Jamal Al-Farouq Welcome to Latam Insights, a comprehensive compilation of the most noteworthy crypto and economic news from Latin America over the past week. In this edition:
El Salvador’s Bitcoin Investments Turn Profitable
The Salvadoran government’s strategic investment in Bitcoin has begun to yield dividends, as the nation’s holdings have entered positive territory thanks to the recent surge in Bitcoin prices. President Nayib Bukele took to social media to explain that, despite facing skepticism and criticism for initial losses incurred during these investments, El Salvador had now achieved profitability. Bukele made it clear that the country had no intentions of divesting its estimated 2,381 BTC holdings, urging news outlets to either retract their negative coverage, issue apologies, or at the very least acknowledge El Salvador’s current success in this venture.
Brazil Advocates Digital Currency Agenda at G20
Brazil, in its role as the new president of the Group of 20 (G20), is poised to introduce discussions on the adoption of digital currencies and their potential economic benefits. Roberto Campos Neto, President of the Central Bank of Brazil, emphasized the significant cost reduction potential of digital currencies for international transactions. He noted that the G20 would work towards enhancing the settlement and governance of cross-border transfers. Campos Neto also underscored the role of monetizing user data in achieving these cost reductions and highlighted the programmability aspect as a key advantage of this emerging technology, concluding that digital currencies represent a transformative and enduring force.
Venezuela Accuses Exxonmobil of Financing Essequibo’s Ballot Opposition Using Crypto
The Venezuelan government has alleged that Exxonmobil, one of the world’s major oil and gas corporations, attempted to influence the outcome of the recent Essequibo ballot in Venezuela, which sought to determine the citizens’ stance on the Guyana-administered zone, using cryptocurrency. Venezuelan Attorney General Tarek William Saab has issued 14 arrest warrants in connection with this investigation, including individuals located outside the country, such as former interim President Juan Guaido, who are alleged to be associated with the opposition.
According to the national prosecution, the funds used to manipulate the election were introduced into Venezuela by two U.S. nationals, Damian Merlo and Savoi Jandon Wright, who leveraged cash and USDT, a stablecoin pegged to the U.S. dollar, to circumvent financial controls.
Exxonmobil, with significant operations in the Essequibo region, has denied any involvement in financing Guyana’s activities related to the conflict. CEO Darren Woods stated that the corporation’s role was limited to assisting Guyana in responsibly developing its resources.
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Table Of Contents
Frequently Asked Questions (FAQs) about cryptocurrency developments
What is the main highlight of El Salvador’s Bitcoin investments in this report?
El Salvador’s Bitcoin investments have turned profitable, entering positive territory thanks to recent Bitcoin price increases.
What is Brazil’s agenda as the new president of the G20, as mentioned in the text?
Brazil plans to advocate for discussions on the use of digital currencies and their potential benefits for the economies within the G20.
Venezuela alleges that Exxonmobil attempted to influence the outcome of the Essequibo ballot in the country using cryptocurrency, resulting in the issuance of arrest warrants related to this investigation.
How did the individuals accused of influencing the election introduce funds into Venezuela?
The prosecution alleges that two U.S. nationals, Damian Merlo and Savoi Jandon Wright, used cash and the stablecoin USDT to introduce funds into Venezuela while bypassing financial controls.
What is Exxonmobil’s stance on these allegations?
Exxonmobil has denied any involvement in financing Guyana’s activities related to the conflict, asserting that their role is limited to assisting Guyana in responsibly developing its resources in the Essequibo region.
More about cryptocurrency developments
- El Salvador’s Bitcoin Strategy
- Brazil’s Digital Currency Agenda
- Venezuela’s Crypto Allegations Against Exxonmobil
