Thursday, June 20, 2024

Welcome to Insights on Latin America, your authoritative source for the most significant crypto-economic updates in the Latin American region over the past week. In this edition, we cover the initiation of an educational pilot in El Salvador aimed at integrating Bitcoin courses into school syllabi, Bitso’s new collaborative effort with Despegar on a cryptocurrency cashout scheme in Argentina, and a renewed commitment between Uruguay and Argentina to fortify their local currency-based cross-border payment system.

El Salvador Sets in Motion Pilot Program for Integrating Bitcoin into Educational Syllabi

The Salvadoran Ministry of Education has entered into a collaboration with Mi Primer Bitcoin (MPB), a nonprofit organization committed to promoting Bitcoin literacy among the Salvadoran populace. They have jointly initiated a pilot program focused on integrating Bitcoin-related academic modules into school syllabi.

The commencement of the pilot was officially communicated this week when Mi Primer Bitcoin indicated that it plans to educate 150 educators from 75 public schools on Bitcoin’s principles and functionalities. These trained educators will then disseminate courses in their respective schools, enlightening students on the attributes and utility of this pioneering cryptocurrency.

John Dennehy, the visionary behind MPB, has confirmed that if this pilot program yields positive outcomes, there is potential for its nationwide rollout by 2024. In addition, the organization has set its sights on international expansion and is currently in dialogue with the governments of two Latin American countries regarding similar initiatives.

Bitso Forges Alliance With Despegar in Argentina

Bitso, a cryptocurrency exchange headquartered in Mexico with a focus on the Latin American market, has recently disclosed its alliance with Despegar, an online travel service agency. This collaboration aims to execute a loyalty-points-to-crypto cashout program in Argentina under the aegis of Despegar Passport. This platform will enable users to convert their accumulated loyalty points into digital assets like Bitcoin or Ethereum.

In its initial phase, the program will permit users to exchange a range between 100 and 5000 of their loyalty points for Bitcoin or Ethereum on a daily basis. Despegar has emphasized that the introduction of this feature aims to expand the adoption of digital currencies in the Latin American region.

Paula Cristi, Despegar Country Manager for Argentina and Uruguay, made an official statement saying:

Henceforth, the 1.4 million members of Despegar’s Passport program in Argentina, possessing more than 100 active points, have the option to convert these points into digital assets.

Argentina and Uruguay Reinforce Local Currency-based Cross-Border Transactions

The central banks of Argentina and Uruguay have formally agreed to broaden the utility of the SML, a bilateral payment system focusing on local currencies for cross-border transactions. While the system was established previously, its use was limited. Diego Labat, the Central Bank of Uruguay’s president, outlined the amendments to the system’s operational framework, stating:

The most significant modification is the inclusion of payments for services, barring financial services.

Labat emphasized that this augmented system will facilitate companies in issuing invoices in either of the two local currencies. Miguel Pesce, the Central Bank of Argentina’s president, elaborated that the revamped system aims to economically benefit companies by eliminating the transactional costs incurred through the use of third-party currencies.

To stay abreast of the latest trends and developments in Latin America’s crypto-economic landscape, subscribe to our Insights on Latin America newsletter below.

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We invite your thoughts on this week’s Insights on Latin America report. Please share your opinions in the comment section below.

Frequently Asked Questions (FAQs) about Latin America Crypto-Economic Update

What is the main focus of this week’s Insights on Latin America?

The main focus of this week’s Insights on Latin America is on notable developments in the crypto-economic landscape of the region. It specifically covers El Salvador’s educational pilot program for Bitcoin, Bitso’s partnership with Despegar in Argentina for a crypto cashout program, and the updated local currency-based payment system between Argentina and Uruguay.

Who has partnered with El Salvador’s Ministry of Education for a Bitcoin educational pilot?

The Ministry of Education in El Salvador has teamed up with a nonprofit organization named Mi Primer Bitcoin (MPB) to initiate a pilot program that aims to incorporate Bitcoin education into school curricula.

What is the purpose of Bitso’s partnership with Despegar in Argentina?

Bitso, a Mexico-based cryptocurrency exchange, has partnered with the online travel agency Despegar to implement a loyalty-points-to-crypto cashout program in Argentina. This will allow Despegar’s customers to exchange their loyalty points for digital assets like Bitcoin or Ethereum.

How many members does the Despegar Passport program have in Argentina?

The Despegar Passport program has more than 1.4 million members in Argentina, who, with more than 100 active points, will now have the ability to redeem these points for digital assets.

What are the recent changes to the local currency-based payment system between Argentina and Uruguay?

The central banks of Argentina and Uruguay have agreed to expand the functionalities of the SML, a bilateral, local currency-focused cross-border payment system. The key modification is the inclusion of payments for services, except for financial ones, thereby allowing companies to issue invoices in both local currencies.

Who can subscribe to the Insights on Latin America newsletter?

Anyone interested in staying updated on the latest trends and developments in the crypto-economic sector of Latin America can subscribe to the Insights on Latin America newsletter.

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Tom_R September 12, 2023 - 6:04 am

Man, crypto is taking over. Even schools are teaching it now. What a time to be alive.

Jake M September 12, 2023 - 6:29 am

Wow, thats big news for El Salvador. Bringing crypto education to schools is a game changer for sure!

Aaron_L September 12, 2023 - 10:18 am

El Salvador keeps pushing the envelope with Bitcoin. This could set a precedent for other countries. Risky but bold.

Danielle September 12, 2023 - 11:04 am

so the future’s looking pretty crypto, huh. Gotta say, i’m all in for this kind of change. More countries should do this kinda stuff.

Maria S September 12, 2023 - 5:20 pm

Didn’t expect Bitso to collaborate with Despegar. Makes me wonder what other industries will hop on the crypto train next.

BellaC September 12, 2023 - 5:50 pm

Where can I learn more about this SML payment system? Seems like it could be really useful for businesses in Argentina and Uruguay.

SteveO September 12, 2023 - 6:39 pm

Anyone else thinks the Argentina and Uruguay thing is kind of a sleeper move? Like, this could actually b pretty impactful in the long run.

Samantha J September 13, 2023 - 2:10 am

Have signed up for the Insights on Latin America newsletter. They’ve got their finger on the pulse, good to stay updated with such articles!


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