Welcome to Latam Insights, a compendium of Latin America’s most relevant crypto and economic news during the last week. In this issue: Paraguay unveiled a bitcoin mining-centric strategy, Itau Unibanco rolled out crypto trading services for all its customers, and Worldcoin decided to establish a hub in Argentina.
Latam Insights: Paraguay Unveils Bitcoin Mining Centric Development Strategy, Itau Unibanco Rolls Crypto Trading for All Customers
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Paraguayan Minister Unveils Future Economic Strategy Centered on Bitcoin Mining for Industrial Transition
Paraguay has revealed its strategy regarding bitcoin mining. Javier Gimenez, the Minister of Industry and Commerce, recently disclosed the new direction Santiago Pena’s government will follow, stating that the country will keep selling energy to legal bitcoin miners.
In a meeting with Brazilian representatives of the joint commerce chamber, Gimenez explained that Paraguay’s energy surpluses would power 10,000 industries, but only a few can take advantage of it now. This is why the government will keep providing energy to bitcoin miners, who have a steady demand for this power.
Gimenez stated:
We are rushing to attract industries, but it would be good if we give energy to cryptocurrency miners, where there is demand, so that they use it in the meantime.
The minister disclosed that, after some years, the government would substitute bitcoin mining activities with labor-intensive industries, bringing jobs to more Paraguayans.
Largest Bank in Brazil Itau Unibanco Opens Cryptocurrency Trading to All Users
Banks are realizing the potential of offering cryptocurrency opportunities and traditional finance services. Itau Unibanco, the largest bank in Brazil and Latam with over 60 million customers and close to 100,000 employees, has announced the general availability of cryptocurrency trading services for its customers.
While this feature was launched in December, the functionality was only available for selected consumers and was slowly expanded to more users. First, Itau had to assess the level of acceptance these assets had as part of Ion’s platform, the bank’s investment app. According to Guto Antunes, head of Itaú Digital Assets, the acceptance was high, as customers trusted Itau’s cryptocurrency custody solution.
Worldcoin to Establish Latam Hub in Argentina Despite Strong Scrutiny
Worldcoin, the proof-of-personhood biometric project, is reportedly planning to establish a regional Latam hub in Argentina and expand its operations. According to a press release cited by Criptonoticias, the project will establish 50 new locations in over 10 different cities across the country, all with the presence of Orbs, hardware needed to read the iris of each Worldcoin participant.
Furthermore, the company plans to open two special locations dedicated to educating about the project and delving into the technology that drives the company’s operations and objectives. Worldcoin’s expansion in Argentina is also set to create opportunities for local software developers, capitalizing on numerous job openings resulting from this process.
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