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Venezuelan President Nicolas Maduro Signals Support For Single Currency In Latam, Calls For Crypto Inclusion

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Venezuelan President Nicolas Maduro Signals Support For Single Currency In Latam, Calls For Crypto Inclusion

Nicolas Maduro, president of Venezuela, has expressed his support for the adoption of a new common currency for Latam in the latest meeting of the Workgroup of the Sao Paolo Forum. Maduro stated that this would be an important step for the construction of a common economic space, that would also include cryptocurrency as an important element.

Maduro Supports Single Currency Project for Latam

Nicolas Maduro, president of Venezuela, has signaled his support for the idea of a single currency for all the countries in Latam as a way of building a common economic space. As part of his participation in the latest meeting of the workgroup of the Sao Paolo Forum, a group of center-left leaning parties, Maduro stated:

There are those who propose the use of a single currency, let’s discuss it, it would be extraordinary.

Maduro explained that the recent political changes that Latam is facing, with the victories of President Luis Inacio Lula Da Silva in Brazil, have made possible this new wave of initiatives that seek to separate the region from the influence of foreign currencies.

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About this new movement, he declared:

We have to look inwards, towards our deep America, there has to be a change in our behavior, for our rulers to hear and understand us to agree on the construction of a common economic space.

Other presidents and politicians of the zone have also proposed the idea of adopting a single currency in the area. This was one of the promises that Lula made during his campaign, explaining that this would undermine the influence of the U.S. dollar in the zone. Roy Barradas, president of the Congress of Colombia, also echoed Lulas’s proposal during President Petro’s inauguration.

Multi-Currency Crypto System

Maduro also made his own proposal describing a multi-currency system that could be adopted in Latam, in the same vein as what Venezuela is doing now. He also included cryptocurrency as a key element in this new proposal.

On this, he explained:

We must agree on the construction of a monetary system that takes into account the existing currencies, the cryptocurrencies, nobody can see the monetary system of the 21st century without cryptocurrency.

Venezuela was one of the first nations to launch its own cryptocurrency, the petro, back in 2018, and it is currently one of the countries with an established cryptocurrency and mining legal framework.

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What do you think about the new single and multi-currency proposals of President Nicolas Maduro for Latam? Tell us in the comments section below.

Sergio Goschenko

Sergio is a cryptocurrency journalist based in Venezuela. He describes himself as late to the game, entering the cryptosphere when the price rise happened during December 2017. Having a computer engineering background, living in Venezuela, and being impacted by the cryptocurrency boom at a social level, he offers a different point of view about crypto success and how it helps the unbanked and underserved.

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Image Credits: Shutterstock, Pixabay, Wiki Commons, Golden Brown / Shutterstock.com

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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Bank of Brazil

President Of Bank Of Brazil Shows ‘Open Finance’ Digital Real Concept Featuring Stablecoin Integration And Payments Functionality

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President Of Bank Of Brazil Shows ‘Open Finance’ Digital Real Concept Featuring Stablecoin Integration And Payments Functionality

Roberto Campos Neto, president of the Bank of Brazil, explained the role that the Brazilian central bank digital currency (CBDC), the digital real, might play in the future of personal finance. At an event, Neto explained the concept of “open finance,” showing a “super app” that featured PIX (a payments network) functionality, and also integration with other stablecoins already available.

Digital Real Might Connect Directly With Cryptocurrencies

The proposed Brazilian CBDC, the digital real, is ostensibly growing to have more and more functions. Roberto Campos Neto, president of the Bank of Brazil, showed the concept the bank has for the finished version of the currency. On Nov 25. at an online event, Campos Neto introduced the ideas that the institution has for the currency, under the “open finance” name.

This idea includes the integration of the digital real, which is still under development, with traditional and decentralized financial structures and institutions. A “super app,” that will allow customers to hold stablecoins and the CBDC, was also shown in the event, showcasing the connection the system will have with the already available PIX payments network.

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On the app mockup, Campos Neto clarified:

This is basically a teaser of what this integration I’m talking about will be. Instead of having several apps on your cell phone, from several banks, you will have some kind of integrator.

In this way, the app will allow the users to have a complete picture of their savings, traditional or crypto-based, in just one place.

A Push for Digitization

While the digital real concept has been in development for quite some time, there is no estimated date for its completion, as the central bank and other organizations continue to test the different implementations and functions this new coin would have. However, Campos Neto stated that the currency will be a bridge to decentralized finance, as the country pushes towards monetary digitization.

On this, Campos Neto explained:

The digital real part is a bridge to the defi environment. We are bringing the digital world to the banking system. Several other central banks are doing the opposite. They are actually pushing digital out of banking.

However, contrary to what Campos Neto states, several central bank digital currencies are already being tested by myriad central banks. The European Union is currently studying the implementation of a digital euro and is expected to regulate it soon. The Federal Reserve Bank of New York is also piloting an interoperable network of central bank wholesale digital money, and a proposal has surged in Argentina to eliminate physical money.

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What do you think about Campos Neto’s open finance concept for the digital real? Tell us in the comments section below.

Sergio Goschenko

Sergio is a cryptocurrency journalist based in Venezuela. He describes himself as late to the game, entering the cryptosphere when the price rise happened during December 2017. Having a computer engineering background, living in Venezuela, and being impacted by the cryptocurrency boom at a social level, he offers a different point of view about crypto success and how it helps the unbanked and underserved.

