Welcome to Latam Insights, a compendium of the most relevant crypto and economic news from Latin America over the past week. In this week’s edition, Itau reveals it is considering launching its own stablecoin, Brazil bans retirement funds from investing in crypto, and also champions local currency payments as a BRICS member.
Largest Bank in Brazil Mulls Stablecoin, Awaits Regulation
Banks worldwide are examining stablecoins and how these new assets can fit into their business models. Itaú Unibanco, the largest bank in Brazil and Latam, recently floated the possibility of issuing an in-house stablecoin to serve its over 55 million customers.
Guto Antunes, head of digital assets at Itaú declared that this interest has surged after the pivot of the U.S. government’s stance on crypto and the relevance that stablecoins have taken after being mentioned as tools to promote and protect the sovereignty of the dollar.
At a bank event, Antunes stated:
Of course, it is always on the agenda. The issue of stablecoins has always been on Itaú’s radar. We cannot ignore the power that blockchain has to settle transactions atomically.
Read more.
Brazil Bans Retirement Funds From Investing in Cryptocurrency
Brazil has taken another step backward when it comes to opening to bitcoin adoption and innovation as an investment asset. The National Monetary Council, one of the key high-level institutions that issue economic and monetary policies, has issued a resolution outright banning retirement funds from investing in cryptocurrency, referred to as “virtual assets.”
Resolution 5,202, published on March 27, amends an earlier resolution regarding the rules that supplementary pension entities must follow. It now states that these entities cannot “acquire or maintain, directly or indirectly, investments in virtual assets.”
The prohibition also applies to investing in companies that also invest in bitcoin or other digital assets, closing the loopholes available to indirectly put funds on bitcoin through companies like Strategy.
Read more.
BRICS Expands Currency Independence Plan as Brazil Champions Dollar-Free Deals
Brazil’s Finance Ministry has reaffirmed its dedication to expanding the use of national currencies in trade between BRICS nations, according to Secretary Tatiana Rosito. Speaking Monday in an interview with the BRICS Brasil 2025 web portal in Buenos Aires, Rosito indicated that Brazil is prepared to support any initiative that reduces reliance on the U.S. dollar in intra-bloc transactions. She was quoted by Russian news agency Tass as stating:
The trade in local currencies is already underway, for example, between Brazil and China. No obstacles exist to that on the side of Brazil.
The BRICS alliance—which now includes Brazil, Russia, India, China, South Africa, Egypt, Ethiopia, Indonesia, Iran, and the United Arab Emirates (UAE)—has been moving toward financial strategies that reduce external dependence. One such initiative is the creation of the New Development Bank, which Rosito highlighted as a cornerstone of this shift.
Read more.
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Source: Bitcoin
