Argentina’s Run-off Election and Crypto
The first round of the presidential election in Argentina has set the stage for a run-off election between Javier Milei, a libertarian candidate, and Sergio Massa, the current economy minister. Interestingly, crypto has become a focal point in this election. Milei advocates for the elimination of the Central Bank of Argentina and the adoption of the dollar as legal tender. On the other hand, Massa has proposed the creation of a national digital currency to reduce tax costs and combat tax evasion.
In addition to his digital currency proposal, Massa also mentioned the possibility of using gas from Vaca Muerta, a significant Argentine crude oil deposit, for bitcoin mining. He believes this would not only reduce carbon emissions but also symbolize Argentina’s progress in the years to come.
Colombia’s Progress Towards a Digital Peso
Ricardo Bonilla, Colombia’s economy minister, recently shared that the country is actively working on developing its own central bank digital currency (CBDC), known as the digital peso. During a forum on the future of banking, Bonilla urged Colombians to move away from cash and expressed his reservations about cryptocurrencies.
The construction of the digital peso is currently being examined by various entities, including the Central Bank of Colombia, the Superfinanciera (the national stock and financial regulator), the economy ministry, and the Congress. The central bank would be responsible for issuing the CBDC.
Prosegur’s Secure Crypto Bunker in Brazil
Prosegur, a Spanish insurance and security company, has announced plans to construct a highly secure cryptocurrency facility called a “bunker” in Sao Paolo, Brazil. This facility will feature multiple security measures to prevent attacks, such as 24/7 monitoring by redundant vigilance centers and a fog machine that can fill the bunker in 30 seconds, effectively trapping intruders.
Jose Angel Fernandez Freire, Prosegur’s executive president, emphasized that clear regulations in Brazil have enabled the company to establish this facility, which will serve as an entry point to provide similar services to entities in other countries like Chile.
Hot Take: Latin America’s Crypto Developments
Welcome to Latam Insights, where we bring you the latest news on crypto and the economy in Latin America. In this issue, we covered Argentina’s upcoming run-off election with crypto at the forefront of discussions. We also highlighted Colombia’s progress in creating its own digital currency, the digital peso. Additionally, we shared news about Prosegur’s plans to build a secure crypto bunker in Brazil. Stay informed by signing up for our Latam newsletter below!
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