LATAM Crypto Roundup: El Salvador Celebrates 3 Years with BTC, Cardano Enters Argentina, BTR Shuts Down, and More

BeInCrypto comprehensive Latam Crypto Roundup brings Latin America’s most important news and trends. With reporters in Brazil, Mexico, Argentina, and more, we cover the latest updates and insights from the region’s crypto scene.

This week’s roundup includes stories about El Salvador’s Bitcoin adoption anniversary, the Cardano Foundation’s alliance with the Entre Rios province of Argentina, and more.

El Salvador Celebrates 3 Years of Bitcoin Adoption

In June 2021, El Salvador’s President Nayib Bukele announced plans to adopt Bitcoin as legal tender. On September 7, the country officially became the first in the world to enact the “Bitcoin Law,” making BTC a legal currency.

Currently, El Salvador remains the only nation where Bitcoin is legal tender. Over the past three years , the value of Bitcoin has fluctuated significantly, dropping to $16,464 by the end of 2022 after reaching an all-time high of $73,079 in March.

Since adopting Bitcoin, El Salvador has accumulated 5,772.76 BTC worth $411 million. Additionally, President Bukele won re-election for a second term , continuing to lead the country.

Read more: Who Owns the Most Bitcoin in 2024?

El Salvador Bitcoin Balance. Source: bitcoin.gob.sv

Paraguayan Congresswoman Proposes a Bill to Regulate Bitcoin Mining

Paraguayan Deputy María Constancia Benítez de Benítez introduced a bill to regulate Bitcoin mining in Paraguay. Titled “That regulates cryptomining in the Republic of Paraguay,” the proposal aims to create a secure legal and economic environment for cryptocurrency mining .

Benítez highlighted that mining could boost the country’s economic development. The bill highlights that Paraguay can harness its substantial hydroelectric energy production capacity for mining operations.

The bill  has been presented  to the Chamber of Deputies. Several committees, including those on economic and financial affairs, legislation and codification, industry, commerce and tourism, budget, drug trafficking prevention, science and technology, and energy and mining, will now review it.

Read more:  Is Crypto Mining Profitable in 2024?

Latam Trading Platform BTR Shutdown as Users Allege Ponzi Scheme

The BTR crypto trading platform has allegedly ceased operations, sparking accusations from its users of an exit scam. What was initially seen as a temporary glitch has quickly escalated into a significant scandal.

Investors from Venezuela and other parts of Latin America had entrusted substantial sums of money to the BTR platform. Now, they find themselves in a precarious situation.

Many were drawn by promises of high returns and the perceived stability of the project. However, the lack of transparency and evasive responses from BTR’s administrators have fueled suspicions of a  deliberate exit scam .

“#BTR the pyramid scheme has fallen. Its users report that there is no longer access to the website, there are no withdrawals, there are no official announcements from its CEO,” pseudonymous trader from Venezuela said .

Read more:  15 Most Common Crypto Scams To Look Out For

Yields Promised by BTR Platform. Source: X/@RoamingVzla

Bitcoin Embassy Bar in Mexico Closes in July, Leaves Crypto Networking Legacy

The Bitcoin Embassy Bar, a central hub for blockchain projects and Bitcoin initiatives, will close its doors at the end of July. This venue has been an ideal space for the crypto community in Mexico to network and collaborate.

Lorena Ortiz, the bar’s founder,  announced  on social media that the closure is due to health issues she faced earlier this year. However, she emphasized that while the physical location is closing, the “Bitcoin Embassy Bar” concept remains alive.

The community reacted swiftly, praising the bar’s efforts to educate people about cryptocurrency. Many expressed their appreciation for their experiences as consumers and exhibitors at the venue. Others encouraged the continuation of the project, optimistic that the business aspect and concept could be revived.

Read more: Best Crypto Community To Join for Beginners

Cardano Foundation Seals Alliance with Entre Rios Province of Argentina

The Cardano Foundation, a non-profit organization dedicated to promoting and developing the Cardano blockchain , has allied with the Entre Ríos province of Argentina . The agreement, signed at the Entre Ríos House in Buenos Aires, marks a milestone in their collaboration, which began with the Cardano Foundation delegation’s visit to the province in March.

Entre Ríos has been selected as a key jurisdiction to lead the adoption of blockchain technologies in the region. The agreement includes plans to advance digital identity solutions in the initial phase and facilitate access to Web3 knowledge. This joint initiative represents a significant effort to modernize and digitize processes in Entre Ríos, using decentralized technology as a foundation.

Read more: Who Is Charles Hoskinson, the Founder of Cardano?

The Cardano Foundation Seals a Partnership With The Entre Rios Province of Argentina. Source: Cardano

Strike CEO Jack Mallers Seeks to Increase Investment in El Salvador

Jack Mallers, CEO of the payment platform Strike, announced plans to boost investment in El Salvador . Last year, Strike moved its headquarters to El Salvador and expanded Bitcoin payments to 65 countries.

Mallers  noted  El Salvador’s improvements and expressed the company’s intention to support more local projects and enhance the country’s crypto ecosystem, stating, “Chicago does not change as much as El Salvador changes.”

He emphasized that investing in El Salvador is a “good investment” in any area, whether technology or land. Strike is licensed as a digital asset provider and receives government support for its products and services.

“This country has been great. To come back and see all the changes is amazing. We see El Salvador improving and want to invest more to support and bring benefits here,” Mallers said.

Read more: A Guide to Crypto Payrolls: Exploring Salary Payments in Web3

As the Latin American crypto scene grows, these stories highlight the region’s increasing influence in the global market. From El Salvador’s bursting Bitcoin economy to Argentina’s new partnerships, LATAM is positioning itself as a key player in the tech world. Stay tuned for more updates and insights in next week’s roundup.