Crypto Regulations in Latam: Brazil’s Gambling Ban, Worldcoin’s Challenges

Welcome to Latam Insights, a roundup of the latest crypto and economic news from Latin America. 

This week, Brazil has enacted regulations prohibiting the use of cryptocurrency for gambling transactions. Emphasizing that electronic methods like Pix, debit cards, and prepaid cards are acceptable. While cash and virtual assets are not allowed. This move is part of Brazil’s broader regulatory overhaul regarding gambling, culminating in the recent approval of the gambling bill. Meanwhile, in Buenos Aires, Worldcoin is facing legal repercussions, with fines exceeding $1 million due to alleged unfair contract terms and violations of consumer rights. 

These contracts, according to Buenos Aires authorities, include clauses that restrict users’ ability to file collective claims, set international jurisdictions for dispute resolution, and raise concerns about biometric data handling. Worldcoin has refuted these allegations, asserting its compliance with regulations and willingness to engage with authorities.

Clever Robot News Desk 23^rd April 2024