Brazil’s Chamber of Deputies has formally introduced a bill proposing the creation of a Strategic Sovereign Bitcoin Reserve (RESBit) to diversify national financial assets and strengthen economic resilience. Brazil Proposes Bitcoin Reserve to Bolster Economy and Embrace Innovation The legislation, titled “Projeto de Lei 4501/2024″ and authored by Federal Deputy Eros Biondini, aims to position […]
The Central Bank of Brazil is preparing to open the cryptocurrency market to traditional finance institutions, which will be able to operate in this industry with clarity after the enactment of the upcoming regulation. Small crypto startups might face challenges in regularizing their situation due to the high bar this framework will impose. Central Bank […]
Welcome to Latam Insights, a compendium of Latin America’s most relevant crypto and economic news from the past week. In this issue, a public records inquiry reveals contradictions in the reported results for ‘Adopting El Salvador,’ Brazil mulls taxing stablecoin remittances, and a Bolivian bank offers USDT services for the first time. Public Records Inquiry […]
Welcome to Latam Insights, a compendium of Latin America’s most relevant crypto and economic news from the past week. In this issue, Brazil declares the necessity of creating a BRICS-centric financial system, President Javier Milei axes the tax collection agency in Argentina, and crypto volumes spike in Brazil. Brazil Calls for Unified BRICS Financial System, […]
Russia’s push for BRICS to abandon the U.S. dollar has reached critical milestones, with formalized agreements and functioning alternatives to Western financial systems now in place. BRICS Pushes Dedollarization and Financial Autonomy Forward At the recent BRICS summit in Kazan, Russian Deputy Foreign Minister Sergey Ryabkov announced that Russia’s presidency of BRICS had reached critical […]
The Central Bank of Brazil propped up tokenization and “open finance” as key elements of the future’s financial system. In a panel presentation before the IMF and the World Bank, the bank’s president stated that the intersection between these had been underestimated. Central Bank of Brazil Considers Tokenization Potential ‘Underestimated’ In a recent panel presentation […]
Brazilian President Luiz Inacio Lula da Silva has urged the creation of a unified financial system among BRICS nations. He emphasized the need for alternative monetary relations. Egyptian President Abdel Fattah el-Sisi echoed this sentiment, advocating for financial settlements in national currencies, stressing cooperation within BRICS. Lula Champions Unified BRICS Financial System Brazilian President Luiz […]
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 …
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 […]
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 […]
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 […]
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, […]
Analysts believe that, in the future, outflows derived from cryptocurrency purchases could affect the domestic exchange rate in Brazil. The Central Bank of Brazil indicates that crypto assets and recreational services account for $ 14.7 billion that flowed out of Brazil through August, hinting at the use of virtual assets as payment tools. Cryptocurrency …
Ripple is expanding its digital payments service in Brazil, partnering with Mercado Bitcoin to offer faster, cheaper cross-border transactions. This move positions Ripple Payments as a key player in the region’s crypto landscape, helping businesses move funds 24/7. With plans to streamline treasury operations between Brazil and Portugal, the service also aims to benefit corporate […]
According to data from the Central Bank of Brazil, purchases of cryptocurrency made abroad have soared this year, surpassing the numbers registered in 2023. These purchases, considered imports, have reached $ 12.37 billion year-to-date, exceeding the total crypto purchases of 2023. This indicates that exchanges and trading platforms are preparing to accommodate a large …