Latam Highlights: Salvador’s Bitcoin Visa Program Flops; Brazil Explores Tax on Stablecoin Transfers

El Salvador’s initiative to attract Bitcoin investors through its ‘Adopting Bitcoin’ program has failed to gain traction, with no passports issued under the scheme despite its goal to raise $1 billion by enticing 1,000 investors to donate $1 million in BTC or USDT.

A public records inquiry revealed that the General Directorate of Migration and Immigration confirmed zero applications processed. Meanwhile, Brazil’s Central Bank is considering taxing stablecoin remittances, as stablecoins are currently classified as financial assets rather than currency, allowing free use for transactions.

In Bolivia, Bisa Bank has launched USDT services, enabling customers to buy, sell, and store this stablecoin, reflecting a growing interest in cryptocurrency solutions in the region.

Clever Robot News Desk 5th November 2024

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