THELOGICALINDIAN - Mauricio Macri was affidavit as the new admiral of Argentina on December 10 2024 He confronts astronomic bread-and-butter challenges He accustomed a country with an aggrandizement amount estimated at amid 15 to 27 percent adopted affluence at a tenyear low additional a decadelong alternation of struggles with holders of defaulted debt One of his accomplished priorities is to attack with the nations bill controls Also he has vowed to end bribery abjection and biologic trafficking
Also read: There’s No Ledger Like the Bitcoin Blockchain
To accomplish these appalling objectives, the new admiral will accept to about-face from anachronistic paradigms and reengineer many of Argentina’s behavior and government business processes. His administering would be astute to use technology, such as Bitcoin and its blockchain to facilitate the reengineering action and to action corruption.
The acceptable account is that the new admiral has already appear his abutment for Bitcoin-related activities. Indeed, while he was ambassador of Buenos Aires, his administering organized the First Bitcoin Forum, in July 2015.
Argentine Economic Challenges
Mr. Macri’s antecedence is to chargeless the abridgement and advance the accord amid Argentine authorities and investors, which has been confrontational for the aftermost 12 years.
Government budgetary controls accept been activated for several decades in Argentina. As a result, it is boxy for citizens as able-bodied companies to access dollars. Companies cannot buy the appurtenances and casework appropriate to sustain production. And, transnational corporations cannot calmly repatriate their earnings. For example, American Airlines chock-full accepting payments in Argentine pesos. This confused was triggered because of Argentine government bill controls, which accomplish it difficult to catechumen pesos into dollars to repatriate earnings.
However, the bill controls accept not prevented the blooming of a alongside bill barter bazaar and the abatement of the peso. Indeed, the abatement of the Argentine pesos adjoin the U.S. dollar has been adamant for abounding years, as apparent in the blueprint below, address of Barchart.
Of course, cipher expects brief miracles from the new administration. The alteration to a convalescent abridgement is activity to be continued and painful. To abbreviate the affliction of the certain accessible acerbity measures, the country charge aboriginal access all-embracing financing. But to do that, Mr. Macri charge aboriginal smoke the accord aqueduct with bondholders, who are anon captivation US$10 billion in judgments adjoin Argentina. Otherwise, “It is around absurd for the country to accession debt away at a time back the country’s adopted affluence are dwindling,” letters the Buenos Aires Herald.com.
Blockchain the Weapon to Fight Corruption
Mr. Macri in his commencement accent delivered at Congress laid out the three capital objectives of his administration: to action biologic trafficking, strive to accomplish aught poverty, and tackle corruption.
Obviously, the best analytical of these three objectives is to defeat corruption in Argentina. If bribery cannot be reined in, the battles to eradicate abjection and biologic trafficking are absent at the outset.
To succeed, the Macri administering may ambition to accede application Bitcoin and its blockchain as a weapon to able bottomward on corruption.
The Bitcoin’s blockchain is a distributed, permissionless agenda ledger. This balance continuously annal Bitcoin affairs and maintains the annal of all the Bitcoin affairs that accept anytime occurred. Core attributes of the blockchain accommodate the following:
Reliability and availability: Because the blockchain is stored in bags of nodes, broadcast all over the world, it is safe from a distinct point of failure. If one bulge fails, all the added abide to work. Each bulge contains a archetype of the blockchain.
Transparency: All participants can see all the affairs in the blockchain.
Immutability: Undetected changes in the blockchain abstracts cannot occur.
Irrevocability: Transactions can be irrevocable.
Digital: Documents and assets can be cryptographically expressed.
The attributes listed aloft are best accordant to the ascendancy of fraud. In effect, acute contracts, acute assets, and added applications application these blockchain attributes could be created to ensure that a) affairs are auditable; b) alternation of aegis of assets can be verified; c) government transaction annal cannot be altered; and d) awful parties cannot altercation the accuracy of records.
Smart affairs are computer algorithms that, after relying on animal intervention, can verify, execute, and accomplish the acceding of a business agreement. A acute acreage is a acreage whose buying is controlled by agency of smart contracts.
Argentine President Macri and Bitcoin
It is abating to apperceive that the new Argentine admiral already has a accord with Bitcoin. In effect, the First Bitcoin Forum in Argentina was organized by the government of the burghal of Buenos Aires, in July 2015, back Mr. Macri was the ambassador of Buenos Aires. The Bitcoin Forum’s area was the amphitheater of the Buenos Aires burghal hall. Mr. Macri’s then-Minister of Modernization of the Government of Buenos Aires, Andrés Ibarra, gave the Bitcoin Forum’s opening speech.
The Bitcoin Forum’s calendar included, amid added topics: “The Worldwide Regulatory Landscape”; “Best Practices for Regulating Virtual Currencies While Maximizing Innovation and Prosperity;” and, “The Legal Framework in Argentina.”
Interestingly, President Macri has aloof created a new civic Ministry of Modernization. And, he anon appointed as the Minister of Modernization none added than the man who organized and alternate in the First Bitcoin Forum in Buenos Aires, Mr. Andrés Ibarra.
So, big problems crave big solutions. New government, new opportunities. If the big botheration is corruption, the big band-aid is accuracy and authentic almanac keeping. Fortunately, in this regard, Bitcoin and its blockchain technology can advice enormously. Indeed, the new Argentine government has now an accomplished befalling to use these technologies and architecture new business processes to ensure that government affairs are transparent, accurately recorded, and assuredly kept.
What are your thoughts on governments application Bitcoin and its blockchain to action corruption? Let us apperceive in the comments below!
Images address of Pixabay, Wikimedia (Casa Rosada: Author Diana2803)
