Crypto LATAM Update August 2024
🌎 For Oxido Solutions, Latin America is a key market. A growing number of professional and institutional investors from Brazil, Colombia, and other South American countries are using our crypto trading bot solutions. To serve this market better, we keep a close eye on local developments. Here’s the latest crypto news from LATAM:
🇧🇷 Brazil’s Securities and Exchange Commission (CVM) has approved a Solana-based exchange-traded fund (ETF). This product is the first of its kind in Brazil and among the first Solana-based exchange-traded products (ETPs) globally. The ETF is in a pre-operational stage and awaits approval from the Brazilian stock exchange, B3. The ETF, managed by Brazilian asset manager QR Asset Management and fintech Vórtx, follows the CME Group CF Solana Dollar Reference Rate.
📈 Coinwire Digital Report Estimates Latam Crypto Trading Volumes Will Reach $7.82 Trillion in 2024
Latin America continues to grow as a cryptocurrency adoption leader. A Coinwire report predicts that Latam trading volumes will hit $7.82 trillion in 2024, up from $2.29 trillion in 2023. Brazil leads the region with projected volumes of over $354 billion, attributed to rising adoption and supportive regulations.
🇸🇻 Bitcoin Acknowledged as a Catalyst for Tourism in El Salvador
An investment climate report by the U.S. Department of State highlights Bitcoin as a key driver for tourism in El Salvador. Since adopting Bitcoin as legal tender in 2021, the country has seen a significant boost in tourism, surpassing the impact on its economy.
🌴 USDT Surpasses Bitcoin in Regional Popularity
A Kaiko study shows USDT now accounts for over 40% of all cryptocurrency transactions in Latin America, surpassing Bitcoin. Inflation and currency devaluation drive traders towards stablecoins, which are seen as more stable than Bitcoin.
🇦🇷 FATF Threatens to Grey-list Argentina
The Financial Action Task Force (FATF), an organization that sets international standards to combat money laundering and terrorism financing, has threatened to grey-list Argentina unless it regulates its crypto market. To avoid this, Argentina has introduced a tax relief package for investors declaring $100,000, including crypto assets. This move aims to ease FATF pressure and attract foreign investment.
🇵🇾 Paraguayan Bitcoin Miners Move to Brazil After Electricity Tariff Hikes
Increased electricity tariffs in Paraguay have prompted Bitcoin mining companies to relocate to Brazil. The Paraguayan Chamber of Mining of Digital Assets reports that new tariffs have made Paraguay less viable for mining operations, leading companies like Penguin Group to secure favorable terms in Brazil.
These updates highlight Latin America’s growing influence in the global crypto market. Stay tuned for more insights from Oxido Solutions in next month’s roundup.
