Argentina is now Second Member of Blockchain Research Institute

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The Blockchain Research Institute (BRI) recently embraced the government of Argentina, the second nation to join the global institute after Canada. The appearance of the Argentinian government, which is more of a collaboration, emerges after a meeting held in November 2018.

Argentina’s association in the renowned institute will provide the country access to several exclusive events and passage to other members of the BRI. The freshest move by the Argentinian government exerts its positive stance towards blockchain and cryptocurrency.

Blockchain Research Institute which is based in Toronto in a new press release asserted a partnership with the government of Argentina. As per the statement, the announcement of the collaboration originates after a meeting held in November 2018. The meeting had in witnesses the President of Argentina, President Mauricio Macri, Don Tapscott, co-founder and executive chairman of BRI, and Argentine deputy Chief of Staff, Andrés Ibarra.

The writers of the celebrated book, Blockchain Revolution, Don, and Alex Tapscott, in 2017 found the Blockchain Research Institute in Toronto, Canada. The multi-million-dollar institute studies in various areas such as manufacturing, retail, energy, and resources, among others.

Argentina’s connection with the research group facilitates the South American country to get associated with exclusive webinars and obtain access to numerous research projects. Also, the government of Argentina would coincide with other groups such as multinational corporations, startups, and other governments, during exhibitions and programs.

The BRI-Argentina collaboration is also crucial in the establishment of a Blockchain Research Institute Center of Excellence in the South American country. At the instant, the state is consolidating blockchain technology into various projects. An instance is the application of distributed ledger technology in Compr.ar and Contrat.ar, Argentine acquiring, and contract organizations. Suppliers of the platform adopted blockchain during the bidding step.

Moreover, the government of Argentina applies disposed ledger technology to make public records protected and free from human tampering.

Developing Bitcoin Utilization in Argentina

Argentina has no ambiguity opened itself to adopting virtual currency and blockchain technology in several areas. The South American country has also seen the constant growth of Bitcoin ATMs.

In the first semester of 2019, Alto Viaje collaborated with cryptocurrency exchange, Bitex to use Bitcoin on the SUBE; the country’s transport method. With Argentina’s weak economic situation, this was a welcome improvement for Argentines. The partnership meant that passengers could use Bitcoin to spend on various means of transportation such as subways, buses, and trains.

Manuel Beaudroit of Bitex was excited at the company’s decision to incorporate Bitcoin as a payment method for public transport users. The collaboration facilitates over seven million SUBE customers in 37 cities to pay transportation fare utilizing BTC. Alto Viaje previously endured payment methods such as the country’s local Rapipago, and PayPal.

Tim Draper, Billionaire Venture Capitalist, back in March made a bet with Mauricio Macri, Argentinian President. Draper who was touring Argentina at the time met with the President and recommended that Bitcoin should substitute the peso, the country’s currency.

With the country’s depreciated peso, the investment capitalist confidently set a bet, stating that if the peso had more power than bitcoin, then he would increase his investment in the country. However, if bitcoin prices are higher than the peso, that would resolve the country’s economic problems. Furthermore, Draper understood that if Argentina keyed into the cryptocurrency market, that would force the country to welcome more entrepreneurs

More Government-backed Blockchain Investments

Also, in an effort to increase blockchain and digital currency selection in Argentina, Binance Labs, the first virtual currency and blockchain hub, is determined to support the South American country. The company, seeing the country’s push for cryptocurrency and blockchain recognition, stated that Argentina is on the brink of massive blockchain appropriation, from ATMs to transit operations, and Binance Labs is among its leading supporters.

Argentina, declaring its support for Binance Labs, stated that it would bestow 50, 000 dollars towards each project the company would fund, and with this, the South American country would actively promote distributed ledger technology and virtual currency selection.