Welcome to Latam Insights, a roundup of the most important crypto and economic news from Latin America during the past week. This problem: Venezuela formally applies to join BRICS, Honduras begins a central bank digital currency (CBDC) consultation, and Trubit introduces Pix payment integration in Brazil.
Latam Insights: Argentine Peso Plunges, Venezuela and Russia to Develop SWIFT Alternative, Bitcoin Mining Still Paused in Venezuela
Welcome to Latam Insights, a compendium of the most relevant crypto and economic development news from Latin America during the last week. In this… pic.twitter.com/YUrPzII95U
— KryptoToday.com (@kryptotodaycom) April 24, 2023
Honduras Opens CBDC Issuance Public Consultation
A public talk on the creation of a central bank digital currency (CBDC) has been launched by the Central Bank of Honduras. The next step in a plan to update the nation’s payment systems is public talk. The bank examines the products and modifications that must be made to its legal framework to adopt a CBDC in a paper titled “The Future of Money and Payments in Honduras: Which Route to Follow?”
Latam Insights — Honduras Opens Public CBDC Consultation, Venezuela Applies to Enter BRICShttps://t.co/jC9cGhwt11
— John Morgan (@johnmorganFL) August 7, 2023
Users are asked to weigh in on the central bank’s position in the country’s payments system while also being presented with several possibilities for its modernization, such as the creation of a CBDC, the creation of a bank-managed payments system, and the promotion of stablecoin adoption.
Venezuela Officially Applies to Be Part of the BRICS
Venezuela’s government has submitted a formal application to join the group known as BRICS, which also includes South Africa, Brazil, Russia, India, and China. Nicolas Maduro, the president of Venezuela, expressed optimism about the bloc’s response to the plan.
Venezuela officially applies to join BRICS pic.twitter.com/fEtjA9bPd2
— COMBATE |🇵🇷 (@upholdreality) August 1, 2023
Luiz Inacio “Lula” de Silva, the president of Brazil, has shown his support for Venezuela and informed Maduro in May that he was in favor of Venezuela joining the BRICS. The upcoming BRICS meeting, which will take place in South Africa later this month, will include at least 25 countries’ applications.
Trubit Integrates Pix Payments in Brazil.
In order to enter the Brazilian market, Rubit, a Latam-focused cryptocurrency wallet and trading company, has combined Pix functionality into its platform. The use of more traditional payment methods like credit and debit cards has been surpassed, according to the central bank of Brazil, by the use of Pix, which will account for 30% of all transactions in 2022.
I believe Truebit $TRU will become the “Chainlink” of verifying computation and scaling blockchains. Everyone will realise that it makes more economic sense to outsource this specialised task to the experts and integrate Truebit rather than trying to develop an in-house solution.
— Pink ☆ Sa🅡c⬡phagus (@PinkSarcophagus) November 6, 2022
Brazilians can now deposit and withdraw reales into Trubit’s platform thanks to Pix’s integration. According to Maggie Wu, CEO of TruBit, “We believe this landmark integration will promote a much easier and faster user experience on our TruBit platform.” The business introduced MMXN, a stablecoin pegged to the Mexican peso, in June.