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

Source: Adobe / Maksym Kapliuk

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

The measure comes from Roque Gervasoni, a provincial deputy (councilor) of the northern province of Misiones, who created it an invoice this is discussed by the provincial assembly.

The bill proposes the introduction of a state-backed crypto exchange platform, a private “corporation” that is “decentralized” but is “majority state”.

And the platform would not be a regular exchange – it would also, as Gervasoni wrote, act as a repository and allow customers to keep their crypto safe. And it would allow citizens to pay their taxes (presumably in crypto) and buy goods and services using digital tokens.

The platform could also serve as a fund to promote new startups.

However, the plan also includes a rather unique twist: citizens who put their money or tokens on the platform would not have to access them for 90 days or would have to pay additional fees for early withdrawals.

Gervasoni’s plans also go beyond the local level. He wrote that not only the residents of Misiones, but also all Argentines are allowed to use the platform. Foreigners could also use it, he added, but would also have to adhere to the 90-day rule – and would have to go through an additional registration process.

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