Summary
I would like to propose the creation of a stablecoin pegged to the argentinian peso (ART or ARST) to help millions of Argentinians to have access to a free economy and be able to secure their financial future by themselves.
Motivation
Argentina is home to one of the most inflationary economies of the entire world. As a consequence of irresponsible monetary policy the average inflation rate of the past 100 years has been 105%, with a peak of 3079% in 1989.
(History of Argentina’s inflation, Cámara Argentina de Comercio)
Argentina is also home to one of the most restrictive economies of the world were it’s citizens are not allowed to freely trade their currency for stronger currencies like the US dollar. This leads to it’s citizens being forced to hold onto a fiat currency that has been historically crumbling and that not only does not provide much needed financial stability but also leads to people not being able to freely manage their savings or financial future in a fair way.
Argenina is the 21th largest economy in the world in terms of GDP (GDP by Country - Worldometer) and the 10th largest crypto community in the world (Global Crypto adoption Index.
Adding ARST would allow millions of citizens to have access to a free and open economy:
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exchange for “stronger” currencies like UST
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money markets that would let argentinians to hedge against their national currency
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use their crypto assets to take credit without having to sell their assets and trigger taxable events (which are extremelt high).
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And, of course,In addition to this it would allow to use ART to transact in everyday payments and also international purchases.
Proposal
As a consequence of the past and present policies Argentina has ended up having numerous usd prices. Some are highly controlled while others are allowed to fluctuate freely.
Given that currently there isn’t a ARS/USD market formally listed on an exchange my proposal is to feed oracle thata for “USD-CCL” (wire usd) which is an exchange rate that comes from the buying and selling national bonds in different currencies on stock exchanges. (Buying a bond like one named “AL30” with ARS and then selling for USD and vice-versa). It is a widely used and known dolar price here in Argentina.
This will allow potentially millions of Argentinians to have access to a decentralized, censorship resistant crypto economy and be able to take full control of their financial future.