The LATAM cryptocurrency news this week highlights the dynamic crypto scene in the region.
Brazil, for example, could begin to regulate cryptocurrency-related activities, while Argentina continues on its digital innovation path by allowing underground payments in cryptocurrency.
Public Consultation 111 in Brazil seeks to regulate virtual asset services on the Central Bank of Brazil’s Foreign Exchange Market.
According to a declaration posted on the official portal of the president, this program will integrate the activities and operations of virtual asset providers in the currency markets.
This proposal amends many previous resolutions in order to regulate comprehensively these transactions within Brazilian capital restrictions.
The BCB is closely monitoring technological advances, business models and concepts related to virtual assets. This includes their relation to foreign exchange markets and international capital flow.
The inspection revealed an enormous increase in trade volumes, and the integration of traditional financial sectors. This highlights the importance of international regulatory discussions.
These conversations encourage the adoption of regulations which are compatible with the abilities and dangers associated with virtual assets.
The BCB investigation also indicates that different business models using virtual assets can improve the service in the forex market.
The regulatory framework can improve Brazil’s currency markets by facilitating transactions and investments.
Argentina accepts cryptocurrency as payment for public transportation
After the election of Argentina’s new President, a positive attitude towards cryptocurrencies has emerged.
Recently, regulatory reforms allowed for a wide range of payment methods to be accepted, including digital currency.
From December onwards, Buenos Aires residents can now pay their metro fares using a wide range of payment options, including cryptocurrencies.
Lemon, an international company with operations in many Latin American countries, announced today that their cards can now be used for Metro travel in the Capital.
The flexibility of this system allows the user to choose whether they want to use their local currency or cryptocurrency.
Visa also offers a program of savings for those who use contactless payment methods in the subway. Lemon has partnered with Visa to offer customers large discounts and money back.
In the press release, it was stated that users who wish to use Lemon’s wallet as a subway payment system must possess a Visa physical card.
Cashback rebates can save frequent travelers up to 30,000 Pesos a month. Each payment also helps Bitcoin grow, which confirms its reputation as an asset.
Contactless payments in Buenos Aires’ subway are a major step towards modernizing Argentina’s transportation system and digitising it. They also improve the user experience, and how citizens interact with their everyday expenses.
Colombia is the 4th largest Bitcoin revenue earner in Latin America, with $6.79 billion expected in 2024
Chainalysis’ Geography of Cryptocurrency report 2024 shows that Colombia is a key player in regional cryptocurrency.
In the period, more than US$6.788billion was spent on Bitcoin in China.
Bitcoins’ value has increased by over $100,000 in the last few days, surpassing an important milestone. This coincided with Donald Trump, newly-elected president, making a declaration on government policy.
The global market was impacted by this development, which increased the value of corporations that hold Bitcoin and the assets in countries such as El Salvador.
The effects of the increase are not limited to wealthy investors and established economies.
Experts in the industry believe that the soaring Bitcoin price, the more favorable laws of the US Government, and the possible establishment of a Bitcoin Strategic Reserve will help the cryptocurrency gain increased legitimacy and an increasing user base.
The post LATAM Crypto Update: Brazil regulates virtual asset activities; Argentina allows crypto payment for subway could be updated as new information unfolds.
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