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

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, local publication Ambito reports. Money, proceeds from mining, city authorities promise to invest in the development of railway infrastructure. Mayor Juan Pio Drovetta (Juan Pio Drovetta) does not see any big risks in cryptocurrency mining, because he plans to immediately put up what he has mined for sale.

Local authorities reported, that they have already purchased six video cards and are planning to buy a mining rig 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 happened for the first time in 33 return to service.

City authorities do not plan to buy cryptocurrencies and try to profit from “speculative activities”, as a result of which they “either win, or they will lose".

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

Reported, that the local municipality is planning to merge with a local business, 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, formerly Argentine Tax Service (AFIP) announced, which will attract holders of digital currencies and traders to the fight against tax evasion.