Central Bank of Argentina to test blockchain-based financial clearance system

posted 7 months ago
IOV labs – the Blockchain solutions firm – has developed a proof of concept for a Blockchain supported clearing system. The project is now undergoing testing, which is being carried out by the Argentinian Central Bank (BCRA). The system was designed to streamline payments, rendering them more efficient, while increasing transaction traceability as it makes its way to the intended destination.

Diego Gutiérrez Zaldívar, CEO of IOV Labs said “We need now more than ever to use technology in order to optimize processes and provide better services to our citizens.” Notably, if the network is officially approved by the Central Bank, it will be onboarded by industry titans like Santander and BBVA, the BCRA’s several clearinghouses and various financial institutions.
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