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- Argentina is working on implementing blockchain tech into various sectors in the nation.
- Global crypto adoption increased in 2021.
- Crypto market had a market cap of $853 Billion at the publication time.
Another Nation Exploring Benefits of Blockchain
The Argentine authorities have officially appointed a national blockchain committee for establishing the directives to lay a plan regarding blockchain adoption at the state level. The regulators have pointed towards how important this technology could be for the future. It also presents use cases which may prove to be beneficial in the nation’s digital transformation.
Countries around the globe are constantly seeking ways to use blockchain technology in the most effective way to enhance public functions. Argentina being one of those nations has presented a document offering guidelines for implementing the tech.
Nation’s authorities presented the guidelines on December 7, 2022. According to the document, it will have responsibility to serve as interlocutor in the local blockchain network to promote blockchain interoperability and governments. The Public Innovative Secretariat and other organizations will become a part of this initiative to lay out blockchain-based public policies and technology solutions.
According to a Chainalysis blog, the global crypto adoption is rising. Vietnam holds the top spot in context to the international crypto adoption scenario followed by Philippines, Ukraine, United States and more. Chart shows that the adoption was at it’s all time high in Q2 2021.
The chart shows a volatile pattern after the peak where it declined in Q3 2021. It started rising in the following quarter where it got close to the ATH, but failed. According to the report 2020 and 2021 were attracted by the rising value during this period. The data shows that the accumulators are still holding on to the assets in the bear market as they believe that the price will grow in future.
Play-to-Earn economies are important in this game too. Axie Infinity, a P2E metaverse game, became a source of earning in the Philippines during the Covid-19 era. When people were struggling to secure their jobs, this blockchain-based game allowed the nation’s citizens to generate revenue streams.
According to research by NFT gaming platform, Balthazar, one-third of the population is willing to leave their job to play P2E games. This shows how people are fascinated by the crypto and the other associated sectors, including the metaverse. Experts believe that crypto will become an important element in this sector.
Though there are arguments regarding metaverse definition still industry giants are optimistic over the concept. Meta remains the most active company to research on metaverse. Fortune, a news website, reported that the organization has spent around $36 Billion in metaverse.
Blockchain remains the underlying technology behind all these concepts, which brings us to the question, what the governments around the world should focus on, cryptocurrencies or blockchain?
Anurag is working as a fundamental writer for The Coin Republic since 2021. He likes to exercise his curious muscles and research deep into a topic. Though he covers various aspects of the crypto industry, he is quite passionate about the Web3, NFTs, Gaming, and Metaverse, and envisions them as the future of the (digital) economy. A reader & writer at heart, he calls himself an “average guitar player” and a fun footballer.
