Governor of Catamarca promotes the creation of an Argentine Digital Peso. The proposal has already begun to be analyzed in the Regional Council of the Norte Grande.

Raúl Jalil, governor of the Argentine province of Catamarca, released a document in which he promotes the creation of the Argentine Digital Peso.

The text entitled “The need for a Fintech strategy in the country” seeks to regulate the virtual currency market and includes the creation of a digital currency that has the support of the National, provincial or regional State.

Jalil justified the initiative as a response to the “lack of investment in Argentina ” and added that the global economic crisis caused by the COVID-19 pandemic accelerated the implementation of new Fintech or Financial Technology instruments .

“There are different theoretical models of banking evolution in the future, but the limits of the current model and the internet paradigm impose the need to develop strategies together with transition plans for the current model.

It is necessary to think about a new financial services model” declared the Governor of Catamarca and added that “creating a state cryptocurrency implies the issuance of a national regulatory framework aimed at protecting investors, ensuring justice and facilitating capital formation.”

“The challenge is to think about the development of a national digital currency or of the northern provinces of the country, with the support of the National Government ,” said the governor and proposed different names for the cryptocurrency: Argentine Digital Peso (PDA) or Digital Peso del Norte Grande (PDNG).

Jalil’s proposal has already been analyzed in the Norte Grande Regional Council , a body made up of the provinces of Catamarca, Chaco, Corrientes, Formosa, Jujuy, Misiones, Salta, Santiago del Estero and Tucumán.