Latin America’s crypto scene continues to evolve, with new products and regional expansions highlighting its rapid growth.
Recently, Bolivia’s Minister of Economy and Public Finance, Marcelo Montenegro, announced the approval of a new decree that is intended to regulate FinTech companies and virtual asset services.
On the other hand, El Salvador’s Bitcoin holdings have surpassed $620 million, fueled by Bitcoin’s price breaking the $100,000 mark.
Bolivia regulates FinTech and digital assets
Bolivia’s new initiative is intended to provide clear legal grounds for new financial services relying upon blockchain and digital assets, in light of the rapid growth of the sector situated in this country over the past twelve-month period.
Backed by President Luis Arce, the effort attempts to create an environment conducive to encouraging public and private sector start-ups.
According to a Bolivian official news source, the regulation provides payment, remittances, loans, tokenised assets, etc., in a secure and trustworthy environment for the fintech services in this country.
The decree is also a momentous change for over 40 existing FinTechs operating in Bolivia, the majority of them being in Santa Cruz, La Paz, and Cochabamba.
Currently, these firms have operated in a relatively unregulated grey area, bringing with them fears of inadequate user protections and insecure transactions.
Companies must obtain proper licenses and comply with data protection and authentication standards under the new rules, which are to be finalised within 40 business days by the Financial System Supervisory Authority (ASFI).
This regulation is expected to encourage national and international investor interest in the country, with Bitcoin and Ethereum usage in the country leading the way while also preparing Bolivia to take a larger part in the cryptocurrency and blockchain arena.
El Salvador’s Bitcoin holdings surpass $625 million
El Salvador’s Bitcoin holdings have topped $620 million as the price of Bitcoin has risen above $100,000.
The government currently owns 6,170.18 BTC, with recent daily purchases averaging $95,000 per coin.
President Bukele remains committed to Bitcoin, with support from Economy Minister María Luisa Hayem, who sees the asset as crucial for fiscal policy and investor attraction.
This week, Bukele met with Jeff Booth, a well-known venture capitalist, to develop Bitcoin ties.
Despite IMF warnings, El Salvador continues to embrace digital assets, following worldwide trends set by companies such as MicroStrategy and Metaplanet.
Brazil’s Paraná becomes the first state to regulate blockchain-based micro credit courses
The Brazilian state of Paraná has become the first state in the country to officially regulate micro credit courses to modernise higher education and align it with labour market demands.
In partnership with the State Council of Education (CEE-PR) and the Secretariat of Science, Technology, and Higher Education (SETI), the initiative will use blockchain to provide authenticity, transparency, and security to digital certificates.
In the first year, the state could see as many as 175 short courses from the seven public universities, in areas including public management, IT, and business development.
A R$2 million fund will assist in the development of the courses, and the remaining regulations were adapted to allow each higher education institute to define its micro credit framework.
With blockchain, certificates will be immutable and can be shared easily across job platforms and academic networks, preventing fraud and accelerating employment processes.
Likewise, these micro credits will count towards a degree, postgraduate, or extension programs, thereby providing a versatile and future-oriented educational model among the public institutions across the state of Paraná.
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