Bitcoin
Bitcoin’s birthday in El Salvador and more
BeInCrypto’s comprehensive Latam Crypto Roundup brings you the most important news and trends from Latin America. With reporters in Brazil, Mexico, Argentina and more, we cover the latest updates and insights from the region’s crypto scene.
This week’s roundup includes stories about El Salvador’s Bitcoin adoption anniversary, the Cardano Foundation’s alliance with Argentina’s Entre Rios province, and more.
El Salvador celebrates 3 years of Bitcoin adoption
In June 2021, the president of El Salvador, Nayib Bukele, announced plans to adopt Bitcoin as legal tender. On September 7, the country officially became the first in the world to enact the “Bitcoin Law”, making BTC a legal tender.
Currently, El Salvador remains the only country where Bitcoin is legal tender. In the last three yearsBitcoin’s value fluctuated significantly, falling to $16,464 in late 2021 after reaching an all-time high of $73,079 in March.
Since adopting Bitcoin, El Salvador has accumulated 5,772.76 BTC worth $411 million. Furthermore, President Bukele was re-elected for a second termcontinuing to lead the country.
See more information: Who owns the most Bitcoin in 2024?
El Salvador Bitcoin Balance. Source: bitcoin.gob.sv
Paraguayan congressman proposes bill to regulate Bitcoin mining
Paraguayan deputy María Constancia Benítez de Benítez presented a bill to regulate Bitcoin mining in Paraguay. Entitled “Regulating cryptomining in the Republic of Paraguay”, the proposal aims to create a safe legal and economic environment for cryptocurrency mining.
Benítez highlighted that mining can boost the country’s economic development. The bill highlights that Paraguay can take advantage of its substantial hydroelectric power production capacity for mining operations.
The bill It was presented to the Chamber of Deputies. Various committees, including those on economic and financial affairs, legislation and codification, industry, commerce and tourism, budget, drug trafficking prevention, science and technology, and energy and mining, will now review it.
See more information: Will crypto mining be profitable in 2024?
BTR shutdown from Latam trading platform as users allege Ponzi scheme
BTR encryption negotiation The platform reportedly ceased operations, prompting accusations from its users of an exit scheme. What was initially seen as a temporary failure quickly turned into a significant scandal.
Investors from Venezuela and other parts of Latin America have entrusted substantial sums of money to the BTR platform. Now, they find themselves in a precarious situation.
Many were attracted by promises of high returns and the perceived stability of the project. However, the lack of transparency and evasive responses from BTR administrators fueled suspicions of a deliberate exit fraud.
“#BTR the pyramid scheme has fallen. Its users report that there is no longer access to the site, there are no withdrawals, there are no official announcements from its CEO,” pseudonymous trader from Venezuela he said.
See more information: 15 Most Common Crypto Scams to Watch Out For
Bar at the Bitcoin Embassy in Mexico closes in July, leaving legacy of cryptographic network
The Bitcoin Embassy Bar, a central hub for blockchain projects and Bitcoin initiatives, will close its doors at the end of July. This location has been an ideal space for Mexico’s crypto community to interact and collaborate.
Lorena Ortiz, founder of the bar, announced on social media that the closure is due to health problems she faced earlier this year. However, she emphasized that while the physical location is closing, the “Bitcoin Embassy Bar” concept remains alive.
The community reacted quickly, praising the bar’s efforts to educate people about cryptocurrency. Many expressed their appreciation for their experiences as consumers and exhibitors at the venue. Others encouraged the project to continue, optimistic that the business aspect and concept could be revived.
See more information: Best Crypto Community for Beginners
Cardano Foundation seals alliance with the province of Entre Rios, Argentina
The Cardano Foundation, a non-profit organization dedicated to promoting and developing the Cardano blockchainallied with the province of Entre Ríos de Argentina. The agreement, signed at Casa Entre Ríos, in Buenos Aires, marks a milestone in the collaboration, which began with the visit of the Cardano Foundation delegation to the province in March.
Entre Ríos was selected as a key jurisdiction to lead the adoption of blockchain technologies in the region. The agreement includes plans to advance early-phase digital identity solutions and facilitate access to Web3 knowledge. This joint initiative represents a significant effort to modernize and digitize processes in Entre Ríos, using decentralized technology as a basis.
See more information: Who is Charles Hoskinson, the founder of Cardano?
Strike CEO Jack Mallers seeks to increase investment in El Salvador
Jack Mallers, CEO of payment platform Strike, announced plans to increase investment in El Salvador. Last year, Strike moved its headquarters to El Salvador and expanded Bitcoin payments to 65 countries.
Mallers observed El Salvador’s improvements and expressed the company’s intention to support more local projects and improve the country’s crypto ecosystem, stating: “Chicago doesn’t change as much as El Salvador does.”
He emphasized that investing in El Salvador is a “good investment” in any area, whether technological or land. Strike is licensed as a provider of digital assets and receives government support for its products and services.
“This country has been great. Coming back and seeing all the changes is incredible. We see El Salvador improving and we want to invest more to support and bring benefits here,” said Mallers.
See more information: A Guide to Encrypted Payrolls: Exploring Salary Payments on Web3
As the Latin American crypto scene grows, these stories highlight the region’s growing influence on the global market. From El Salvador’s booming Bitcoin economy to Argentina’s new partnerships, LATAM is positioning itself as a key player in the technology world. Stay tuned for more updates and insights in next week’s roundup.
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