The Blockchain Research Institute (BRI) has recently welcomed the government of Argentina, the second nation to join the global Institute after Canada. The appearance of the Argentine government, which is more of a collaboration, emerges after a meeting held in November 2018.
The Argentine Association in the renowned institute will provide the country with several exclusive events and access to other BRI members. The Argentine government’s most recent decision reinforces its positive stance towards blockchain and cryptocurrency.
The Blockchain Research Institute based in Toronto in a new press release announced a partnership with the government of Argentina. According to the announcement, the collaboration was born out of a meeting held in November 2018. The meeting was attended by Argentina’s President Mauricio Macri, Don Tapscott, co-founder and Executive Chairman of BRI, and Argentina’s Deputy Chief of Staff, Andrés Ibarra.
The authors of the famous book, Blockchain Revolution, Don and Alex Tapscott, founded the Blockchain Research Institute in Toronto, Canada in 2017. The multi-million dollar Institute studies various fields such as manufacturing, retail, energy, and resources, among others.
Argentina’s collaboration with the research group facilitates the South American country to participate in exclusive webinars and access numerous research projects. Additionally, the Argentine government would collaborate with other groups like multinational companies, startups, and other governments during exhibitions and programs.
The collaboration of BRI-Argentina is also crucial in establishing a Blockchain Research Institute center of excellence in the South American country. At the moment, the state is consolidating blockchain technology in various projects. One example is the application of distributed ledger technology in the comp.ar and contrato.ar organizations, acquiring Argentine and contractual. The platform providers have adopted blockchain during the bidding stage.
Moreover, the Argentine government is implementing the arranged ledger technology to make public records protected and free from human tampering.
Development of Bitcoin Use in Argentina
Argentina shows no ambiguity in embracing virtual currency technology and blockchain in several areas. The South American country has also experienced steady growth in Bitcoin ATMs.
In the first half of 2019, Alto Viaje partnered with CryptoCurrency Exchange, Bitex, to use Bitcoin on the SUBE; the country’s transportation method. With Argentina’s weak economic situation, this was a welcome improvement for Argentinians. The partnership meant that passengers could use Bitcoin to pay for various transport means such as subways, buses, and trains.
Manuel Beaudoit from Bitex was excited about the company’s decision to incorporate Bitcoin as a payment method for public transport users. The collaboration facilitates more than seven million subway customers across 37 cities to pay their transport fares using BTC. Alto Viaje had already undergone payment methods such as the local rapipago of the country, and PayPal.
Tim Draper, billionaire venture capitalist, in March, placed a bet with Argentina’s President Mauricio Macri. Draper, touring Argentina at the time, met with the president and suggested that Bitcoin replace the peso, the country’s currency.
With the country’s depreciated peso, the investment capitalist made the bet with confidence, stating that if the peso had more power than Bitcoin, he would increase his investment in the country. However, if Bitcoin prices were higher than the peso, it would solve the country’s economic issues. Furthermore, Draper understood that if Argentina relied on the cryptocurrency market, it would compel the country to welcome more entrepreneurs.
More Blockchain Investments Supported by the Government
Additionally, in a bid to increase blockchain and digital currency adoption in Argentina, Binance Labs, the leading virtual currency and Blockchain Hub, is determined to support the South American country. The company, seeing the country’s push for cryptocurrency and recognition of blockchain, stated that Argentina is on the verge of massive blockchain adoption, from ATMs to transit operations, and Binance Labs is among its key supporters.
Argentina, expressing its support for Binance Labs, stated that it would grant $50,000 to each project that the company finances, and with this, the South American country will actively promote distributed ledger technology and the selection of virtual currencies.
