Latin America, Point of No Return: Is the Region Cooling Down on Bitcoin Adoption?

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Is Latin America no longer concerned with Bitcoin? Did Africa beat us in the fist? They got the Dorsey / Jay-Z fund, and countries in that region are constantly featured on Bitcoin media. On the Latin side of the world, things are strangely calm. After the effervescence caused by El Salvador, the whole continent felt on the verge of a breakthrough. It didn’t happen. The moment passed. And here we are.

On the other hand, “Bitcóin” and “Criptomonedas” are now part of the Real Academia Española dictionary. The organization is the official guardian of Spanish as a whole, so it’s as official as it gets. Notice the spelling of Bitcoin and expect to see it written like this in Spanish posts from now on. Such is the power of RAE.

Brazil: Regulations and New Ways to Buy Bitcoin Brazilian regulators are discussing three projects involving cryptocurrencies. In general, it is the same old story as in all the other countries. They want the exchanges to screen their clients with strict AML procedures, tax everything and nothing else. This is for the sake of consumers, however. The only interesting thing about the Brazilian bills is that they offer zero taxes for PoW mining, as long as it is done with clean and renewable energy. Bitcoin is already the cleanest industry on the market, and it is poised to change the energy game for good. It is just one more step in that direction. Bitcoinist has told you this story before: “Latin America’s largest online trading platform, MercadoLibre, will allow its Brazilian customers to buy, sell and hold cryptos using the digital wallet of MercadoPago. The company’s revenue from digital transactions has grown during the pandemic, and it is now looking to broaden its horizons of “financial inclusion.”

Note that MercadoLibre started its crypto experiment in Brazil, but it is an Argentinian company. Which brings us to …

Argentina: Latin America means taxes Atomico3 will be a stable coin indexed to the price of lithium. Pablo Rutigliano, director of the Argentine Lithium Chamber, said: “Latin America has the largest reserves of lithium in the world, but the problem is that the market price for lithium is now fixed in China. We need to train it locally and regionally. Do they need a stablecoin for this? Argentina considered cryptocurrency transactions to be cash, and they were tax exempt. No more. “Transactions involving cryptocurrencies are subject to Argentina’s tax on credits and debts (commonly known as the ‘check tax’), in effect immediately, the government said in a decree issued Wednesday,” according to the Buenos Aires Times. Argentina’s tax authorities are also considering taxing Play-To-Earn games. Good luck with that. A few days ago, Buenos Aires hosted the “NFT Latin America Forum”. An exclusive event for 100 guests, it featured fashion brands, NFT players and financial institutions as speakers. Venezuela: Cryptocurrency Congress Ever since the Venezuelan government created the Petro, arguably the world’s first CBDC, it can’t just be Bitcoin. The government itself organized the 2nd National Congress of Crypto-Assets Aragua 2021. Its objective was to “strengthen alliances with entrepreneurs, researchers, digital miners, businessmen and government agencies to move towards a 100% digital economy ”. Good luck with that.

BTC price chart for 12/18/2021 on OkCoin | Source: BTC / USD on TradingView.com Chile: Latin America means CBDC It’s the same old story. Chilean regulators have announced that they are discussing the regulation of “the use of Bitcoin and other cryptocurrencies as a legal means of payment in the country.” At the same time, they announced that they were “developing their own central bank digital currency”. Of course, the Bitcoin proposal is just a bill, while the CBDC is absolute certainty. El Salvador, the Bitcoin country is in Latin America

The only country in the world to have Bitcoin as legal tender is a common topic around these parties. We talked about the Bitcoin City project and did our best to cover Bitcoin week. We reversed the script and discussed the issues with the Chivo wallet, then dubbed it. A friend of ours spoke to Salvadorans and tested Lightning solutions from fast food chains. In addition, a Salvadoran and a Dutchman gave us their side of the story.

Image presented by Leon Overweel on Unsplash – Charts by TradingView

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