Argentina has suspended its blockchain-based company registration platform called Companies with Simplified Shares (abbreviated as SAS in the country), reported El Cronista. The country’s General Inspection of Justice (IGJ), which registers and supervises companies, passed a resolution stating the agency should get more control over the companies registered on the blockchain system and hence imposed a sixth month suspension.
Launched in 2017 by the previous government of Mauricio Marci, SAS enabled entrepreneurs to register their business digitally within 24 hours, as opposed to 55 days. The platform is targeted at SMEs and was set up using the Blockchain Federal Argentina (BFA), an open platform initiated by the government.
Since its launch, the SAS has allowed the creation of about 20,000 companies and created over 47,000 jobs. The IGJ said the process began and ended in the ambit of the Ministry of Public Innovation, with the IGJ reviewing the process.
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