Latin America - Need to Know
The politics of crypto, Bitcoin and digital infrastructure in Latin America this week.
I hope you are having a great Friday. Thanks again for reading Barracuda.
Earlier this week I wrote about:
Here are some of the most important updates on bitcoin, blockchain and digital infrastructure policy, power and politics from this past week.
Mexican Bitso laid off tech workers in May. The company is trimming about 10% of its workforce right as the company executes an expansion plan that involves Colombia.
Venezuelan crypto regulator SUNACRIP promised to crack down on money laundering and comply with Financial Action Task Force (FATF) framework. The statement is likely a nod toward the broader geopolitical context, in which the US is attempting to broker a political truce with the Maduro government and drop sanctions.
El Salvador’s Finance Minister Alejandro Zelaya recognized the delays in issuing a long-awaited volcano bond. Simultaneously, he confirmed that talks between Nayib Bukele’s government and the IMF are ongoing and expects an update in the coming weeks.
The president of El Salvador is coming under increased scrutiny since 2% of the adult population has been thrown into jail. Some policy makers and advisors think that Bukele’s Bitcoin policy is a cover to distract from authoritarian measures.
Colombia's financial regulation unit head Felipe Lega left the government after four years of building fintech and crypto policy. He’s now moving on to Deloitte. Lega's exit occurred in the midst of a fierce election battle between two populist anti-establishment candidates who promise to go hard on traditional banks.
Paraguay's Congress approved a law to regulate cryptocurrencies. Recently, the second chamber of the Congress of that country approved a bill that regulates the mining and trading of cryptocurrencies. However, the bill will return to the Senate so the implementation of the new regulation is not yet certain.
Argentina’s Mendoza city is partnering with crypto firm Belo. Mendoza’s mayor Ulpiano Suarez and Manuel Beaudroit, president of the crypto wallet Belo, signed an agreement to bering digital infra to the city.
Brazil's blockchain transaction analysis platform showed a significant increase in bitcoin transactions during last May, estimated at over 50% compared to the previous month. Statistics indicate that Brazilians mobilized around 33,673.53 bitcoins through exchanges between May 1 and 31. The amount mobilized represents a little more than one billion US dollars.