Argentine Economy Minister Sergio Massa Announces National Digital Currency
Sergio Massa, the economy minister of Argentina and a presidential candidate, has proposed the launch of a national digital currency. This announcement was made during the first debate before the presidential elections. Massa believes that introducing this digital currency alongside a tax reduction plan will help formalize the Argentine economy.
Massa stated during the debate, “We are going to launch the Argentine digital currency. Just as your children propose in their platform economy the possibility of trading with their cell phone or card, we are going to do it globally for all of Argentina.”
The economy ministry supports this move, emphasizing that a national digital currency would provide more freedom and autonomy in everyday transactions, especially for those who are unbanked or have limited access to financial services.
However, following the announcement, the value of the Argentine peso has fallen significantly.
Volcano Energy Launches Lava Pool
Volcano Energy, a green power Bitcoin mining company, has launched Lava Pool, the first Salvadoran mining pool. This platform is a partnership with Luxor Technologies and will be used by a renewable energy mining facility currently under construction in Metapan.
Gerson Martinez, CSO of Volcano Energy, highlighted that Lava Pool demonstrates El Salvador’s advantage as a nation-state in the Bitcoin ecosystem. He stated, “Our vision is to create a vertically integrated energy and bitcoin mining company whose value is accretive to investors and to all Salvadoran citizens.”
Brazilian CVM Now Allows Investment Funds to Invest in Crypto
A resolution issued by the Brazilian Securities and Exchange Commission (CVM) last year has come into effect, allowing investment funds to allocate a portion of their portfolios to cryptocurrencies. This move is expected to generate increased interest in crypto-related investment opportunities among institutions.
However, the resolution sets limits on these investments. Investment funds can only allocate up to 10% of their total funds to cryptocurrency, and the digital assets must be acquired from approved exchanges regulated by the Brazilian Central Bank or international regulatory bodies.
Hot Take: Latin America Embracing Crypto Innovations
Latin American countries are making significant strides in adopting cryptocurrencies and exploring their potential benefits. Argentina’s plan to launch a national digital currency aims to increase financial inclusion and reduce bureaucracy. El Salvador’s first mining pool signifies the nation’s commitment to becoming a prominent player in the Bitcoin ecosystem. Meanwhile, Brazil’s new regulation allowing investment funds to invest in crypto indicates growing interest in digital assets within the country.
These developments highlight Latin America’s openness to crypto innovations and its desire to leverage them for economic growth and financial empowerment.
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