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.
In case you missed it, earlier this week I wrote about:
Here are some of the most important updates on bitcoin, blockchain and digital infrastructure policy in Latin America from this week:
Mexico’s Daniel Vogel of crypto exchange Bitso claims his firm processed USD$1bn in cross border payments during 1H 2022. Vogel thinks Bitso can capture 10% of the USD$52 billion US-Mexico cross border payments market by 2023.
El Salvador has options for paying its debt in spite of the Bitcoin price crash. International Policy expert Frank Muci considers the various scenarios available to president Nayib Bukele, including lowering bank’s capital requirements so that they can buy more of his debt.
COWA Mining is investing in ASIC miners for an El Salvador-based solar-powered facility. The European miner also leases operations from Bitfury’s Norwegian mining facilities.
Honduras’ Juan Alberto Mayén, founder and owner of TGU Consulting Group and operator of La Bitcoinera, installed a fourth bitcoin ATM in the country and is preparing to install other devices as more people learn about cryptocurrencies.
In Venezuela, Nicolas Maduro’s government trained Pequiven state workers on how to use crypto platforms. Venezuela has petitioned the OFAC to relieve the state-run petrochem and fertilizer company of sanctions that would allow it to restructure.
Colombian crypto exchanges are anticipating a regulatory notice from the SFC that will define rules of the game. The SFC is headed by Jorge Castaño Gutierrez, who is understood to be presidential candidate Rodolfo Hernandez’ first choice for finance ministry.
Brazilian lawmaker Paulo Martins introduced a new bill to regulate crypto. Martins comes from the Partido Social Cristiano (PSC), a party closely aligned with current president Jair Bolsonaro.
Argentina’s National Securities Commission (CNV) issued a notice to national exchange CoinX to cease its advisory activities in cryptocurrency investments. The company was promising very high returns and for more than a week it has been reporting problems with payments to its clients.