Bitcoin News and Finance

Latam Insights: Argentina Announces National Digital Currency While Peso Sinks, Volcano Energy Launches Lava Pool

Latam Insights: Argentina Announces Digital Currency While Peso Sinks, Volcano Energy Launches Lava Pool

Welcome to Latam Insights, a compendium of Latin America’s most relevant crypto and economic news during the last week. In this issue: The Argentine government announces a national digital currency project, Volcano Energy launches Lava Pool, the first Salvadoran Bitcoin mining pool, and a resolution that allows investment funds to invest in cryptocurrency comes into effect in Brazil.

Argentine Economy Minister Sergio Massa Announces National Digital Currency

Sergio Massa, a presidential candidate and current economy minister of Argentina, proposed launching a national digital currency during the first debate before the presidential elections. As part of his campaign, Massa stated that this new digital currency would be issued alongside a tax reduction plan to move the Argentine economy to the formal sector.

During the debate, Massa stated:

We are going to launch the Argentine digital currency. Just as your children propose in their platform economy the possibility of trading with their cell phone or card, we are going to do it globally for all of Argentina.

Later, Massa declared he would introduce this currency into Congress quickly to adopt the national digital currency. Sources from the economy ministry supported this move, stating that implementing a national digital currency would bring “more freedom and autonomy when carrying out everyday transactions, with easy use and access, including non-digitized or unbanked sectors, and [it] avoids financial bureaucracy.”

However, after this announcement, the Argentine peso has fallen to record lows, reaching 885 pesos per dollar in its informal “blue” exchange rate on Sunday.

Volcano Energy Launches Lava Pool

Volcano Energy, a green power Bitcoin mining company, launched the first Salvadoran mining pool, called Lava Pool. The platform, launched in partnership with Luxor Technologies, a mining tech provider, will be used by the 241-megawatt (MW) renewable energy mining facility currently in construction in Metapan.

Volcano Energy CSO Gerson Martinez emphasized that Lava Pool was an “example of El Salvador’s first mover advantage as a nation-state in the Bitcoin ecosystem.”

He stated:

Our vision is to create a vertically integrated energy and bitcoin mining company whose value is accretive to investors and to all Salvadoran citizens.

Brazilian CVM Now Allows Investment Funds to Invest in Crypto

Resolution 175, a regulation issued by the Brazilian Securities and Exchange Commission (CVM) last year, came into effect on October 2, allowing investment funds to allocate part of their portfolios in cryptocurrencies. Analysts expect interest in cryptocurrency to increase, causing institutions to pursue more crypto-related investment opportunities.

However, the resolution establishes limits for these investments, allowing funds to allocate just 10% of total funds to cryptocurrency. Also, these digital assets have to be acquired from exchanges approved by the Brazilian Central Bank or international regulatory bodies.

To follow all the latest developments in crypto and the economy in Latin America, sign up for our Latam newsletter below.

What do you think about this week’s Latam Insights report? Tell us in the comment section below.

Comments

Custodial Lightning Network Service Attack Discovered by LN ‘Newbie’ — Hacker Strikes 6 LN Custodians

On September 18, a Redditor posted to the r/bitcoin forum and explained how he discovered a way to “attack [the] lightning Network’s custodial services.” The Reddit account dubbed “Reckless Satoshi” wanted to figure out if a “discrepancy between real routing fees and service’s transaction fee can be exploited for a profit.” The researcher disclosed that he wanted to see how large the damage could be and said “it is bad.” 6 Lightning Network Custodial Services Attacked, Researcher Discloses Findings to Offenders Prior to Public Disclosure A Redditor called Reckless Satoshi published a disclosure post on r/bitcoin this past Saturday and disclosed how he had found a vulnerability with routing fees and some of the Lightning Network’s custodial services. The research attack was done in good faith and after it was complete he disclosed the bugs to the offending services before publishing his findings. Reckless Satoshi used the Lightning Network (LN) attack on six different services incl

Axie Infinity Down 40% Since Last Week’s Price High, Protocol Revenue Outshines Competitors

Last week, the game token leveraged within the Axie Infinity gaming universe skyrocketed to all-time highs, while other crypto markets remained extremely lackluster. During the last seven days, Axie Infinity’s platform token has dropped significantly in value shedding more than 12%. Meanwhile, the game platform’s smooth love potion token has slid over 8% over the last 24 hours. Axie Infinity Down More Than 40% Since All-Time High Not too long ago, the axie infinity (AXS) token was a topical conversation because it reached an all-time high on July 15. At the time, AXS managed to capture $28.93 per unit and since then it has shed 12.8% during the last seven days. The axie infinity (AXS) token is used within the blockchain-based game that involves battles between token-based creatures called “Axies.” AXS is used for the game’s governance system as well as other actions within the game. At the time of writing axie infinity (AXS) is exchanging hands for $16.70 per coin. AXS/USD on Ju

Play-to-Earn Game From Polker (PKR) Exchange Listing – Endorsed by Akon

The Play-to-Earn NFT based Polker.Game ‘s native token $PKR has been officially listed on the popular centralized exchange BitMart. Polker.game has been in the spotlight recently as Akon, the American R&B superstar and record producer gave his official endorsement of polker stating that the “game is revolutionary” and that Polker is “hands down.. the best play to earn, NFT game in the space.”. With the BitMart listing and celebrity endorsement from Akon, Polker is perfectly positioned to become a major player in the Play-to-Earn league. Watch Akon’s Video Here What is Play-to-Earn? Although not a new concept, play-to-earn has become a trending term due to the popularity of the NFT game AXIE infinity. In the past, previous play-to-earn games have also achieved success – however, thanks to the huge amount of development in the blockchain space in recent years the gaming experience is now massively improved. Play-to-Earn games are essentially free to play and open to anyone and

China to Crack Down on Copyright Infringement Through NFTs

Authorities in China are going after creators of digital collectibles based on other people’s works of art, the use of which was not authorized. The government offensive is part of a campaign to combat online copyright infringement and piracy with the participation of several departments. Regulators in China Move to Strengthen Copyright Supervision of Online Platforms The National Copyright Administration of China (NCAC) has recently launched a campaign against copyright infringement and piracy on the internet, together with the Ministry of Industry and Information Technology, the Ministry of Public Security, and the State Internet Information Office of the People’s Republic. A major objective of the initiative is to improve copyright supervision of online businesses by investigating cases involving the sale and distribution of infringing products on short video, live broadcast and e-commerce platforms, and promptly dealing with infringing content, the agency announced in a press r

Bitcoin News and Finance: What You Need to Know

Search This Blog