The Argentinian province of San Luis passed a law that allows it to issue a dollar-pegged, blockchain-based stablecoin and NFTs based on local art.
The new bill wishes to promote social development and cultural, economic, and financial inclusion via blockchain. San Luis took the first measures towards including tech based on blockchain in its digitization efforts.
The province’s legislators recently passed the VIII-1085-2022 bill, which has the role of leveraging blockchain as an instrument to ignite the development of various projects, such as improving auditing processes or generating value. The bill also allows San Luis to strategize the release of a dollar-pegged stablecoin. Named San Luis Savings Digital Asset, the token will be open to all of the province’s citizens. Also, the provincial state will collateralize it in liquid financial assets. So far, it is unknown if the stablecoin will act as currency or some sort of debt bond. This is due to the roadmap for this law not being made yet.
The bill features a chapter that talks about issuing digital assets of an artistic nature. According to the new piece of law, San Luis Art Digital Assets can be issued as art collections put together by local San Luis artists in an effort of enabling them to digitize their artwork. Issued as non-fungible tokens, these collections are guaranteed to be unique, allowing their holders to gain a sense of ownership and authenticity. San Luis also promised to build an internal marketplace for the pieces to be commercialized by their creators.