The Central Bank of Argentina looks at a new compensation system based on the RSK blockchain technology. The solution should soon be tested by the largest institutions from the country.
End of 2019, IOV Labs (ex RSK Labs), the startup behind blockchain technology Smart Contract Network (RSK), launched a proof of concept with the Banco Central de la República Argentina (BCRA) aiming to implement a decentralized platform based on RSK to more effectively track and accelerate payments.
Several large financial institutions in the country such as Bancor, BBVA, ICBC or Santander, now have access to the solution and are therefore able to carry out transactions "in a standardized, reliable and secure manner, with end-to-end traceability".
We are convinced that with this type of platform, the financial system will be able to build a collaborative ecosystem in line with modern technological advances and on par with the most innovative financial systems on the planet, ”commented Diego Gutiérrez Zaldívar, CEO of IOV Labs.
Similar to Ethereum in terms of characteristics, the network Smart Contract Network (RSK) is a sidechain, a secondary chain, on the blockchain Bitcoin which allows in particular to program smart contracts (smart contract).
While many central banks around the world are interested in the development of a digital currency (CBDC), IOV Labs does not specify if the solution could be used for the creation of a argentine peso digital.
Read also : Cash king dies: Netherlands bank touts CBDC
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