20 Nov 2020 · 1 min read

In Argentina, a Politician Wants to Build a State-backed Crypto Exchange

A local government politician in Argentina has tabled a measure that – if passed – could see a province in the country launch a crypto trading platform.

Source: Adobe/Maksym Kapliuk

The measure is the brainchild of Roque Gervasoni, a provincial deputy (council member) of the northern Misiones province, who has created a bill that will be debated by the provincial assembly.

The bill proposes the launch of a state-backed crypto exchange platform, a private “public limited company” that is "decentralized” but has “majority state” ownership.

And the platform would be no regular exchange – it would also, Gervasoni wrote, function as a repository, allowing customers to hold their crypto in safety. And it would allow citizens to pay their taxes (presumably in crypto), as well as buy goods and services using digital tokens.

The platform would also, he wrote, be able to serve as a fund to help foster new startups.

However, the plan also involves a rather unique twist: Citizens depositing their money or tokens on the platform would be required to refrain from accessing them for a period of 90 days, or face additional charges for early withdrawals.

Gervasoni’s plans go beyond the local level, too. He wrote that not only Misiones residents, but also all Argentines would be allowed to make use of the platform. Overseas residents could also use it, he added, but would also need to abide by the 90-day rule – and would be obliged to go through an additional registration process.

The deputy is a member of the Front for the Renewal of Concord party, the dominant political party in the Misiones province.
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