The commune of Serodino in Argentina’s Santa Fe province has decided to mine cryptocurrencies to promote economic development. Reported by Ambito.

According to mayor Juan Pio Drovetta, the village of 6,000 people is facing financial difficulties and the authorities have decided to return to the knowledge economy. Thus, they came up with the idea of ​​a cryptocurrency project that received “instant support” in the community.

The response for the joint participation of the public and private sectors in cooperation with finance and human resources was very important.”

Drovetta announced that the project will begin with the purchase of a six-card farm with municipal funds and business investment. Mined digital assets need to be sold immediately. The leader of the commune did not specify which cryptocurrencies were issued.

“This is a pilot where we can get 60,000-70,000 pesos (~$532-621) per month depending on fluctuations. [курса]”, – said.

The head of Serodino said that the funds are planned to be used to modernize the railway infrastructure of the village and restore communication with the nearest settlements. The station became operational after 35 years of inactivity.

He explained that the municipality is consulting with experts to pay taxes, as cryptocurrencies in Argentina are not regulated in any way.

Regarding the business risk of the mining project, Drovetta said:

“You have to understand that we are not planning to buy cryptocurrency to make money. Producing is another matter, we always win here.”

Recall that in March, the Argentine Parliament approved the project to refinance $ 45 billion of debt to the IMF. The proposal includes a ban on the circulation of digital assets in the country.