Sunday, July 21, 2024

Welcome to Latam Insights, your source for the latest developments in Latin America’s cryptocurrency and economic landscape. In this edition, we bring you key highlights from the past week:

El Salvador Passes Bitcoin Citizenship Law

The government of El Salvador has recently enacted a groundbreaking law that opens the door for foreign investors to obtain Salvadoran citizenship through Bitcoin donations. This innovative initiative, backed by the majority of Congress through Bukele’s Nuevas Ideas party, allows foreigners to bypass conventional citizenship requirements by contributing to social and economic programs within the country. Notably, the law does not specify a fixed donation amount.

Previously, the sole path to Salvadoran citizenship for immigrants from non-Spanish-speaking countries necessitated five years of residence. On December 8, El Salvador introduced the “Adopting El Salvador” program, offering foreign Bitcoin millionaires expedited access to Salvadoran citizenship by investing $1 million USDT. However, this program is limited to 1,000 applicants annually.

Argentina to Allow Crypto-Denominated Contracts

Argentina is embracing a new era of economic flexibility by permitting contracts to be settled in Bitcoin or any mutually agreed cryptocurrency or asset. This decision follows a recent executive order signed by Argentine President Javier Milei, aimed at deregulating various aspects of the country’s economy.

Diana Mondino, Minister of Foreign Affairs, International Trade, and Worship of the Argentine Republic, confirmed this development, emphasizing that contract settlements could now occur in currencies or assets other than the Argentine peso. She stated:

“We affirm that in Argentina, contracts can now be executed in Bitcoin, as well as any other cryptocurrency or goods, such as kilograms of meat or liters of milk.”

President Javier Milei’s Sweeping Executive Order

President Javier Milei has initiated a comprehensive national executive order with the goal of dismantling regulations and fostering economic freedom within Argentina. Titled “Decree of Necessity and Urgency – Bases for the Reconstruction of the Argentine Economy,” this ambitious order comprises more than 360 articles and introduces significant modifications to Argentina’s regulatory framework, including rent, pricing, and labor determinations.

Additionally, the decree paves the way for the privatization of state-owned enterprises, transforming them into limited companies. President Milei defended these actions, highlighting their role in enhancing market competitiveness and eliminating certain privileges. He remarked:

“Some may express discontent because their privileges are eroded. We are enhancing market competition and putting an end to certain privileges. Those affected by these changes are raising objections.”

Given its extensive scope, the executive order has already attracted criticism and faces constitutional challenges from experts who believe it could encounter significant opposition in Congress. Repeal remains a possibility if both chambers decide against it with a simple majority vote.

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Frequently Asked Questions (FAQs) about Latam cryptocurrency developments

What is the purpose of El Salvador’s Bitcoin citizenship law?

El Salvador’s Bitcoin citizenship law allows foreign investors to become Salvadoran citizens by making Bitcoin donations to social and economic programs in the country. It offers an alternative pathway to citizenship without specifying a fixed donation amount.

What were the previous requirements for obtaining Salvadoran citizenship?

Before the Bitcoin citizenship law, the primary requirement for obtaining Salvadoran citizenship for immigrants from non-Spanish-speaking countries was five years of residence in the country.

How does the “Adopting El Salvador” program work?

The “Adopting El Salvador” program permits foreign Bitcoin millionaires to fast-track their access to a Salvadoran Passport by investing $1 million USDT. However, this program is limited to 1,000 applicants annually.

What changes has Argentina made regarding cryptocurrency in contracts?

Argentina now allows contracts to be settled in Bitcoin or any cryptocurrency or asset agreed upon by the parties involved. This decision comes as a result of an executive order signed by President Javier Milei aimed at deregulating the country’s economy.

What does the executive order by President Javier Milei entail?

President Milei’s executive order, titled “Decree of Necessity and Urgency – Bases for the Reconstruction of the Argentine Economy,” comprises over 360 articles and introduces significant modifications to various aspects of Argentina’s regulatory framework, including rent, pricing, and labor determinations. It also prepares for the privatization of state companies.

Could President Milei’s executive order face opposition?

Yes, some experts believe that the executive order may face opposition and legal challenges. Congress has the power to repeal it with a simple majority vote, and it has already attracted criticism for its size and scope.

Where can I stay updated on the latest developments in Latin America’s cryptocurrency and economic landscape?

To stay informed about the latest developments in Latin America’s cryptocurrency and economic landscape, you can subscribe to the Latam Insights newsletter mentioned in the text.

More about Latam cryptocurrency developments

  • [El Salvador’s Bitcoin Citizenship Law](Link to the relevant news article)
  • [Argentina’s Crypto-Denominated Contracts](Link to the relevant news article)
  • [President Javier Milei’s Executive Order](Link to the relevant news article)
  • [Latam Insights Newsletter](Link to the newsletter subscription page)

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5 comments

LatAmObserver December 25, 2023 - 10:32 pm

Latin America’s crypto scene evolving rapidly. El Salvador and Argentina making headlines. Milei’s order may face challenges. Stay tuned for more!

Reply
CryptoEnthusiast23 December 25, 2023 - 11:09 pm

Great info! El Salvador’s Bitcoin law – so cool! Argen contracts in Bitcoin, wow! Milei’s big order, controversial, huh?

Reply
CryptoJunkie December 26, 2023 - 3:58 am

El Salvador’s Bitcoin law is genius. Argentina getting into crypto contracts. Milei shaking things up – big deal or big trouble?

Reply
EconomicInsider December 26, 2023 - 7:47 am

El Salvador’s bold move with Bitcoin donations, interesting. Argentina’s new contract flexibility, intriguing development. Milei’s big changes could spark debate in Congress.

Reply
NewsWatcher99 December 26, 2023 - 3:48 pm

El Salvador, Bitcoin, citizenship – fascinating! Argentina’s crypto contracts – a game-changer? Milei’s order – sparks flying! Subscribe for updates!

Reply

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