Alexander Savenkov Welcome to Latam Insights, your source for key crypto and economic news from Latin America in the past week. In our latest edition, we discuss Argentina’s recent payment of part of its $44 billion debt to the International Monetary Fund (IMF) in Chinese yuan, the expected 2024 launch of the Central Bank of Brazil’s digital currency, and Bitfinex’s new peer-to-peer platform tailored for the Latin American market.
Argentina Pays IMF Debt Portion in Chinese Yuan
Argentina continues to incorporate the Chinese yuan into its national and international financial operations. Beyond its use as a recognized currency for opening bank accounts due to a scarce supply of US dollars, Argentina has now also employed it to clear international debt. According to Telam, the nation’s official news agency, the Central Bank of Argentina has paid part of a $2.7 billion debt to the IMF with the Chinese yuan.
Of the total payment, $1.7 billion was made with Special Drawing Rights (SDRs), an international reserve asset developed by the IMF, while $1 billion came from a swap line provided by the Chinese government. With China’s support, Argentina has met its IMF obligations without depleting its dollar reserves.
Argentine officials plan to travel to Washington to negotiate a rescheduling of the remaining payments on the $44 billion owed to the IMF.
Projected 2024 Launch for Brazilian CBDC
The development of the Brazilian digital currency now advances into a new pilot test phase, with experts discussing potential launch dates. During Fetraban Tech, a fintech event, two specialists shared their predictions regarding the Brazilian central bank digital currency (CBDC).
Larissa Moreira, CBDC coordinator for Itau Unibanco, stated that the specifics of the digital real might be established by February, with the team currently exploring how to align its architecture with existing privacy and data protection regulations. Meanwhile, Fabio Araujo, the Central Bank of Brazil’s digital real project coordinator, suggested that the public could start using the product by 2024.
Bitfinex Introduces P2P Platform for Venezuela, Argentina, and Colombia
Cryptocurrency exchange Bitfinex has unveiled a new peer-to-peer (P2P) platform targeted at users in Venezuela, Argentina, and Colombia. This platform will enable users to trade bitcoin, usdt, xaut (Tether Gold), and ether directly with other traders, providing a variety of payment options.
Paolo Ardoino, Bitfinex’s CTO, commented:
Our commitment to providing a dependable, efficient platform for P2P token trading empowers our customers to interact with the market in a way that best meets their needs and preferences.
For the latest updates on crypto and economic events in Latin America, subscribe to our Latam Insights newsletter below.
Latam Insights Newsletter
Subscribe
We value your thoughts on this week’s Latam Insights report. Please share them in the comment section below.
Table Of Contents
Frequently Asked Questions (FAQs) about Latin American Crypto News
How did Argentina settle part of its IMF debt?
Argentina recently used Chinese yuan to settle part of its $44 billion debt to the International Monetary Fund (IMF). A payment of $2.7 billion was made, of which $1.7 billion was made in Special Drawing Rights (SDRs), and $1 billion from a swap line provided by the Chinese government.
What is the expected launch date for the Brazilian Central Bank Digital Currency (CBDC)?
The Brazilian CBDC is expected to be launched in 2024, according to statements made by officials at the Central Bank of Brazil.
What is Bitfinex’s new initiative in Latin America?
Bitfinex, a cryptocurrency exchange, has launched a peer-to-peer (P2P) trading platform targeted towards customers in Venezuela, Argentina, and Colombia. The platform will allow users to trade various cryptocurrencies directly with other traders using a variety of payment options.
How is Argentina utilizing the Chinese yuan in its economy?
Beyond using it to settle its international debt, Argentina is also employing the Chinese yuan as a recognized currency for opening bank accounts due to a scarcity of U.S. dollars in the country’s economy.
What is the purpose of the new P2P platform launched by Bitfinex in Latin America?
The P2P platform launched by Bitfinex aims to provide a reliable and efficient platform for token trading, allowing customers in Venezuela, Argentina, and Colombia to engage with the crypto marketplace in a way that suits their needs and preferences.
More about Latin American Crypto News
- Argentina’s IMF Debt Settlement
- Launch of Brazilian CBDC
- Bitfinex’s P2P Platform in Latin America
- Usage of Chinese Yuan in Argentina
- Introduction of P2P Platforms in Crypto Trading
