Latam Crypto Roundup: El Salvador's Bitcoin Adoption, X Ban in Brazil, Worldcoin Sued in Chile, and More

BeInCrypto's Latam Crypto Roundup brings Latin America's most important news and trends. With reporters in Brazil, Mexico, Argentina, and more

Bitcoin Adoption Stalls in El Salvador Despite Government Efforts

El Salvador’s President Nayib Bukele has acknowledged that the adoption of Bitcoin in his country has not progressed as swiftly as anticipated. This statement is noteworthy considering that El Salvador made BTC legal tender in 2021.

In an interview with TIME Magazine, Bukele described the results as “positive,” though he conceded that the expected benefits did not fully materialize. While large businesses in El Salvador, such as supermarkets and restaurant chains, accept Bitcoin as a payment method, its mass adoption has not occurred.

Bukele’s administration has remained staunchly supportive of Bitcoin despite these challenges. The country has consistently purchased BTC, with the president implementing a Dollar Cost Averaging (DCA) strategy to buy one Bitcoin daily.

At the time of writing, El Salvador’s mempool shows government holdings of 5,859 BTC. Based on the current market price of Bitcoin, this amount is approximately $346.35 million.

Brazil Suspends X Over Failure to Appoint Legal Representative

Brazil has suspended the social media platform X following its failure to comply with local regulations. The ban was ordered by Minister Alexandre de Moraes after Elon Musk’s company neglected to appoint a legal representative in the country. The platform is expected to become inaccessible within 24 hours.

In addition to the ban, Brazil has imposed a fine of R$50,000 (approximately $10,000 USD) per day on individuals or companies using VPNs to access the app. Apple and Google have also been given a five-day deadline to remove the app from their stores.

This situation arose after X removed its legal representatives from Brazil in response to what Musk described as “untenable demands” from the Brazilian court, including censorship and privacy concerns.

Considering Brazil’s sixth-place global ranking for the number of X users, a ban could have significant consequences. Furthermore, this decision could impact the country’s crypto community.

X is a crucial platform for real-time market updates and crypto discussions. A potential ban would significantly challenge investors who rely on the platform for information and market insights.

According to a recent survey by CoinGecko, 34.4% of crypto traders and investors rely on X for their information needs. Specifically, 66.7% of the 1,065 survey participants identified X as their primary source of crypto information.

Chile’s Consumer Service Sues Worldcoin Over Biometric Data Concerns

Chile’s National Consumer Service (SERNAC) has filed a lawsuit against the Optimistic SpA Group, the company that operates Worldcoin in the country. The lawsuit, submitted to the 2nd Local Police Court of Las Condes, cited irregularities in collecting biometric data from Chilean citizens.

SERNAC's investigation uncovered multiple violations of the Consumer Law, particularly concerning the lack of transparency and inadequate protection of personal data.

The Chilean agency seeks to impose substantial fines, potentially reaching $20 million, on Worldcoin for its alleged misconduct. Additionally, it demands the immediate halt of Worldcoin’s operations in the country until the legal issues are resolved.

US Bill Targets Venezuela’s Cryptocurrencies as Part of Broader Sanctions

Amid ongoing political tensions, US Congress members are preparing to introduce a bill that will reinforce sanctions against Venezuela, with a specific focus on cryptocurrencies. The proposed “Law for the Promotion of Freedoms, Opportunities and Rights in Venezuela” (VALOR) seeks to maintain pressure on the Venezuelan government by blocking the assets of key financial institutions, including the Central Bank of Venezuela and the state-owned cryptocurrency, Petro.

This legislation, spearheaded by Congresswoman María Elvira Salazar, aims to tighten existing measures and expand the reach of US sanctions to ensure Venezuela remains under international scrutiny.

“The VALOR Act will do just that by seeking international cooperation for a peaceful transition to democracy in Venezuela and maintaining sanctions until there is substantial and measurable progress,” Salazar said.

In 2018, the Trump administration also implemented measures against Petro, a cryptocurrency the Maduro government launched to sidestep US sanctions. Trump labeled Petro as a corruption tool and a desperate bid to sustain the government.

Stellar Invests in Colombia’s Puntored to Enhance Cross-Border Payments

Yayasan Pembangunan Stellar (SDF) mengumumkan pelaburan $2 juta dalam syarikat FinTech Colombia Puntored. Mereka memudahkan pelaburan ini melalui Dana Perusahaan Stellar sebagai sebahagian daripada usaha menggunakan teknologi blockchain untuk meningkatkan perkhidmatan pengiriman wang dan rangkuman kewangan di Amerika Latin.

Colombia telah menyaksikan peningkatan yang ketara dalam aliran masuk kiriman wang. Kementerian Kewangan negara melaporkan kenaikan 17.3% antara Januari dan Julai 2024 berbanding tahun sebelumnya.

Kerjasama Stellar dengan Puntored kini memberi perkhidmatan kepada lebih 18 juta pengguna di seluruh Colombia, Mexico dan Puerto Rico. Oleh itu, perkongsian ini dijangka dapat mengubah sektor pembayaran digital di rantau ini.

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