Argentina’s Central Bank Testing Blockchain for Settlement of Payments

55

The Central Bank of Argentina (BCRA) is experimenting with a modern blockchain-powered clearing system by the Central Bank of Argentina (BCRA) also employed by most of the country’s massive financial institutions.

Tuesday effected, blockchain developer IOV Labs to declare that for a permission blockchain network that aims at RSK Smart Contract Network, coexistence with the central bank and central commercial banks in Argentina including Santander and BBVA, it developed a proof-of-concept.

According to IOV, The outcome is conducted for fiat payments, and make them more responsible and instruct end-to-end traceability.

Reported by Diego Gutiérrez Zaldívar, CEO of IOV Labs “By implementing this type of platform, the financial system will be able to build an integral collaborative ecosystem in line with the current modern technological advances and on par with the world’s most innovative financial systems.” 

He stated that “Given the global circumstances we are facing, we need now more than ever to use technology in order to optimize processes and provide better services to our citizens.”

Incorporation of  BCRA, banks, clearinghouses and other financial entities by Network partner. IOV and BCRA asserted that the modern network lends a way for the purpose of an options clearing system during the experimenting stage.

Argentina’s central bank prematurely step forward, in gaping at efficiencies generated by blockchain, and shown a gloomy attitude on cryptocurrencies. It handed out a declaration the same as  2014, notifying natives that they are powerless to employ digital assets such as bitcoin as lawful tender and indication of fraud.

 The objective of the BCRA commenced proof-of-concept to illustrate that there are additional workable functional cases for blockchain technology additionally cryptocurrencies.

The BCRA trailed a modern layer that steps with the identical chains as comparable to blockchain initiative aims at RSK, commentator by the country’s major gas circulator within a year. Recognized as Gasnet, the indication to employ circulated ledgers to provoke recent efficiencies to Argentina’s backlogged gas certification process.

Most of the central banks stepped toward formulating and issuing their own digital currencies, that’s not realistic if the BCRA’s expanding interbank accommodation encircling form the factor for a digital peso.

Also Read: New Cryptocurrency Derivatives Platform approved by CFTC, Bitnomial allows Regulated Bitcoin Futures