Rosselló López, founder of the SmartPay payment platform, argued that Argentina could benefit more from the “tetherization” of its economy than from traditional dollarization.
term “Tetherization” refers to the incorporation of USDT.a stablecoin issued by Tether as a means of payment. According to CriptoNoticias, this token is the most used “crypto dollar” on exchanges and P2P markets.
According to Lopez, once the “tethering” scheme is implemented, It will be possible to take advantage of dollarization in an easier and more efficient way.
Additionally, it enables fast and economical operations with traceability of funds, avoiding the costs and logistics associated with processing physical invoices. On the other hand, the Brazilian businessman explains that dollarization would require approval from the US government.
In a conversation with the IproUp site, López made it clear that Argentina needs to improve its regulatory framework to achieve this “tetherization”. “I think there is a lack of better regulation, such as more integration between the financial ecosystem and the cryptocurrency ecosystem, for example, where a person operates USDT and at the same time has a global dollar account where they can perform all kinds of operations.
Lopez focuses on the need to evolve the regulatory framework to provide peace of mind for users. You can safely and efficiently integrate currencies such as USDT into your financial system.
It is worth clarifying that USDT has established itself as one of the main havens for Argentines to protect their savings from the devaluation of the peso, taking advantage of the stability provided by this stablecoin linked to the US dollar.
While issues such as labor, tax reform and dollarization were once again part of the agenda, López’s remarks are worth remembering.
One of the most notable proposals of Javier Millay’s election campaign was the dollarization of Argentina and the closure of its central bank (BCRA), an idea promoted by his then-advisor, the economist Emilio Ocampo. So far, there has been no concrete progress towards implementing this measure.
