Welcome to Latam Insights, a compilation of the most relevant crypto and economic news from Latin America over the past week. In this week’s edition, Bolivia completes a crypto comeback story by announcing its digital currency, the Brazilian stock exchange launches SOL and ETH futures, and Belo Horizonte aims to become a bitcoin capital.
De-Dollarization Watch: Bolivia to Launch Digital Currency to Tackle Cross-Border Payments
Bolivia, which initially banned the use of its financial system for purchasing cryptocurrency, is now planning to launch its own cryptocurrency as part of a push to modernize the country’s payment ecosystem.
Edwin Rojas Ulo, president of the Central Bank of Bolivia, stated that the institution is currently in the process of designing the currency system to present to the general public during the bicentennial anniversary of Bolivia’s independence celebration, scheduled for August 6.
While he did not provide many details on the subject, Rojas Ulo mentioned that the bank is considering the experiences of other international institutions.
According to local media, he stated:
Preliminary work is being done in connection with the advice received from international organizations. We also have close ties with other central banks in the region that are conducting these types of tests on virtual currencies.
Read more.
Brazil’s B3 Stock Exchange to Launch Ether and Solana Futures
The Brazilian Stock Exchange (B3) has announced new developments in the crypto side of its investment offering. The institution disclosed the launch of ether and solana futures contracts to diversify its crypto product offering for potential investors interested in these assets.
The products, which will be available on June 16, were first approved by the Brazilian Securities and Exchange Commission (CVM) and seek to facilitate the entry of institutions into the crypto market without dealing with the custody of these assets, a pain point for small companies.
Marcos Skistymas, product director at B3, reinforced the relevance of these products for the stock exchange, offering “regulated and secure” crypto instruments to its customers.
Read more.
Belo Horizonte to Become ‘Bitcoin Capital’ With New Bill
The city of Belo Horizonte has turned into a bitcoin capital after lawmakers passed a new bill that seeks to transform it into an innovation hub for crypto and bitcoin companies. The bill, which was passed on Wednesday amid a heated argument between lawmakers, establishes incentives for businesses to accept bitcoin as payment, offering to feature them in the city’s advertising campaigns. Also, it promotes educational events to prepare citizens for this digital change. The project was approved by 20 votes in favor, 8 votes against it, and 6 abstentions. The bill will be sent to the mayor’s office for its official sanction after a second discussion.
Read more.
To follow all the latest developments in crypto and the economy in Latin America, sign up for our Latam Insights newsletter below.
Source: Bitcoin
