Argentina’s Presidential Candidate Sergio Massa Suggests Using Blockchain for State Finance Oversight

Presidential candidate and Economy Minister Sergio Massa has proposed to develop a system to allow citizens to control and monitor state finance using blockchain tech in Argentina. At a recent presidential campaign rally, he declared that Argentines “should be able to control state accounts with their mobile phones,” interacting with the national budget.

Sergio Massa Discusses Blockchain Monitoring for State Accounts in Argentina

Sergio Massa, a presidential candidate and the Economy Minister of Argentina, proposed implementing a blockchain-based system to monitor state accounts and the execution of the national budget. Massa declared that this system would benefit the citizens and the country, increasing the transparency of the expenses and incomes by making this data available to the population.

At a rally, Massa stated:

We live in the age of communication. I want every Argentine to be able to control the state accounts online from their cell phone. So each of the Argentines has their blockchain when interacting with the state.

Furthermore, Massa stressed that this proposal was framed into the construction of a new stage of the national government, in which “ethics, integrity, fight against corruption, spending control, and transparency” would be part of the work agenda of his upcoming administration.

Transparency in Budget Spending

Massa described a mechanism to establish contracts between the Argentine state and companies executing state budget work using this blockchain system.

He explained:

In this plan that the State must have, in addition to a blind application mechanism between the contracting party and the contracted party, there must be a certain payment date in the bidding process, in the contracting process, and in the award process.

He praised blockchain tech, concluding that it gives traceability and certainty to state contracts and serves to control public expenses.

Massa, who will face libertarian Javier Milei in a runoff election on November 19, has also proposed the creation of a national digital currency that would be part of a plan to bring the economy to formal channels, combined with a tax reduction scheme.

Another of his plans includes using natural gas from Vaca Muerta, one of the largest oil fields in the country, to mine bitcoin. In a recent interview, he stated he supported the idea due to the “reduction in the carbon emissions” of the activity.

What do you think about Sergio Massa’s proposal to develop a blockchain-based system for monitoring budget expenses in Argentina? Tell us in the comments section below.