The authorities of the Argentine city will invest in mining to defeat inflation

Published: 13.04.2022

Article reading time:
2 minutes.

The city of Serodino in the Argentine province of Santa Fe is trying to cope with the consequences of the pandemic by restoring the railway infrastructure with income from cryptocurrency mining.

The city’s population is only 6,000 people, according to local publication Ambito. The money received from mining, the city authorities promise to invest in the development of railway infrastructure. The mayor of the city, Juan Pio Drovetta, does not see big risks in the production of cryptocurrencies, as he is going to immediately put it up for sale.

Local authorities reported that they have already purchased six video cards and are going to buy a farm for mining in the near future. According to the mayor, the initiative was supported by the local community. Serodino has been hit hard by the coronavirus pandemic and the resulting inflation. The city cannot afford to pay for the modernization of the railway infrastructure, which had to be returned to operation for the first time in 33 years.

The city does not plan to buy cryptocurrencies and try to profit from “speculative activities” in which they “either win or lose.”

“We will generate cryptocurrencies, and therefore we will always win,” the mayor said.

The local municipality is reportedly planning to team up with local businesses to expand the mining farm. Now the authorities plan to receive from mining from 60 to 70 thousand pesos per month (about $ 4,000) and regularly pay taxes on this income.

Recall that earlier the Argentine Revenue Service (AFIP) announced that it would involve holders of digital currencies and traders in the fight against tax evasion.