Home > News > Business > Buenos Aires issues blockchain IDs to 3.6 million residents
Argentina has been leading the pace in Latin America in digital asset adoption for many years, ranking among the top 20 markets in the world. The capital, Buenos Aires, is looking beyond digital assets to blockchain, recently rolling out a decentralized digital identity for its more than 3.5 million residents.
This week, the City of Buenos Aires announced that it will integrate a decentralized identity (DID) solution into miBA, a government app that allows residents to manage data, make transactions, access personal documents, and verify their identity. According to the announcement, the integration took place at the beginning of the month and resulted in the issuing of DIDs to miBA’s 3.6 million users.
Decentralized identities are growing in popularity as more people want more control over their digital presence. But so far, they have been the preserve of the private sector, where industry leaders like nChain have developed innovative DID products that are secure, private, and verifiable.
Some cities are experimenting with blockchain IDs. In Switzerland, the city of Zug issued the first DID in 2017, and in the United States, the city of Austin, Texas, uses DID to help homeless people access government and medical services. However, these efforts were limited to a few thousand people in a closed, controlled ecosystem.
Buenos Aires is getting bigger. The new system, called QuarkID, will be accessible to millions of people on the miBA app and will cover more than 60 documents, from birth certificates and driver’s licenses to tax documents. For end users, nothing changes in how they access the app. However, blockchain powers the app under the hood, giving residents more control over their identity.
According to ZKSync, which provides the technology that powers the new solution, residents can now share and verify their identities and other credentials peer-to-peer without involving third parties, including governments. It will also allow users to share their identities with other digital applications, from banking to social media, without government intervention.
Buenos Aires City Administrator Jorge Macri described the integration as an “unprecedented milestone” for the capital, introducing new technologies that will “simplify processes for citizens and give them complete control over their information. This is a fundamental step for continuity.” Delivering more secure and transparent digital solutions. ”
One of the key features of Buenos Aires DID is the use of zero-knowledge proofs. These allow users to publish only the information they need and keep all other information private. For example, users can prove their age when purchasing age-restricted products without revealing their name or address.
“Giving residents control over their identities not only improves privacy and security, but also envisions a future where ownership of personal data becomes a fundamental right, protected by advanced zero-knowledge-based cryptographic proofs.” ” commented Diego Fernández, the city’s Secretary of Innovation and Digital Transformation.
Indonesia extends exchange registration deadline
In Indonesia, the country’s commodity watchdog has extended the deadline for digital asset exchange licenses until next month. The Commodity Futures Trading Regulatory Authority, locally known as Bapebuti, announced that the deadline for exchanges to register as physical crypto traders is now November 30th.
This announcement follows the publication of Regulation No. 9 of 2024, which requires exchanges to implement the Know Your Transaction (KYT) protocol and integrate travel rules for non-retail customers. It also requires exchanges to enter into an agreement with the Ministry of Home Affairs regarding the data verification process.
Bapebuti has overseen the exchange since 2019, when it introduced the sector’s first framework. But last year, it launched the world’s first domestic exchange for digital assets, known as the Commodity Future Exchange (CFX). The latest announcement reminded exchanges receiving licenses that if they do not register with the exchange within seven days of receiving the license, it could be revoked.
So far, only six exchanges have been licensed under the new system. A total of 35 exchanges applied for licenses. Currently, all unlicensed applicants are classified as “cryptocurrency exchange candidates” and can provide services to clients awaiting license.
According to Chainalysis, Indonesia is one of the world’s largest digital asset markets and ranks seventh in terms of adoption. Mr. Bapebuti revealed that Indonesians have conducted transactions worth $27.3 billion since the beginning of the year, a significant increase year-on-year. According to official data, as of May, there were 20 million digital asset traders in the country, significantly outnumbering the 12 million stock traders.
See: Protecting your personal information with a blockchain ID system
title=”YouTube Video Player” Frameborder=”0″allow=”Accelerometer; Autoplay; Clipboard writing; Encrypted media; Gyroscope; Picture-in-picture; Web sharing” Referrerpolicy=”strict-origin-when-cross-origin “Allow Full Screen>
