How can Ethereum help Argentina governments?

What role do cryptocurrencies play in Argentina? Ethereum co-founder Vitalik Buterin and Argentina’s ex-president Mauricio Macri recently talked about the benefits of blockchain technology.

Ethereum co-founder Vitalik Buterin and former President of Argentina Mauricio Macri met at an event organized by The Graph in Buenos Aires. The main part of their discussion was the importance of cryptocurrencies and blockchain technology for governments.

Argentina’s ex-president Mauricio Macri: “Ethereum most innovative decentralized technology”

Macri sees Ethereum as one of the most innovative decentralized technologies of the 21st century. In his opinion, the native cryptocurrency ether in the Ethereum network is also of great importance. He adds that much of their discussion centered on cryptocurrencies and blockchain technology’s role in governments.

“Fascinating encounter with Vitalik Buterin, the creator of Ethereum, one of the most innovative decentralized technologies of our century. Its ether currency is one of the top-rated in the world. We’re talking about the role of crypto and blockchain opportunities for states,” said Macri.

However, Macri did not disclose to what extent cryptocurrencies and blockchain technology can help the states. Buterin did not comment on this either.

The focus at Ethereum is currently on completing the Ethereum 2.0 upgrade. This will, in all probability, take a little more than a year, but new progress should follow in the next quarter.

Cryptocurrencies like Ethereum as protection against inflation

South America is playing an increasingly important role in the crypto ecosystem. According to Chainalysis, Argentina is now one of the nine countries with the highest acceptance of cryptocurrencies. In Argentina, many citizens are looking to protect themselves against the high inflation rates of around 50 percent.

For comparison: the record inflation rate in the US was recent “only” 6.8 percent.

Argentina is currently planning to allow trading in cryptocurrency futures. While cryptocurrencies are legal in the country, there are still no defined regulations. Most recently, Argentina introduced a tax on crypto transactions. However, this only relates to crypto exchanges that operate out of the country.

 

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