In the LATAM cryptocurrency scene, Brazil has continued to experience an uptick in activity. Imports of digital assets reached USD 1.4billion in September. Meanwhile, Argentina is moving forward with plans to regulate cryptocurrency tokens.
Argentina will regulate tokenization of assets in the real world
In collaboration with Crecimiento the Argentine Fintech Chamber has developed a proposal to regulate tokenizations of real world assets, also known as RWA, through a controlled test environment called a sandbox.
The initiative was launched at the Argentina Fintech Forum, which took place in Buenos Aires on 30 October. Santamaria gave more details in an interview after the announcement.
Crecimiento is a non-profit organization that has three main objectives.
The goals of this project are to promote Web3 initiatives in Argentina to address current financial and economic difficulties, and to develop recommendations for maintaining regulatory and economic stability.
Together, these objectives create a coherent strategy.
The Argentine Fintech Chamber is working with Crecimiento to create legislation that will allow the tokenization and sandboxing of assets in the real world.
Crecimiento’s mission is to increase crypto adoption and support Web3 initiatives to help overcome Argentina’s economic challenges. It also pushes for economic and regulatory stability that will benefit both these projects and users.
Brazil’s crypto imports grew by 40% in September
Brazil’s digital assets imports soared to $1.4 billion total in September.
According to the Central Bank of Brazil’s figures and the local media, released on October 29, this is an increase of 40% over the $1 billion that was reported in the same period of 2023.
Digital asset exports, however, have remained constant, with a total of $44 million as at September 2024. This is a slight decline compared to $45 million during the same time period in 2013.
The Brazilian crypto assets trading net was $1.35 billion in September 2023, up from $ 987 millions.
Stablecoins account for 70% of transactions in the Central Bank report.
Data shows that cryptocurrency transactions have increased significantly in 2024 as compared with 2023.
Brazil has imported 13.7 billion dollars in cryptocurrency between January and September. This is a huge jump compared to $8.4 million during the same period last year. The net imports have increased by 60% so far in this year.
Polkadot announced a partnership with Brazil in order to promote blockchain technology.
Companies that use blockchain technology are looking to increase their presence in Latin America, and Brazil is a major target.
Polkadot, a Brazilian company that specializes in Web3-based business development announced its partnership with Sao Paulo’s government on October 29, 2010.
Blockchain training will be provided for free by the association to developers.
Developers and companies of all sizes are welcome to participate in the launch, which will be held on December 1.
Argentina will launch CUV Accounts in Dollars in 2025
Leo Elduayen is the CEO and founder of Koibanx. He says that a major change will occur in the Argentinean financial system by 2025. This includes the conversion of CVUs into dollars. Users can then manage their funds through apps or virtual wallets.
Users will be able to manage their money in dollars through virtual wallets and banking apps. This gives them greater flexibility over their finances.
Elduayen’s prediction is correct. We can expect a rise in Bitcoin price, as well as the development of various solutions to make it easier for pesos to be exchanged into stablecoins, and vice-versa, through apps like banking and virtual wallets.
Koibanx and VISA have teamed up to create a tokenized asset platform in Colombia. They plan to expand this to Argentina by 2025. This will make payments and transactions more convenient with tokens that are linked to assets.
Tokenizing deposits will be introduced next year. This allows tokens to serve as payment methods.
In today’s world of finance, it is essential to collaborate between banks and fintech.
Blockchain technology can also be used to digitalize physical assets, which could increase their value by more than 50% in 2030. This will give users increased financial freedom and a wider range of options for transactions.
The post LATAM Crypto Update: Argentina Advances Token Regulation, Brazil’s Crypto Imports Surge 40% might be updated as new developments unfold.
This site is for entertainment only. Click here to read more
