Latin America’s
crypto scene
keeps evolving, marked by the introduction of new items and expansion into different regions showcasing its quick development.
Recently, Bolivia’s Minister of Economy and Public Finance, Marcelo Montenegro, declared the approval of a new decree aimed at regulating FinTech firms and virtual asset service providers.
Conversely, El Salvador’s Bitcoin investments have exceeded $620 million, driven by Bitcoin’s value surging past the $100,000 threshold.
Bolivia imposes regulations on FinTech and digital assets.
Bolivia’s latest program aims to
offer explicit legal justifications for introducing new financial services
relying upon blockchain and digital assets, in light of the rapid growth of the sector situated in this country over the past twelve-month period.
Supported by President Luis Arce, this initiative aims to foster an atmosphere that encourages both public and private sector startups.
According to a Bolivian official news source, the regulation provides payment, remittances, loans, tokenised assets, etc., in a secure and trustworthy environment for the fintech services in this country.
This decree represents a significant shift for more than 40 current FinTech companies operating in Bolivia, with most of these firms based in cities like Santa Cruz, La Paz, and Cochabamba.
At present, these companies have functioned within a somewhat unrestricted gray zone, raising concerns about insufficient user safeguards and vulnerable financial dealings.
Under the new regulations, companies are required to acquire appropriate licenses and adhere to data protection and authentication requirements. The Financial System Supervisory Authority (ASFI) will finalize these rules within 40 business days.
It is anticipated that this regulation will boost both domestic and foreign investment interests within the nation, driven primarily by the increasing use of Bitcoin and Ethereum domestically. This development also positions Bolivia to play a more significant role in the realm of cryptocurrencies and blockchain technology.
El Salvador’s Bitcoin reserves exceed $625 million.
El Salvador’s
Bitcoin reserves have exceeded $620 million.
As the cost of Bitcoin has climbed over $100,000.
At present, the government holds 6,170.18 BTC, with their recent daily acquisitions amounting to an average of $95,000 per coin.
President Bukele continues to stand behind Bitcoin, receiving backing from Economy Minister María Luisa Hayem, who views the cryptocurrency as essential for shaping fiscal policy and attracting investors.
This week, Bukele had a meeting with Jeff Booth, a prominent venture capitalist, to strengthen their connection with Bitcoin.
In spite of warnings from the IMF, El Salvador persists in adopting digital assets, aligning with global shifts initiated by firms like MicroStrategy and Metaplanet.
Brazil’s Paraná becomes the first state to regulate blockchain-based micro credit courses
The Brazilian state of Paraná has become the
first state in the country to officially regulate micro credit courses
to modernise higher education and align it with labour market demands.
In collaboration with the State Council of Education (CEE-PR) and the Secretariat of Science, Technology, and Higher Education (SETI), this project aims to utilize blockchain technology for ensuring authenticity, transparency, and security in digital certifications.
During the initial year, the state might witness up to 175 brief courses offered by the seven public universities, covering fields such as public administration, information technology, and business growth.
A fund of R$2 million will help develop these courses, with the leftover regulations adjusted to permit individual institutions to establish their own micro-credit frameworks.
With blockchain, certificates will be immutable and can be shared easily across job platforms and academic networks, preventing fraud and accelerating employment processes.
Similarly, these small loans will contribute toward earning a degree, pursuing postgraduate studies, or participating in extension courses, thus offering a flexible and forward-thinking educational framework within the public institutions throughout the state of Paraná.
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Latin American crypto update: Bolivia implements regulations for FinTech firms as El Salvador’s Bitcoin holdings exceed $625 million
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