Latin America ‘s unique characteristics put the continent in position to adopt cryptocurrencies before the rest of the world? Or is El Salvador an isolated case? In Latin America, Tipping Point we’ll select the area’s most important headlines and summarize them in a few sentences and quotes. This is the news compilation you’ve been looking for.
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In the following bullet points, we’ll dive into Axie Infinity’s relationship with Latin America, read the Bank of Mexico Governor embarrass himself, explore Brazil’s complex relationship with Bitcoin, and the differences between Venezuela’s Petro and the proposed Digital Bolivar.
You will be able to enjoy this fast and fulfilling ride if you buckle up.
Chart of AXS prices on FTX | Source: AXS/USD on TradingView.com
Infinity Scholarships In Latin America – Binance Grants Axie Infinity
Play-To-Earn has been a major source of income across the continent. Each player must have at least three Axies, and each Axie costs $300. It’s not cheap to play Axie Infinity. The community was created because of this. “scholarships.”You can borrow Axie team members from other users to get a share of the earnings.
In Binance’s case, though, they explained in a tweet. “We use the term “Scholarship” because it is how it is known in the community, only that this time the winner will be the total owner of their Axies.” In the blog post announcing the scholarships, Binance said:
“We are pleased to hear that our community enjoys the Play and Earn mode that games like Axie Infinity provide. In order to promote accessibility to the game in Latin America, we will raffle full scholarships, where the winners will have full access to these accounts and their production.”
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🗣️Cuéntanos en un tweet porque deseas ganar la beca completa, etiquétanos y usa el HT #Binance
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Más info: https://t.co/NesX8qEy6O pic.twitter.com/MrstDxRiWb
— Binance en Español (@BinanceES) September 6, 2021
The Bank Of Mexico Doesn’t Understand Bitcoin
Alejandro Diaz de Leon, the Bank of Mexico Governor, doesn’t see bitcoin as money. He believes “money has evolved to be fiat money issued by central banks,”This is not only laughable, but it also makes it difficult to see how bitcoin could be a more advanced version of the original idea. One that doesn’t need central banks. His quote:
“Whoever receives bitcoin in exchange for a good or service, we believe that (transaction) is more akin to bartering because that person is exchanging a good for a good, but not really money for a good.“
Brazil Wants Cryptocurrencies Controlled Brazilians Want Bitcoin
Mauricio Moura, Director of Relations, Citizenship, and Conduct Supervision of Brazil’s Central Bank, promised to stop anonymous digital asset transactions. Moura was demonstrating at the Institute of Professionals for the Prevention of Money Laundering and Terrorism Financing when he made the promise of the impossible. Diario Bitcoin quotes Moura saying:
“I can’t say much. But the names of those involved in cryptocurrency transactions will be known from start to finish.”
A report titled Blockchain 2021 was released by Sherlock Communications. Among other things, it reveals that a whopping 48% of Brazilians think that their country should follow El Salvador’s example and adopt Bitcoin as legal tender. This is more than any other Latin American country. That percentage includes “31% said they agree, and 17% said they fully agree with the measure.”The report includes Diario Bitcoin quotations:
“Brazilians were the biggest proponents of crypto-recognition in the region, with 56% supporting El Salvador’s approach and 48% saying they want Brazil to adopt it as well.“
Is Venezuela’s Petro a CBDC? What about The Digital Bolivar
There’s a rumor that the Venezuelan government joined the race to create the first CBDC in Latin America. However, if they’re developing a Digital Bolivar, where does that leave the Petro? Do they really have the same type of asset? Morocotacoin examines the idea and concludes, “The Petro is not a CBDC.” “it’s not issued by Venezuela’s Central Bank, but its issuance directly responds to a decree issued by the presidency who delegates its operation and execution to Sunacrip.”The other hand:
“The digital bolivar is the massive digitization of Venezuelan legal tender in the national financial system.”
The Complete Guide to Petro explains everything.
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El Salvador, Latin America ‘s Belle Of The Ball
El Salvador has made bitcoin legal tender. Obviously, that makes the country the focus of attention and Latin America ‘s current star. Bitcoinist has been talking about the topic almost non-stop.
That’s it for this particular report on Latin America and cryptocurrencies. Stay tuned for more.
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