Crypto ecosystems in Latin America are constantly evolving and diversifying.
The fintech company Mercado Pago announced this week the launch of “Meli Dollar” as a stablecoin in Chile. It is a cryptocurrency that tracks the US dollar’s value.
Bolivia announced, however, that in spite of an ongoing energy crisis, it will not be purchasing fuel using cryptocurrency.
Mercado Pago launches Meli Dolar in Chile
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America Economia reports that the Mercado Pago App now allows Chilean users use cryptocurrencies straight from their account.
Meli Dolar can be purchased, stored, or sold using the Chilean Pesos.
Cointelegraph en Espanol reported that Chile is now the third Latin American country to have a functioning Mercado Pago, joining Mexico and Brazil.
This solution was developed in partnership with Ripio – a company that specialises on cryptocurrency services.
Matias Spagui Senior Director at MercadoPago stressed the importance of the launch. He noted that “the US dollar is a stable currency, a way to protect wealth in times of uncertainty, and a safe store of value.”
Bolivia abandons plans to buy fuel using cryptocurrency
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YPFB reaffirmed their commitment to maintain a constant fuel supply across the entire country.
The Agencia Boliviana de Noticias reported that on April 15, the oil company owned by the government will purchase gasoline, LPG, and diesel using its own resources and transfer funds from the Ministry of Economy and Public Finance.
YPFB has reiterated its intention to not use cryptocurrency assets in these transactions. Its entire supply strategy relies on government funding and domestic financing.
YPFB has upgraded its liquid fuel delivery logistics since March, despite considering cryptocurrency as a back-up plan to import gasoline due to the delays of obtaining credit clearances by the Plurinational Legislative Assembly.
The Bolivians will be able to get a steady supply of LPG, Diesel, and gasoline despite the current economic issues.
Coinbase Joins the Argentine Fintech Chamber
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Coinbase joined the Argentine Fintech Chamber in an effort to improve its ties with the local industry.
Coinbase has made a new move to strengthen its presence in Argentina. This shows the company’s commitment to local fintech initiatives.
Matias Albani, Coinbase’s Argentina Country Manager, highlighted the importance of this collaboration, noting the fact that we can participate in the dialogue and collaborate spaces which are crucial to the growth of the Fintech industry.
Coinbase, he said, wants to learn from the local talent and share their expertise to create an eco-system that’s considered important for the future of this region.
Mariano Biocca of the Argentine Fintech Chamber praised Coinbase for their cooperation and stated that the international expertise they possess will be beneficial to the local community.
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