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 budget proposal of Salvadoran President Nayib Bukele, which contemplates eliminating debt issuance and how this might change the Salvadoran economy and its outlook. Latam Insights Encore: Bukele’s Zero Debt…
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President Nayib Bukele revealed that he would present a self-financed budget proposal to the Legislative Assembly of El Salvador, meaning that the government will not issue debt to pay for its operations in 2025. Bukele stressed that this would be the first time this happened in decades, highlighting the relevance of independence and self-sufficiency for…
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The U.S. Securities and Exchange Commission (SEC) has submitted its 2025 budget request, which will partly fund the securities watchdog’s efforts to regulate the crypto sector. “We’ve seen the Wild West of the crypto markets, rife with noncompliance,” SEC Chair Gary Gensler stressed. “As the cop on the beat, we must be able to meet…
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South Africa has unveiled its 2024 budget, leveraging stablecoins and blockchain technology to promote financial inclusion among its marginalized communities and to boost interest in digital payments. This initiative signals a pivot towards digital payments and sets the stage for transformative change in the nation’s economic landscape. At the core of South Africa’s financial strategy…
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SEC Chair Gary Gensler says the regulator is spread thin and needs additional funding to keep up with the “increased complexity in the capital markets.” United States Securities and Exchange Commission (SEC) chair Gary Gensler has thrown his support behind President Biden’s request to allocate a record $2.4 billion in funding for the regulator, highlighting…
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On Thursday, the Biden administration released the U.S. president’s 182-page budget proposal for the fiscal year 2024, which aims to “grow the economy from the bottom up and middle out.” The budget includes an $835 billion increase in military spending, but the administration claims it will reduce the deficit by $3 trillion over the next…
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The price of BTC briefly slipped under $20,000 on March 10, although at time of writing was hovering just above that level. Bitcoin (BTC) briefly slipped below $20,000 for the first time in nearly two months, following the latest budget from United States President Joe Biden and the collapse of “crypto-bank” Silvergate. The price of…
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Gate’s founder called Hong Kong a “hub,” meanwhile, the city’s financial secretary said the region “must keep up” with the “huge potential” of Web3. Cryptocurrency exchange Gate.io is gearing up to launch a presence in Hong Kong following the local government’s planned 50 million Hong Kong dollar ($6.4 million) cash injection into Web3 under the…
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Canada’s government stated its concerns on the risks digital assets and the digitalization of money may pose to its financial system as a reason for launching the consultation. The Canadian federal government is set to launch a consultation on cryptocurrencies, stablecoins, and Central Bank Digital Currencies (CBDCs) as revealed in its new mini-budget. The government’s…
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Authorities in Portugal intend to impose a levy on gains from short-term crypto investments with the state budget for next year. The document, which still needs the approval of Portuguese lawmakers, signals a change in the EU nation’s positive attitude towards crypto assets. Government of Portugal Proposes New Tax for Cryptocurrency-Related Gains In the past…
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