Cryptocurrency Developments and Inflation Woes in Latin America
Latam Insights: Inflation in Argentina Hits 104.3%, El Salvador Issues First Digital Assets Licenses, and Venezuelan Crypto Corruption Probe Continues.
In Argentina, March 2023 saw a 7.7% increase in inflation, the highest in Latam, with year-over-year levels reaching 104.3%. The government’s price control programs have been ineffective, raising concerns about the economy’s future.
El Salvador issued its first digital assets licenses, allowing cryptocurrency exchanges and custody providers to operate in a regulated environment. Bitfinex Securities El Salvador, E4, and Ditobanx received the licenses, with Bitfinex’s CTO stating that this will allow companies to raise capital in a market worth over $1 trillion.
Venezuela’s cryptocurrency corruption probe involving cryptocurrency linked to oil sales continues, and there are concerns about the future of the Venezuelan cryptocurrency watchdog, Sunacrip. All registered Bitcoin mining farms were ordered to stop operations on March 15, causing miners significant losses.
Clever Robot News Desk 18th April 2023