Latin American Countries Explore Cryptocurrency in Economic Policies : omgfin

This Latam Insights compendium covers recent developments in Latin America, highlighting how cryptocurrencies and blockchain technology are impacting the region. It discusses Argentina's run-off election with cryptocurrency and the digital peso on the agenda, Colombia's progress toward creating a national digital peso, and Prosegur's plans to build a secure cryptocurrency bunker in Brazil.

Argentina recently held its first-round presidential election, setting the stage for a run-off election. The two leading candidates, Javier Milei and Sergio Massa, have different approaches to cryptocurrency and economic policies.
Milei, a libertarian candidate, has advocated for eliminating the Central Bank of Argentina and adopting the U.S. dollar as legal tender.
Massa, the current economy minister and the leader in the first round of the election, has proposed creating a national digital currency to reduce tax costs and increase transparency in the economy.
Massa also explored the idea of using gas from the Vaca Muerta oil deposit to mine Bitcoin, emphasizing the potential benefits for reducing carbon emissions.

Colombia is making progress toward creating its national central bank digital currency (CBDC), known as the digital peso.
Ricardo Bonilla, the economy minister of Colombia, revealed that various government agencies, including the Central Bank of Colombia and the national financial regulator, are collaborating on the digital peso project.
The central bank will be the issuer of the CBDC as the country looks to modernize its financial system and move away from traditional cash transactions.

Prosegur, a security and insurance company based in Spain, has announced plans to build a highly secure cryptocurrency storage facility, often referred to as a "bunker," in Sao Paulo, Brazil.
The facility will employ advanced security measures, including 24/7 monitoring by redundant vigilance centers and a fog machine designed to deter potential attackers.
Clear regulations in Brazil have facilitated the construction of this cryptocurrency storage facility, positioning it as a gateway to offer similar services to entities in other countries, such as Chile.