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Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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AML/KYC

Latam Still Unprepared To Deal With Crypto Crime And Scams, According To GFI Report

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Latam Still Unprepared To Deal With Crypto Crime And Scams, According To GFI Report

Latam is still unprepared to deal with cryptocurrency-related crimes and scam situations, according to a recent report issued by Global Financial Integrity (GFI), a Washington DC-based think tank. The document states that crypto regulation has failed to grow with the adoption of these new technologies and that governments have often failed to detect and punish crypto-related crimes.

GFI: Latam Still Vulnerable to Crypto-Related Crime

While the adoption of cryptocurrency has grown immensely in Latam due to the unique economic situations and difficulties of the countries in the area, cryptocurrency regulation has failed to develop on par. This is one of the conclusions that a report titled “Cryptocurrencies: A Financial Crime Risk within Latin America and the Caribbean,” issued on Nov. 14, found.

Produced by Global Financial Integrity, a Washington DC-based financial think tank, the report examined the legal cryptocurrency developments in Latam and the Caribbean, focusing on countries with high crypto adoption like Argentina, Brazil, Colombia, El Salvador, and Mexico.

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The report found several holes in the regulations of some of these countries that could allow criminals to use crypto to commit money laundering crimes which could go undetected by the authorities. Also, the study remarks that some of these countries still lack crypto-specific regulations to tackle more than just crypto taxation, given that Latam’s cryptocurrency usage follows different trends compared to other regions.

Policy Recommendations

As per the study, it is fundamental for these countries to understand that cryptocurrencies are a new asset class that calls to be studied in order to establish effective regulations, taking the needs of each one of the countries in Latam into account. The promotion of campaigns that educate about crypto and the possible risks that users and investors can face while using these new currencies is another tool that governments can utilize.

However, according to the report, one of the most important measures that these governments must apply has to do with the implementation of KYC/AML (Know Your Customer/Anti-Money Laundering) protocols amongst service providers, which can serve to identify possible threats.

In the same way, the adoption of the recommendations of international organizations like the Financial Action Task Force (FATF) is advised, in conjunction with the interconnection of these agencies to collaborate and exchange data that could lead to prosecuting suspected criminal cases.

Tags in this story

AML/KYC, Argentina, Brazil, colombia, cryptocurrency crimes, DC, El Salvador, GFI, Global Financial Integrity, latam, Mexico, vulnerabilities

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What do you think about GFI’s latest report on the vulnerabilities that Latam countries face regarding cryptocurrency-connected crimes? Tell us in the comments section below.

Sergio Goschenko

Sergio is a cryptocurrency journalist based in Venezuela. He describes himself as late to the game, entering the cryptosphere when the price rise happened during December 2017. Having a computer engineering background, living in Venezuela, and being impacted by the cryptocurrency boom at a social level, he offers a different point of view about crypto success and how it helps the unbanked and underserved.

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Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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2TM

Brazilian Cryptocurrency Bill Resurfaces After General Ballot

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Brazilian Cryptocurrency Bill Resurfaces After General Ballot

The Brazilian cryptocurrency bill, sidelined several times due to the general election ballot that happened on October 30, might be discussed and voted on during the following week. According to reports, the project identified as 4.401/2021 will be on the agenda for being discussed by the Chamber of Deputies, marked as urgent, and listed to be discussed on Nov. 22.

Brazilian Cryptocurrency Bill Back on Agenda

The Brazilian cryptocurrency bill, a project that seeks to regulate the actions of cryptocurrency exchanges and custody agents, as well as establish clear cryptocurrency mining rules, will be on the agenda of the Chamber of Deputies next week. The bill, which had been sidelined before the general ballot that happened on Oct. 20, is slated to be discussed on Nov. 22.

The bill might be discussed and voted on if the chamber decides that it is of importance, as the document is the fourth item in the list to be discussed in that session. Still, deputies can change the agenda of the day, and postpone the discussion of the bill, as has happened in several opportunities before.

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According to local reports, there might be a window of opportunity for the project to be discussed, due to the laws that are currently being discussed in the Senate. However, others key actors have disregarded this possibility, as president Lula’s takeover might bring important changes to the budget law for 2023, requiring attention from both chambers.

Crypto Personalities Talk on Speeding Regulation Due to FTX’s Downfall

The events surrounding the withdrawal pause and the subsequent bankruptcy of FTX, one of the biggest cryptocurrency exchanges, made several personalities in the cryptocurrency industry in Brazil touch on the importance of the approval of the bill.

Roberto Dagnoni, CEO of 2TM, the holding company of Mercado Bitcoin, one of the biggest exchanges in Brazil, stated:

If there is a good side, it would be that it gets the law prioritized. The rules that currently exist have not been applicable to some players, so they can do whatever you want. This (law) would change a lot.

Brazil is one of the countries that have been more affected by FTX’s debacle. Per Coingecko’s numbers, Brazil would be the tenth more affected country on the list, with Brazilians already organizing to take legal action in several jurisdictions. A proposed class action lawsuit will group customers with more than $100,000 on the exchange to try to recoup some of the losses.

What do you think about the new opportunity that the Brazilian Congress has to approve the cryptocurrency bill? Tell us in the comments section below.

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Sergio Goschenko

Sergio is a cryptocurrency journalist based in Venezuela. He describes himself as late to the game, entering the cryptosphere when the price rise happened during December 2017. Having a computer engineering background, living in Venezuela, and being impacted by the cryptocurrency boom at a social level, he offers a different point of view about crypto success and how it helps the unbanked and underserved.

Advertisement

Image Credits: Shutterstock, Pixabay, Wiki Commons, Antonio Salaverry, Shutterstock.com

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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