Latin America - Need to Know
The politics of crypto and digital infrastructure in Latin America this week.
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Earlier this week I wrote about:
Here are some of the most important updates on Bitcoin, Crypto and Digital Infrastructure policy, power and politics from this past week.
Mexico crypto policy makers met in a Senate hearing to explore legislation. Ricardo Monreal, Miguel Angel Mancera, José Rodriguez and Indira Kempis were involved.
Horacio Larreta of Buenos Aires wants citizens to be able to pay their taxes in crypto. It’s another sign that Argentine politicos want to accommodate and regulate crypto.
Panama passed Gabriel Silva’s crypto bill. Now president Laurentino Cortizo needs to sign it.
Six of 10 Salvadorans quit using Chivo Wallet after the air drop. The numbers defy president Nayib Bukele’s claim that El Salvador has successfully adopted Bitcoin.
Titus Gebels and the Free City Initiative want to put Bitcoin City into private hands. They are using the same playbook as Prospera used in Roatan, Honduras.
In Cuba, the central bank issued regulations for companies who want to handle crypto remittances. Foreign trade flows could be affected by the regulations too.
In Colombia, Minka is stitching together legacy banking and blockchain for cross-border payments. The Bogotá-based Fintech raised $24mn from Tiger, Kazsek.
Ricardo Salinas Pliego abandoned plans to mine Bitcoin. In a Twitter Spaces, Salinas told followers he’s going to buy more bitcoin instead.
Chile has a new central bank leadership. Head of the central bank Jessica López is a traditional banker who wants to digitalize the banking system. She does not seem to have a clear policy stance on crypto.
Blockchain proliferation in Argentina spurred the Fernandez government to act. It wants the central bank to upgrade its policies in order to accommodate crypto.
Argentina’s MercadoPago is fighting with the Central Bank over capital requirements. If the legal dispute favors the Central Bank, it will be a loss for digital wallets.
Revolut is coming to Argentina. The crypto-friendly, neo-bank is already operating in Brazil and Mexico.
Adhemar Capital was an Argentine crypto ponzi. Another coercive ‘trading’ scam fell apart when CEO Edgar Bacchiani was arrested this week.
Brazil’s Senate passed a bill to legalize and regulate crypto. Aureo Ribeiro first introduced the bill in 2015. The legislation will leave to the executive branch the power to empower the CVM (stocks regulator) or the BC (Central Bank) to regulate. Or it can create a new agency itself.
Ripple sees Brazil as a bellwether for Latin America. The payments company wants a piece of the remittance market but remarks that regulations are still unclear.