand over identity information to users. TangoID is a blockchain-based digital identity platform. In addition, Fernández assured that the identity application was anchored in Starknet. The platform is expected to be operational in January 2023.

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