Bitcoin and Crypto Developments in Latin America: Argentina, Brazil, and El Salvador Accelerate Their Moves

• Economy Minister Sergio Massa proposed launching a national digital currency in the first debate before the presidential elections.
• Volcano Energy, a green energy Bitcoin mining company, has launched Lava Pool, the first Salvadoran mining pool.
• Regulation 175 issued by the Brazilian Securities and Exchange Commission (CVM) last year came into effect on October 2.

Current cryptocurrency and digital asset developments from Latin America are on COINOTAG; A big step towards crypto came from Brazil CVM!

Latest Developments in Latin America

Bitcoin and cryptocurrencies are starting off a turbulent and highly volatile week! In this article, we’ve compiled the most interesting crypto and economic news from Latin America for the past week. In this issue: the Argentine government announces a national digital currency project, Volcano Energy launches the first Salvadoran Bitcoin mining pool, and a decision allowing crypto investments in Brazil takes effect.

Argentine Economy Minister Sergio Massa Announces National Digital Currency

Sergio Massa, an Argentine presidential candidate and current economy minister, proposed launching a national digital currency in the first debate before the presidential elections. As part of his campaign, Massa stated that this new digital currency would be issued alongside a tax reduction plan to bring the Argentine economy into the formal sector. During the debate, Massa said:

“We will launch the Argentine digital currency. Just as your children suggest the possibility of trading with cell phones or cards in platform economies, we will do it nationwide.”

Massa later announced that he would quickly present this currency to Congress to be recognized as a national digital currency. Sources from the Ministry of Economy support this move, stating that the implementation of a national digital currency would bring “more freedom and autonomy when conducting daily transactions, easy access and use, even for sectors not digitized or unbanked, and would prevent financial bureaucracy.”

However, after this announcement, the Argentine peso experienced a record decline, falling to 885 pesos per dollar with the “blue” exchange rate on Sunday.

Volcano Energy Launches Lava Pool

Volcano Energy, a green energy Bitcoin mining company, has launched Lava Pool, the first Salvadoran mining pool. The platform will be used in the 241-megawatt (MW) renewable energy mining facility currently under construction in Metapan.

Gerson Martinez, Volcano Energy’s CSO, emphasized that Lava Pool is an example of Salvadorans being the first movers in the Bitcoin ecosystem as a nation. Martinez stated:

“Our vision is to create an integrated energy and Bitcoin mining company that increases value for investors and all Salvadoran citizens.”

Brazil’s CVM Now Allows Investment Funds to Invest in Crypto

Regulation 175, issued by the Brazilian Securities and Exchange Commission (CVM) last year, came into effect on October 2, allowing investment funds to allocate a portion of their portfolios to cryptocurrencies. Analysts expect increased interest in cryptocurrencies, potentially leading institutions to explore more investment opportunities related to crypto.

However, the regulation sets limits on these investments, allowing funds to allocate only up to 10% of their total assets to cryptocurrencies. Additionally, these digital assets must be acquired from exchanges approved by the Central Bank of Brazil or international regulatory bodies.