I hope you are having a great Friday. Thanks again for reading Barracuda.
In case you missed it, earlier this week I wrote about how:
Here are the most important updates on Bitcoin, blockchain and digital infrastructure policy in Latin America:
Bitso partnered with Africhange for Mexico - Canada remittances. The Mexico City-based exchange took another step forward with its effort to capture the Latin America remittance market.
El Salvador’s Bitcoin experiment turned one year old. From a policy standpoint, it is viewed by some analysts as a method for Bukele to institutionalize corruption and gamble public resources.
The country’s long-delayed Bitcoin volcano bond was delayed again. Security concerns in the US tied to Tether and parent Bitfinex could be part of the reason.
Panama’s crypto bill passed in the legislature. It does not recognize Bitcoin as legal tender, but it does exclude Bitcoin and other crypto securities from capital gains tax. The legislation will now need to pass president Laurentino Cortizo’s desk.
Ecuador’s former central banker Andrés Arauz joined privacy infrastructure firm Nym. Arauz was a close contender for the presidency against current president Guillermo Lasso. He is a disciple of former president Rafael Correa.
Argentina’s president Alberto Fernandez appointed Sergio Massa to Ministry of Economy. Massa is understood to be pro-Bitcoin. Silvina Batakis, the minister he replaced, lasted a month.
Argentina’s tax agency seized three crypto mining farms for tax evasion. The operations took place in the capital Buenos Aires, the city of San Juan and Cordoba province.
Russia wants to explore stable coin adoption with nations in its sphere of influence. Venezuela, Nicaragua and Cuba are among the countries in Latin America who want to integrate MIR into their banking systems.
Brazil’s Central Bank on 29 August chose private bank Itaú to manage its DeFi liquidity pool. This liquidity pool is part of a blockchain platform where stable coins tied to Brazil’s currency (BRL) and US Dollars (USD) can be traded.
Brazil’s digital banking technology is grabbing the attention of others in Latin America. Pix, the instant payment system designed by Central Bank chief Roberto Campos, is finding regional banks replicating its success.
Washington DC-based think tank The Dialogue fielded questions about crypto regulation in Latin America. Answers suggest that Brazil,Colombia and Uruguay are among the jurisdictions where experts think regulations are strongest, but there is still much work to be done.