Before the end of October the Central Bank of Argentina (BCRA) will launch “QR for everyone”. To discourage the use of cash, more than 50 banking and non-banking payment platforms will be interoperable with each other, including MercadoPago, Ualá and Naranja X.
This was advanced by Carlos Hourbeigt, member of the BCRA board, in a conference organized by Forbes magazine. “We aim to compete against cash and that the businesses have a more economic and immediate service ”, he assured.
The president of the Argentine Chamber of Fintech, Ignacio Plaza, who also participated in the conference, described the news as something “epic for the ecosystem.” As explained during the presentation, there are more than 8 million users of digital wallets in Argentina and the number has increased since the beginning of the Covid-19 pandemic.
For Plaza, “if a system is built where capital begins to circulate through a good digital experience that provides real value through an integrated digital ecosystem, there will be more resources and credits available.”
With interoperability between payment platforms they hope that new actors can join this ecosystem thus, in the words of Hourbeigt, “make life easier for people.”
Through your Twitter account, Manifested in favor of this initiative the CEO and founder of the electronic wallet Ualá. “We are excited about creating a more open, interoperable and competitive ecosystem, without monopolies and without exclusion ”. He assured and added that Ualá supports “regulatory work on this path.”
Central banks seek a world with less cash
Decreasing the use of cash is a common goal of central banks around the world. The objectives, less altruistic than those expressed by the BCRA, are usually to increase tax collection and have more control over the financial movements of citizens.
CriptoNoticias reported numerous cases of actions in this regard, such as, for example, the development of central bank digital currencies (CBDC, for its acronym in English). With these coins, unlike what happens with cash, total anonymity will not be possible.
“For a CBDC and its system there will be payment data and a key question of national policy will be to decide who can access which parts and under what circumstances,” explains a report prepared by the Bank for International Settlements together with seven central banks.
China is a pioneer in this type of technology and already carries out among its population first experiments with the digital yuan. Through this initiative, the Chinese government seeks, in the medium and long term, replace cash and have more control over currency.
Also in Spain there are a recent bill looking to decrease, and even eliminate cash. The Spanish Socialist Workers Party (PSOE), author of the proposal, was explicit in indicating the motivations for a law with these characteristics: collect more taxes and reduce tax fraud.
A posterior modification of this bill advocates limiting the use of banknotes and coins “in the long term in a gradual, consensual and coordinated manner within the European Union.”