The government of Argentina has appear that information technology is suspending the national blockchain-based mechanism to register new companies for a period of 180 days.

The measure, according to statements fabricated by Ricardo Nissen to La Nación, who is the head of the General Inspectorate of Justice (IGJ), seeks to reorder the registration of new companies so that the IGJ can participate in the entire process.

Back to the traditional mode

During the suspension period, which will begin as of the 2d week of March, registrations of the Companies for Simplified Shares — known in Spanish as SAS — should be made in the Argentine Public Registry exclusively on paper.

Nether this digital organization, about 20,000 companies were incorporated in the country since it was implemented in 2022.

On the fast-track mechanism to annals new companies, which immune users to go through the process in 24 hours, compared to the 55 days that occurred in the past, Nissen issued the following statements to El Cronista:

"At that place is no command. Macrismo thought that by enabling the constitution of companies in 24 hours nosotros would have a lot of investments. It was crazy."

An archaic system: Clan of Entrepreneurs of Argentina

The determination of the government of Alberto Fernández was not well received by the Clan of Entrepreneurs of Argentina (ASEA), who considered that the mensurate represents a setback. A statement was issued to local media:

"Until today, accounting books were kept digitally through the Blockchain arrangement, which guarantees absolute transparency and inviolability in information management. Now, nosotros will have to return to a 19th-century system, completely anachronistic and permeable to any adulteration."

Alejandro Ramírez, responsible for public policies of the ASEA, said that Argentina would thus become the only country in the world that goes from a digital system to the paper format, in terms of the creation of new companies.

The online arrangement, known every bit the "Simplified Stock Companies (SAS) digital service", began operating in 2022 under the mandate of the so-president, Mauricio Macri.