The Central Bank of Argentina (BCRA) is trying out blockchain in a new clearing system, and the technology could eventually be used by other large banks, according to CoinDesk.
The solution, by blockchain developer IOV Labs, is intended to speed up fiat payments, putting in end-to-end technology to make everything flow better.
The technology is based on the RSK Smart Contract Network, and IOV made it in connection with the central bank and others, like Santander and BBVA.
One of the main goals of the project is to show the other uses for blockchain beyond just cryptocurrency. The Argentinian government has traditionally been skeptical of cryptocurrency, despite being an early supporter for blockchain.
Diego Gutiérrez Zaldívar, CEO of IOV Labs, said the technology would allow for the construction of an “integral collaborative ecosystem” that could bridge a lot of the gaps with the coronavirus pandemic situation especially, in which people are in need of speedy, digital-based solutions.
Those participating in the new system will include the BCRA, banks, clearinghouses and others in the finance sphere in that area.
In other news, a hacker of finance protocol dForce has returned millions in stolen cryptocurrency, CoinDesk reported.
The hack took place on Sunday (April 19) when Lendf, one of the protocols, saw around $25 million in crypto assets disappearing from its digital wallet.
But that didn’t last long — on Tuesday (April 21), a series of transactions began pouring in of varying amounts from the handle "Lendf.Me Hack" to the admin for the project. Some were quite large, such as one totaling 57,992 ether, which is equivalent to $10 million.
A chunk of transactions totaling around $10 million involved U.S. dollar-linked stablecoins was also present in the returns.
The hacker didn’t return exactly the same amount that had been taken, but the value was returned in other types of coins. There was no information on the identity of the hacker, why anything had been stolen or why it was returned.