Friday, September 29, 2023

Latam Insights — Argentina and IMF Agree on Accelerated Disbursement, Bitfarms Expands Bitcoin Mining in Paraguay

Welcome to Latam Insights, your roundup of the most significant crypto and economic news from Latin America in the past week. This issue highlights Argentina’s recent agreement with the International Monetary Fund (IMF) for accelerated resource disbursement, Bitfarms’ plans to establish two new bitcoin mining farms in Paraguay, and Venezuela’s acceptance of MIR card payments.

Argentina and IMF Sign New Disbursement Agreement

Argentina has successfully reached a new agreement with the International Monetary Fund (IMF) that will expedite the delivery of resources throughout the current year. Economy Minister Sergio Massa announced the deal, which involves receiving funds in August and November, providing much-needed support for the nation’s reserves. Although specific financial figures were not disclosed, Massa confirmed that the payments align with Argentina’s expectations.

Massa also emphasized that the agreement reinforces the Central Bank of Argentina’s ability to stabilize its internal exchange system. The bank had been reducing foreign currency sales to importers due to dwindling reserves.

According to Massa:

“From now on, you have a Central Bank that does not have a dilemma to make payments, and you have less pressure on financial dollars that influence price remarking.”

Bitfarms to Establish Two Bitcoin Mining Farms in Paraguay

Bitfarms, a prominent Bitcoin mining company listed on Nasdaq, revealed its plans to set up two new bitcoin mining operations in Paraguay. The company secured power purchasing agreements for 50 MW of power in Villarrica and 100 MW in Iguazu. Importantly, both sites will operate on renewable hydroelectric power, aligning with Bitfarms’ commitment to sustainable energy practices.

Geoff Morphy, CEO of Bitfarms, expressed:

“Paraguay has access to an abundance of surplus renewable power, and these acquisitions secure valuable, yet limited, sustainable energy contracts while broadening our foothold in a resource-rich country.”

Construction of the Villarrica site is scheduled to commence in Q3 of 2023, while a timeline for Iguazu’s construction is yet to be determined.

Venezuela Adopts MIR Card Payments

Russian Ambassador to Caracas Sergey Melik-Bagdasarov announced that Venezuela has started processing payments from Russian MIR cards. The initial implementation of this payment system is currently in operation on Margarita Island, a popular tourist destination.

Melik-Bagdasarov stated:

“The start of [Mir card] payments has already begun on Margarita Island, which is ready to host and is accommodating Russian tourists.”

While Mir payments are also under trial in Caracas, the capital city of Venezuela, there are some technical issues that still need to be resolved. The Venezuelan government began working on this integration in June.

To stay updated on the latest crypto and economic developments in Latin America, subscribe to our Latam newsletter using the link below.

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We’d love to hear your thoughts on this week’s Latam Insights report. Share your opinions in the comment section below.

Frequently Asked Questions (FAQs) about Latin America

Q: What is Latam Insights?

A: Latam Insights is a weekly compendium that provides relevant crypto and economic news from Latin America. It covers key developments in countries like Argentina, Paraguay, and Venezuela.

Q: What is the recent IMF agreement with Argentina about?

A: The recent agreement between Argentina and the International Monetary Fund (IMF) aims to accelerate the delivery of resources to the country during the current year. It includes disbursements in August and November to help replenish Argentina’s reserves.

Q: What are Bitfarms’ plans in Paraguay?

A: Bitfarms, a Nasdaq-listed Bitcoin mining company, intends to open two new bitcoin mining farms in Paraguay. The company has secured power purchasing agreements for 50 MW in Villarrica and 100 MW in Iguazu, ensuring both sites will run on renewable hydroelectric power.

Q: What’s the update on Venezuela’s payment system?

A: Venezuela has started processing payments from Russian MIR cards. The initial adoption is underway on Margarita Island, with plans to expand the system to other regions after addressing technical issues.

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