The volume of cryptocurrency transactions in Brazil has yet again registered record numbers. According to figures offered by the Brazilian IRS equivalent, volumes grew 24.2% compared to last year, reaching over $43.5 billion between January and September 2024. Stablecoin volumes were significant, with Tether’s USDT leading the charge. The leading stablecoin registered volumes of $27.4…
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Welcome to Latam Insights Encore, a deep dive into Latin America’s most relevant economic and cryptocurrency news from last week. In this edition, we examine the recent movements by Brazil to further push de-dollarization within BRICS and how this might affect the trading framework of the entire bloc. Latam Insights Encore: Brazil Called to Lead…
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Mercado Libre, the Latin American e-commerce and financial services giant, has reached a milestone with meli dolar, an in-house distributed dollar-pegged stablecoin. The token, launched in August, is now in millions of wallets, according to Ignacio Estivariz, VP of Fintech Services at Mercado Libre. “We already have millions of users who have received meli dolar…
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Welcome to Latam Insights, a compendium of Latin America’s most relevant crypto and economic news from the past week. In this issue, Brazil pushes BRICS to use national currencies instead of the dollar, bitcoin adoption reaches critical levels in El Salvador, and smart contracts achieve legal status in Argentina. Brazil Pushes BRICS to Shift From…
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Brad Garlinghouse, CEO of Ripple, a payments and cryptocurrency service provider, has praised the state of cryptocurrency regulation in Brazil, one of the largest crypto markets in Latam. In an interview with Valor Economico, Garlinghouse highlighted the central bank’s work to make Brazil an enticing destiny for crypto companies. “Brazil is one of the fastest-growing…
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The President of the Central Bank of the Latin American giant announced plans to expedite the regulation of asset tokenization and stablecoins by 2025. The bank will issue a new consultation this month to gather more input on the rules for approving VASPs’ operations in the country. Central Bank of Brazil to Expedite Asset Tokenization…
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Brazil pushes for a shift away from the U.S. dollar within the BRICS alliance, advocating for more use of national currencies in trade among member countries. As the group expands, discussions on alternative payment platforms are gaining momentum ahead of the BRICS summit in Kazan. Brazil aims to advance this initiative during its 2025 chairmanship,…
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Blackrock CEO Larry Fink has emphasized bitcoin’s growing legitimacy as an investment, calling it an alternative to commodities like gold. “We believe bitcoin is an asset class in itself,” said the CEO of the world’s largest asset manager. Fink downplayed regulatory changes, arguing broader acceptance and liquidity will drive market expansion. With the firm’s bitcoin…
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A Chainalysis report reveals that Argentina surpassed Brazil in cryptocurrency value received during the period examined, highlighting the high adoption of stablecoins in Latin America. However, Venezuela was the market that grew the most, rising by 110% despite the current political and economic turmoil the nation is facing. Chainalisis Latam Report: Argentina Beats Brazil, Venezuela’s…
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Russian Finance Minister Anton Siluanov has emphasized the rising influence of BRICS nations during a recent event, noting their projected economic growth of 4.4% in 2024-2025, compared to 1.7% for G7 countries. Siluanov highlighted BRICS’ growing share of global GDP, now at 36.7%, and the addition of new members like Saudi Arabia, Iran, and the…
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