Do the unique characteristics of Latin America put the continent in a position to adopt cryptocurrencies before the rest of the world? Or is El Salvador an isolated case? In Latin America, we will select the most important addresses of the region and summarize them in a few sentences and quotation marks. This is the jam-packed newsgroup you’ve been looking for.
Related reading | Latin America, tipping point: Cuba regulates, ATMs in Honduras, Venezuela spending
In the following points, we’ll dive into Axie Infinity’s relationship with Latin America, read the governor of the Bank of Mexico embarrassing himself, explore Brazil’s complex relationship with Bitcoin, and the differences between Venezuela’s Petro and the proposed digital bolivar.
Buckle up, this will be quick but satisfying.
AXS price chart on FTX | Source: AXS/USD on TradingView.com
Binance awards Axie Infinity Scholarships in Latin America
- Play-To-Earn has become a source of income for the entire continent. However, each player needs three axes and each Axie is at least $300. It’s not cheap to play Axie Infinity. For this reason, the community has created “scholarships”. With those, other users lend you their Axie teams for a percentage of the earnings.
In the case of Binance, though, They explained in a tweet. “We use the term “Scholarship” because it is known in the community, but this time the winner will be the full owner of Axies.” in a Blog Post In its grant announcement, Binance said:
“We are glad to hear that our community is enjoying the Play and Earn mode that games like Axie Infinity offer. In order to enhance the accessibility of the game in Latin America, we will be conducting a draw on full scholarships, whereby the winners will have full access to and production of these accounts.“
¡Llegaron las becas!
🗣️ Cuéntanos en un tweet porque deseas ganar la beca completea, etiquétanos y usa el HT #finance
Bonus: Realiza un video explicando la Integración de la red Ronin en Binance y cómo Beneficia a los jugadores de Axie
Más info: https://t.co/NesX8qEy6O pic.twitter.com/MrstDxRiWb
– Binance en Español (BinanceES) September 6, 2021
The Bank of Mexico does not understand Bitcoin
- Alejandro Diaz de Leon, Governor of the Bank of Mexico, does not see Bitcoin as money. Believes “Money evolved into paper money issued by central banks,“Which is laughable in itself, but it also refuses to know how Bitcoin is a more advanced form of the same idea. A bank that does not need central banks. Reuters quoted him saying:
“Whoever receives bitcoin in exchange for a good or service, we believe (the transaction) is closer to barter because that person exchanges a good for a good, but not money for a good.“
Brazil wants to control cryptocurrency. Brazilians Want Bitcoin
- Mauricio Mora, Director of Relations, Citizenship and Oversight at the Central Bank of Brazil, has pledged to halt transactions of anonymous digital assets. Of course, when he promised the impossible, Mora was bragging at an event at the Professional Institute for the Prevention of Money Laundering and Terrorist Financing. Diario Bitcoin Quotes by Mora saying:
“I can’t say much. But the names of those involved in cryptocurrency transactions will be known from start to finish.“
- Sherlock Communications Agency released A report called Blockchain 2021. Among other things, he reveals that 48% of Brazilians believe that their country should follow the example of El Salvador and adopt bitcoin as a legal currency. More than any other country in Latin America. of that proportion,”31% said they agreed, and 17% said they fully agreed with the procedure.” diario bitcoin quotes the report:
“Brazilians were the biggest proponents of crypto recognition in the region, with 56% supporting El Salvador’s approach and 48% saying they wanted Brazil to adopt it as well.“
Is Venezuela’s Petro a CBDC? What about a digital bolivar?
- There is a rumor that the Venezuelan government has joined the race to create the first CBDC in Latin America. However, if they are developing a digital bolivar, where does that leave Petro? Are they of the same type of asset? Morocotacoin He explores the idea and concludes that Petro is not a CBDC because “It is not issued by the Central Bank of Venezuela, but its issuance responds directly to a decree of the presidency that authorizes Sunacrip to operate and implement it.” On the other hand:
“The digital bolivar is the massive digitization of Venezuelan legal tenders in the national financial system.“
Learn more about Petro through this complete guide.
Related reading | Worldwide Adoption: Mexico and Argentina Flirt with Bitcoin Law
El Salvador, Belle Of The Ball in Latin America
Well, Bitcoin is officially legal tender in El Salvador. This obviously makes the country the current focus and star of Latin America. We at Bitcoinist discuss the topic nonstop, for example:
That’s it for this special report on Latin America and cryptocurrency. More is coming.
Featured Image by Leon Overweel on Unsplash | Charts by TradingView
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