Latam Recap: Inflation Spikes in Argentina, El Salvador Issues Crypto Licenses, Venezuelan Crypto Probe Continues – Bitcoin News

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Welcome to Latam Recap, a summary of the most important crypto and economic news from Latin America during the last week. In this issue: Inflation in Argentina shoots up beyond 100%, El Salvador grants its first digital assets licenses, and the crypto-linked corruption probe in Venezuela persists.

Argentina Experiences 104.3% Inflation, Highest in Latam

The National Institute of Statistics and Census in Argentina presented inflation data for March 2023, revealing a 7.7% increase month-over-month. This figure surpasses the 6.6% recorded in February, the result of rising costs for education and food and drinks.

As a result, Argentina has recorded a 104.3% inflation rate year-over-year, the highest in Latam according to regional estimations. Analysts are concerned about the trend, as government price control measures have failed to slow it down.

Soledad Pérez Duhalde, an Argentine economist, commented:

The inflation data for March is incredibly negative news. Inflation is rampant in Argentina, and without a program and without anchors it will be very difficult to break this trend.

El Salvador Grants First Crypto Licenses

The government of El Salvador released the first digital assets licenses in the country, enabling cryptocurrency exchanges and custodians to issue digital assets in a regulated environment. The first entity to receive the license was Bitfinex Securities El Salvador, a newly created company independent from Bitfinex, the prominent cryptocurrency exchange.

According to remarks from Bitfinex CTO Paolo Ardoino, this is a milestone that will enable companies to access the digital market to raise capital, among other functions. Ardoino said:

It means that a wide range of entities, from small companies to governments, can raise capital in a regulated environment, and access a class of investors that are very comfortable with crypto assets and tokenized securities, which represents a market of over $1 trillion with a peak of $3 trillion.

Two more licenses were also issued, one for E4, a company founded by Strike creator Jack Mallers, and Ditobanx, a Salvadoran startup.

Venezuelan Crypto Corruption Probe Continues

The oil-related cryptocurrency corruption investigation, supposedly involving the usage of cryptocurrency associated with oil sales, continues to progress in Venezuela. According to reports, the existence of Sunacrip, the Venezuelan cryptocurrency regulator, is in jeopardy.

Former employees of the institution revealed that all the existing staff had been let go without justification, which has led to speculation about the future of the institution. In addition, the logo of the institution has been removed from the building where its offices were.

As a consequence of this probe, all registered Bitcoin mining farms were ordered to cease operations on March 15, with miners lamenting significant losses resulting from this decision.

What do you think about the news from Latin America this week? Tell us in the comment section below.

Sergio Goschenko

Sergio is a cryptocurrency journalist from Venezuela. He describes himself as late to the game, entering the cryptosphere when the price surge occurred 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 perspective on crypto success and how it assists the unbanked and underserved.

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