Argentina’s Milei Talks Dollarization Again
Argentine President Javier Milei has once again discussed the possibility of dollarization for the country’s economy. According to Milei, the dollarization process is still a goal of his administration, although he acknowledges that he needs to first address the current state of the economy. In an interview, Milei revealed that Argentina has purchased $5 billion in dollars, bringing the country close to the point where dollarization becomes feasible. Milei has been advocating for the shutdown of the central bank and the elimination of the national fiat currency as part of his reform agenda.
Bitfarms Announces Expansion in Paraguay
Cryptocurrency mining company Bitfarms has announced its plans to expand its operations in Paraguay. Bitfarms has obtained land near the Itaipú Dam, a major hydroelectric energy reservoir, where a new 100MW mining site will be established. According to Geoff Morphy, the president and CEO of Bitfarms, the company’s new facility will be powered by low-cost green energy, contributing to economically and environmentally sustainable bitcoin mining. This expansion will ensure that 85% of Bitfarms’ operations run on renewable energy resources.
El Salvador Authorizes Soy-Backed Token Issuance
The National Digital Assets Commission of El Salvador has granted authorization for the issuance of ESOY, a token backed by soybeans. This marks the first private tokenized asset issuance in the country. The company E-grains, responsible for this issuance, has issued 7.6 million tokens, each backed by a bushel of soy grains. The tokens will be available for a duration of 60 months. This authorization is significant as it paves the way for future private issuances after the success of the Volcano Bond issuance in December 2023.
Hot Take: Latin America’s Crypto and Economic News
Welcome to Latam Insights, your source for the latest news on cryptocurrency and the economy in Latin America. In this edition, we discussed Argentine President Javier Milei’s continued emphasis on dollarization, Bitfarms’ plans for expansion in Paraguay, and El Salvador’s authorization of a soy-backed token issuance. It is clear that these developments highlight the growing interest and adoption of cryptocurrencies in the region, as well as the potential for economic reforms and sustainable mining practices. Stay updated with our Latam newsletter to stay informed about the latest news and trends in Latin America.
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