In an interview with the Economist, Diego Zaldivar, CEO of the solutions-focused company Blockchain IOV Labs, said that the Central Bank of the Republic of Argentina – BCRA – is not proposing to make a crypto-currency to represent the national currency of the Latin American country.

Zaldívar made the clarification regarding the solution based on

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that the financial and governing body of monetary policy in the country of the southern cone is carrying out with the help of IOV Labs, on a decentralized system for handling claims of direct debits to account that are rejected by the customer.

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The head of the software company emphasized that unlike other countries, the BCRA is integrating decentralized experiences with traditional banking based on communication, certification and claims, and at no time does the project include monetary issue on the block chain.

However, he suggested that the possibilities of simulating this scenario could occur in the future, as they have been holding talks with other countries, where the monetary issue on Blockchain is advanced.

On the issue of money based on the chain of blocks, as France recently did, Diego said that „they must be able to coexist with traditional systems. The BCRA would issue a token representing the country’s currency and then distribute it among the commercial banks on a transparent blockchain where anyone can see how much has been issued.

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Zaldívar was also emphatic in saying that „all central banks have been working with Blockchain on initiatives for commercial banks and others for the end user“. According to his perspective, there is a clash between the initiatives with the chain of blocks of traditional banking and the current methods of distribution of these, which needs to be resolved to avoid a destabilization in the financial system.

Blockchain for efficient claims
Argentina’s top financial regulator revealed a proof of concept (PoC) within the Financial Innovation Program that it maintains with public and private actors of the local Blockchain scene, to follow up and efficiently respond to user complaints about debits in their accounts.

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The administrative body works to develop tools and solutions that achieve greater financial inclusion and a modern financial system on par with the new technologies demanded by the times of the COVID-19 pandemic, as expressed by Diego Zaldivar of IOV Labs, one of those involved in the BCRA Program.

The group that worked on this proof of concept includes, in addition to IOV Labs, the Sabra Group, the BBVA banks, ICBC, Santander Río, Interbanking, Banco de la Provincia de Córdoba, BYMA and the Link Network for the testing of the decentralized solution.

As reported by Cointelegraph, it was learned that from 2019 to at least the first quarter of this 2020, they were working on the design and execution of the PoC, to handle the claims for direct debits in account.

The architecture of the solution is based on the intelligent contracts developed by the Argentinean company RSK, and in this respect, Diego Zaldivar pointed out that „the implementation of this type of platform could constitute a collaborative ecosystem for the financial system as a whole“.