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To lend clarity to these activities, Buenos Aire’s senator Dario Nieto has introduced a bill that would employ blockchain technology to process social assistance payments. Nieto has expressed dissatisfaction with the various intermediaries who utilize these social media campaigns to generate income and how the introduction of blockchain may put an end to these practices.
On Thursday, thousands of residents arrived at the Buenos Aires Convention Center to attend the opening of ETHLatam as the Argentine government announced that July’s inflation rate had soared to a staggering 7.4%, the highest monthly figure in 20 years.
In Buenos Aires, a large turnout for the occasion made sense. Aya Miyaguchi, executive director of the Ethereum Foundation, mentioned the city as having produced one of the greatest Ethereum communities worldwide during the opening address on Thursday.
In Buenos Aires, social help blockchain legislation was published
Due to the traceability that this technology may provide to any application, many units are using blockchain. Buenos Aire’s senator Dario Nieto is recommending using blockchain as a fundamental component of a system to handle social assistance payments.
In response, he published a bill that would terminate several of the applications’ derived functions.
In his opinion, payments from social assistance programs are routinely used by a variety of intermediaries to generate income or persuade users to participate in political activities.
A City and Blockchain Married
Nieto has already introduced bills based on the blockchain. The legislator has already submitted a bill that would include blockchain technology into a system for managing government contracts and purchases.
A city that has used blockchain in its planning is Buenos Aires. The city is now finishing up the implementation of TangoID, a blockchain-based ID system, as part of a modernization effort. By January 2023, according to the Buenos Aires government, it hopes to have it operational.
The city said in August that it would run Ethereum nodes in order to gain more knowledge about the chain for regulatory purposes. The city said in April that starting in 2023, Bitcoin tax payments will be accepted.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
