Bitcoin News and Finance: What You Need to Know

Welcome to Latam Insights, a compendium of Latin America’s most relevant crypto and economic news during the last week. In this issue: Honduras opens a central bank digital currency (CBDC) consultation, Venezuela applies officially to join BRICS, and Trubit launches Pix payment integration in Brazil. Honduras Opens CBDC Issuance Public Consultation The Central Bank of Honduras has opened a public consultation regarding issuing a central bank digital currency (CBDC). The public consultation marks the next phase of a plan to modernize the country’s payment systems. In a report issued by the bank, titled “The Future of Money and Payments in Honduras, which route to Follow?” the institution considers the implications and changes it must apply to its legal system to adopt a CBDC. The poll asks users about the central bank’s role in the national payments system, proposing a series of options to modernize it, including launching a CBDC, designing a bank-managed payments system, and prom...

The Indian Presidency of G20 has put forward proposals for a roadmap to introducing a global regulatory framework for crypto assets. India believes a more coordinated policy will be needed to enforce international standards in the field and adequately minimize associated risks. India’s G20 Presidency Provides Its Input for FSB and IMF Global Crypto Regulatory Roadmap India, the current President of the Group of 20 forum of the world’s largest economies ( G20 ), has made some suggestions regarding the regulation of crypto assets. With the proposals, New Delhi seeks to help prioritize certain “areas of work essential to achieving a comprehensive, cohesive and coordinated global policy” for the sector. In a Presidency Note released on Aug. 1, India said that while “considerable work” has been done so far by intergovernmental organizations to prepare regulatory standards for the crypto industry, it believes that more coordination is needed to consistently implement regulations adopted...

Former Celsius Network Alex Mashinsky will now have to defend himself against a lawsuit filed by New York Attorney General Letitia James after a New York County Supreme Court Justice rejected his attempts to have the suit dismissed. The court’s decision blocks the attempt by Mashinsky to stop James from seeking to preclude him from issuing securities or serving as a company officer in the state. Mashinsky Misstatements Induced Investors to Deposit Assets on Celsius A United States judge has rejected former Celsius Network CEO Alex Mashinsky’s attempt to have the court dismiss a lawsuit filed by New York Attorney General (NYAG) Letitia James, a report has said. The court’s decision blocks the attempt by Mashinsky to stop James from seeking to preclude him from issuing securities or serving as a company officer in the state. In her judgment, New York County Supreme Court Justice Margaret Chan reportedly argued that James’ lawsuit should be allowed to stand because there are enough a...

The American rating agency Fitch’s recent downgrade of the United States’ credit rating from AAA to AA+ may embolden proponents of a BRICS currency, Riley Adams, a personal finance expert, has said. Adams however argues that there are certain “geopolitical issues” that must be overcome first before the BRICS currency becomes a reality. Debt Ceiling Standoffs and the Impact on the U.S. Credit Rating According to Riley Adams, a personal finance expert and the CEO of Young and the Invested , the credit rating agency Fitch’s recent downgrade of the United States to AA+ will likely “embolden anyone in the BRICS [Brazil, Russia, India, China, and South Africa] that supports the creation of a new currency.” Adams, also a certified public accountant (CPA), told Bitcoin.com News that Fitch’s report on the country also “relays legitimate concerns about how the budgeting process has devolved in the U.S.” As reported by Bitcoin.com News, Fitch has tied its downgrade of the U.S. long-term for...

The Russian government has legally recognized digital currencies issued by other nations, local crypto media reported. The respective legislative changes have been made alongside the adoption of a dedicated law regulating the introduction of Russia’s own digital ruble. Amendments Legalizing Foreign CBDCs Enter Into Force in Russia Russian authorities have granted digital currencies of other states a similar status to that of the digital ruble, the Russian crypto news outlet Bits.media informed readers on Thursday, quoting the government’s official online portal for legal information. The recognition of other central bank digital currencies ( CBDCs ), such as China’s digital yuan , for example, has been done through amendments to Russia’s federal law “On currency regulation and currency control” which entered into force on Aug. 1, the report details. The update adds to the definition of foreign currency the text “issued in digital form by the national central bank of a foreign sta...