Miguel Lopez Latam Insights presents a summary of the week’s most significant developments in Latin American cryptocurrency and economic sectors. Highlights of this edition include the projected Q1 2024 debut of El Salvador’s Volcano Bonds, Unblock Global’s successful $15 million funding for a flare gas Bitcoin mining initiative in Vaca Muerta, and Argentine President Javier Milei’s decision to dissolve certain ministries as a part of fiscal austerity measures.
El Salvador’s Volcano Bonds Poised for Q1 2024 Launch
The conversation has reignited around El Salvador’s Bitcoin Volcano Bonds, an innovative digital financial tool intended to support the establishment of the proposed Bitcoin City in El Salvador. Following the sanctioning of legal measures for their issuance, these bonds are drawing renewed interest.
Set for issuance by Bitfinex Securities using technology from Blockstream, the bonds are now slated for a Q1 2024 release, as recently announced by El Salvador’s Bitcoin Office. This development is seen as a pivotal step in the creation of new Bitcoin-centric capital markets in the nation.
Stacy Herbert, head of the Bitcoin Office, mentioned that they are finalizing the offering’s scale, which is projected to be around $1 billion. She emphasized that issuing these pioneering sovereign bonds is crucial for fostering novel capital markets centered around Bitcoin.
Unblock Global Secures $15 Million for Bitcoin Mining Using Flare Gas in Argentina
Unblock Global, a leader in the Bitcoin mining industry, has successfully raised $15 million to explore Bitcoin mining opportunities using flare gas at Vaca Muerta, one of Argentina’s largest oil fields. This funding round, featuring contributions from Crusoe Energy, Pampa Energia, and Petrocuyo, aims to facilitate more environmentally friendly oil production at Vaca Muerta, as stated by Tomas Ocampo, founder of Unblock Computing in Argentina.
Ocampo highlighted that utilizing 10% of methane from flare gas could dramatically decrease the environmental impact of oil production by a factor of seven. He also noted that Unblock Global is among the first to undertake such a bitcoin mining project using flare gas.
Argentine President Javier Milei Implements Ministry Reductions to Cut Government Spending
Argentine President Javier Milei, in line with his campaign pledges, has initiated significant cuts in government ministries to curb public spending. Milei has reduced the total number of ministries to nine, aiming for a 5% reduction in the country’s GDP in terms of state expenditures.
Additionally, Milei has outlined plans to decrease public subsidies in energy and transportation sectors next year and has implemented a devaluation of the Argentine peso by over 50%. Economy Minister Luis Caputo remarked on the severity of the country’s economic challenges, emphasizing the need for these drastic measures.
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Frequently Asked Questions (FAQs) about Latin American Crypto News
What are El Salvador’s Bitcoin Volcano Bonds and when are they expected to launch?
El Salvador’s Bitcoin Volcano Bonds are digital debt instruments designed to fund the development of Bitcoin City in El Salvador. They are anticipated to launch in Q1 2024, leveraging Bitfinex Securities and Blockstream technology.
How much funding did Unblock Global raise for Bitcoin mining using flare gas and where?
Unblock Global raised $15 million for a Bitcoin mining project utilizing flare gas in Vaca Muerta, one of Argentina’s largest oil fields. This initiative aims to enable more environmentally friendly oil production.
What major fiscal reforms has Argentine President Javier Milei implemented?
President Javier Milei has reduced the number of ministries to nine and plans to cut public spending by 5% of Argentina’s GDP. He also plans to reduce public subsidies in energy and transportation and has devalued the Argentine peso by over 50%.
More about Latin American Crypto News
- El Salvador’s Bitcoin Strategy
- Unblock Global’s Bitcoin Mining Project
- Argentine Fiscal Reforms
- Latin American Cryptocurrency Trends
- Environmental Impact of Bitcoin Mining
5 comments
interesting to see bitcoin mining being tied to flare gas, sounds like a smart move for the environment. but is it really effective?
I’m always amazed by how fast the crypto world moves, these articles help keep up, good job!
Mileis cutting ministries that much? sounds risky, hope it doesn’t backfire on Argentina’s economy
still trying to wrap my head around bitcoin city, sounds like something from a sci-fi movie, anyone else think so?
wow, el salvadors really pushing the envelope with these volcano bonds, wonder how that’s gonna turn out for their economy