The city of Buenos Aires will soon officially support the new Ethereum (ETH) network. The capital of Argentina has indeed decided to deploy validation nodes for the blockchain by next year. One more step towards the adoption of the cryptocurrency ?
Buenos Aires launches Ethereum validation nodes (ETH)
Diego Fernández, the head of innovation and digital transformation of Buenos Aires, announced this new project to support the Ethereum blockchain. He was speaking at the ETHLatam conference, which took place last week in Buenos Aires.
Speaking to CoinDesk, Fernández confirmed that this is an exploration and regulation initiative. The holding of Ethereum validation nodes by the city of Buenos Aires will allow for the development of appropriate regulation, and the exploration of the technology. To this end, the initiative will take place within the city’s regulatory sandbox, which was launched in 2021.
The government of Buenos Aires will rely on private actors to maintain these validation nodes. It is not yet clear how large the project will be, but it will be based on a data centre run by the city government.
Buenos Aires and Argentina show interest in cryptocurrencies
The capital of Argentina has repeatedly shown its interest in the blockchain and cryptocurrency sector. Diego Fernández had already confirmed the launch of a decentralised digital identity platform, TangoID, which will be based on StarkNet:
UN NUEVO PARADIGMA
Desde el @gcba, invitamos a la comunidad a co-crear un nuevo protocolo de IdentidadDigital auto-soberana con la persona en el centro y al mando de su información. ¿Qué significa esto? @santisiri @dieguito @Mariandipietra @martriay @leoelduayen @guillevi pic. twitter.com/6EV2PXnYRQ– fernandezdiego.lens (@fernandezdiego) March 29, 2022
Last April, it was the city’s mayor, Horacio Rodríguez Larreta, who announced that residents of Buenos Aires would now be able to pay their taxes using cryptocurrencies.
Moreover, this trend is being mirrored nationwide. In 2021, President Alberto Fernández questioned the adoption of Bitcoin (BTC). It must be said that the country is facing high inflation and a serious economic crisis. In response, many residents have begun to use crypto-currencies – and stablecoins in particular – as a way of protecting themselves. This latest initiative from Buenos Aires is therefore part of a broader logic.
