To reduce inflation, the Argentine central bank wants to join forces with the Bitcoin and blockchain communities

On November 5, at the Latin American Bitcoin and Blockchain Conference (laBITconf) held in Buenos Aires, Argentina, Argentine central bank and government officials extended an invitation to the Bitcoin and blockchain community, hoping that members of these communities can participate in Argentina's innovation plans to promote Argentina's economic growth and reduce inflation.

Argentina’s Central Bank Seeks to Get Closer to Bitcoin Community

Tiziano M. Di, head of coordination of financial technology (Fintech) activities at the Central Bank of Argentina, participated in the “Blockchain and Hackathons” panel at the laBITconf conference.

(Photo: Tiziano M. Di)

During the discussion, Di Biase invited entrepreneurs and blockchain developers to participate in the hackathon hosted by the central bank.

Central banks around the world have shown great interest in blockchain, a technology with great potential. As a result, Di Biase said that Argentina’s central bank may consider adopting the blockchain proposal.

Argentine government official: Bitcoin and blockchain will be the focus of the G20 summit in the next three years

Argentine government officials have also expressed their support for blockchain technology, inviting members of the Bitcoin and blockchain community to participate in their innovative plans to drive Argentina’s economic growth.

Silvia Torres Carbonell, Vice Minister of Innovation and Creative Economy of the Buenos Aires City Government, participated in the panel discussion on "Modernizing Entrepreneurship in Argentina". She said that Argentina currently has many innovative initiatives, but few of them have been effective. However, she also said that Argentina is currently going through a period of change.

(Photo: Rudi Bormann and Silvia Torres Carbonell)

In Torres Carbonell's view, blockchain, like the Internet and artificial intelligence, is a tool that can democratize all human actions and build a better future.

Rudi Bormann, Vice Minister of Public Innovation and Open Government of the President of Argentina, participated in the panel discussion on "Modernization and Entrepreneurship in Argentina".

Bormann's agency, one of its goals is to encourage innovation in the public sector, and his office also leads the Open Data Government Initiative, which aims to promote access to information and increase transparency in government.

Bormann said blockchain technology offers many opportunities to increase government transparency and combat corruption.

In addition, Bormann explained that at the 2016 G20 summit, the Chinese delegation presented a strategic document to promote the digital economy. Germany, the host of the 2017 G20 summit, also plans to focus on digitalization. In 2018, Argentina will be the host of the 13th G20 summit. It is reported that Argentina has approved the G20 document on the digital economy.

Therefore, Bormann said that in the next three years, digital economy, Bitcoin and blockchain will be the focus of the G20 summit.

Argentina's financial challenges

According to the World Bank, more than 2 billion adults worldwide lack access to banking and financial services.

In 2014, the proportion of Argentina's adult population without a bank account reached 15%. (Data from the World Bank's report "Universal Financial Access 2020")

Therefore, the Argentine government and central bank are focused on finding innovative solutions to achieve greater financial inclusion, transform the financial sector, promote financial opportunities, and reduce inflation.

Financial innovation activities

Currently, the Central Bank of Argentina, the Ministry of Production and the Ministry of Innovation are organizing an event called "Financial Innovation Hackathon", which will be held from November 18 to November 19, 2016 in Buenos Aires, the capital of Argentina.

It is reported that the Argentine Central Bank and government agencies have invited students, professionals, economists, entrepreneurs, and especially people from the Bitcoin and blockchain community to participate in this event.