Latin American Crypto News: Volcano Energy’s Rise in El Salvador, Venezuelan Miners Seek New Horizons, Argentina Shifts to Chinese Yuan
Step right into the world of Latin America’s crypto and economic news. Brace yourself for some exciting developments: Volcano Energy heats up El Salvador, Venezuelan bitcoin miners go on a mining escape, and Argentina embraces the Chinese yuan.
El Salvador is about to experience a volcanic eruption of crypto activity with the entrance of a new player. Introducing Volcano Energy, a company that plans to construct a renewable power generation facility to fuel a massive bitcoin mining operation. This ambitious project, backed by Tether and other Bitcoin industry leaders, aims to become one of the world’s largest bitcoin mining farms. With solar cells supplying most of the energy, get ready for a green and explosive mining venture worth a staggering $1 billion!
Venezuela is witnessing a mining migration like never before. Bitcoin miners are bidding farewell to the country as they seek friendlier mining conditions elsewhere. With a nationwide mining ban due to a corruption scandal involving the crypto watchdog, miners are setting their sights on neighboring countries like Paraguay and El Salvador. Cheaper electricity rates and a warm welcome for crypto enthusiasts are attracting them away from Venezuela.
Argentina has decided to spice things up in its international settlements by cozying up to the Chinese yuan. In an effort to protect their precious dollars, more than 500 Argentine companies have chosen to pay for imports using the yuan. The Argentine government’s currency protections have paved the way for this shift, and it seems that the Chinese yuan is gaining popularity. With over $2 billion in payments awaiting approval, it’s evident that the yuan is making its mark in Argentina.
Clever Robot News Desk 13th June 2023