Welcome to Latam Insights, a compilation of the most relevant crypto news from Latin America over the past week. In this week’s edition, Brazil proposes the issuance of a new BRICS trade currency, Tether pushes a green bitcoin mining initiative, and the Central Bank of Brazil faces a hack.
Brazilian President Lula Proposes BRICS Develop New Trade Currency
The emergence of a BRICS bloc trade currency could disrupt global trade settlements. Brazilian President Luiz Inácio Lula da Silva proposed the idea of a new trade currency for the bloc, which would enhance settlements and support a multilateral world.
In his opening remarks at the 10th annual meeting of the New Development Bank (NDB), a BRICS institution, Lula presented the trade currency as a tool to counter the austerity policies imposed by world powers on the poorest countries.
Lula stated:
The debate over the need for a new trade currency is extremely important. It’s complex, I know, and it presents political problems, I know, but if people don’t find a new formula, the 21st century will end the same way the 20th century began, and that will not be beneficial for humanity.
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Adecoagro Partners With Tether to Pioneer Renewable Energy Use for Bitcoin Mining in Brazil
Tether, one of the largest companies in the cryptocurrency space, and Adecoagro, a Latam-based agricultural company, have teamed up to explore new bitcoin mining opportunities in Brazil. The two companies have signed a Memorandum of Understanding (MoU) to this end, aiming to monetize the energy surpluses of Adecoagro’s renewable energy generation.
While Adecoagro is currently selling this excess energy at spot market prices, this collaboration would allow the two companies to invest in a new reserve asset, potentially increasing the revenue obtained from this green energy.
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$180 Million Hacked From Brazilian Banking System: Attackers Cashed out Using Crypto
The Brazilian banking system has faced what might be the largest attack ever perpetrated against several of its institutions. On Tuesday, local media reported that C&M, a company that provides financial software to several large financial institutions in Brazil, including Bradesco, the second-largest bank in the country, had been attacked.
The unidentified party exploited a vulnerability in C&M’s software that allowed it to take control of several accounts linked to BMP, a banking-as-a-service provider. This allowed them to take millions of reais from institutions like Bradesco and Credsystem, another institution that provides credit card services.
Read more.
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Source: Bitcoin
