Authorities behind financial regulation in Mexico have warned against financial institutions handling cryptocurrencies, saying digital assets are still not considered legal tender in the country. In a Monday press conference, representatives from Mexico’s finance ministry, the Bank of Mexico, and the National Banking and Securities Commission issued a joint statement warning investors virtual assets carried inherent risks as a medium of exchange and store of value. They added that any financial institution based in Mexico is “not authorized to carry out and offer to the public operations with virtual assets,” specifically mentioning Bitcoin (BTC), Ether (ETH), and XRP. The country’s …

The Brazil Stock Exchange, or B3, has launched the trading of another Bitcoin (BTC) exchange-traded fund, marking the growing acceptance of the crypto industry in the country. Brazilian asset manager QR Asset Management started trading its Bitcoin ETF with the ticker QBTC11 on the Sao Paulo-based B3 exchange on Wednesday, Cointelegraph Brasil reported. The listing comes several months after the Brazilian Securities and Exchange Commission approved QR’s Bitcoin ETF in March alongside another crypto-based ETF by Latin American crypto investment firm Hashdex. In contrast to Hashdex’s crypto ETF product, which offers a diversified portfolio to several cryptocurrencies, QR’s ETF product …

For much of its life, Bitcoin (BTC) has been viewed mainly as a speculative financial instrument, but El Salvador’s dramatic move in making BTC a legal tender is a reminder that cryptocurrencies can play a role in uplifting the world’s less-well-off citizens. Two surprising facts emerged on the global stage at the start of June: First, 70% of El Salvador’s population do not have bank accounts, and second, remittances — i.e., money sent home from workers abroad — are fueling El Salvador’s economy, accounting for an astonishing 23% of the gross domestic product. In this regard, Chainalysis was prescient last …

The World Bank has refused El Salvador’s request for help on the country’s transition to adopting Bitcoin (BTC) as legal tender. It cited issues with Bitcoin’s environmental impact and transparency as reasons why it will not support El Salvador’s move to adopt Bitcoin as an officially accepted currency. “While the government did approach us for assistance on Bitcoin, this is not something the World Bank can support, given the environmental and transparency shortcomings,” a World Bank spokesperson said. The World Bank did note, however, that it can help El Salvador in other ways, including “currency transparency and regulatory processes.” Earlier …

Rolando Castro, the Minister of Labor and Social Welfare in El Salvador has said that the government is discussing whether companies in the country should pay their employees in Bitcoin. According to local radio station 107.7 Fuego GMV, Castro has discussed the issue of employers paying their workers in Bitcoin (BTC) with officials from the Ministry of Finance and the Ministry of Economy. His remarks come a week after the country’s Legislative Assembly approved the use of the cryptocurrency as legal tender. El Salvador’s 2001 Law of Monetary Integration, which provided the legislative framework to eventually replace the Salvadoran colón …

GoldConnect, a Latin American telecommunications wholesaler, announced Tuesday that it will allow customers to pay with cryptocurrencies through payment processor BitPay, marking another important milestone in the region’s embrace of Bitcoin (BTC). Crypto payments can be made directly through LatamConnect, a platform that connects directly with BitPay. Crypto payments made through BitPay are settled in local fiat currency. GoldConnect said its embrace of crypto payments reflects growing demand for such services across the 17 Latin American and Caribbean countries in which it operates. "As a disruptive telecom provider in the LATAM region, we must continuously embrace the latest technologies and …

Benoît Cœuré, Bitcoin (BTC) critic and the head of the innovation hub at the Bank of International Settlements, called El Salvador’s historic move to make BTC legal tender in the country an “interesting experiment.” According to Reuters, Cœuré made this assertion during the launch of the BIS’s fourth innovation hub in England on Friday, stating: “We have been clear at the BIS that we don’t see bitcoin as having passed the test of being a means of payments. Bitcoin is a speculative asset and should be regulated at such.” As previously reported by Cointelegraph, El Salvador’s parliament passed a bill …

The International Monetary Fund has said El Salvador’s recent decision to make Bitcoin legal tender in the country may raise legal and financial concerns. In a Thursday press briefing from the International Monetary Fund, or IMF, spokesperson Gerry Rice said the group was already in discussions with lawmakers in El Salvador over a loan to support the country’s economy, having approved emergency funds related to the pandemic last year. However, Rice said an IMF team would be meeting with president Nayib Bukele today and implied crypto would be a likely topic for discussion. “Adoption of Bitcoin as legal tender raises …

Nayib Bukele’s plans for crypto in El Salvador are still in motion, with the president now calling for a geothermal power company to make certain facilities available to Bitcoin miners. In a Wednesday tweet from Bukele, the president said he would be instructing Mynor Gil, the president of the state-owned electrical company LaGeo, to facilitate Bitcoin (BTC) mining “with very cheap, 100% clean, 100% renewable, 0 emissions energy” from the country’s volcanoes. The firm operates the only two geothermal power plants in El Salvador based in the regions of Ahuachapán and Berlín, with announced plans to construct new facilities in …

The bill introduced by the president of El Salvador to make Bitcoin (BTC) legal tender in the nation passed the Legislative Assembly with a supermajority just before 6:00 am UTC. In a Twitter Spaces conversation with 22,000 listeners that began just after 5:00 am UTC, President Nayib Bukele said he would sign off on the historic law later that night or first thing the next day. “It goes into effect immediately,” he said, clarifying the government would allow 90 days for the infrastructure to be put into place. The #BitcoinLaw has been approved by a supermajority in the Salvadoran Congress. …

Eduardo Murat Hinojosa, a senator of the federal government of Mexico, has said he will be submitting a proposal to lawmakers seemingly aimed at crypto adoption in the country. In a tweet today, Hinojosa changed his profile picture to feature the senator speaking into a microphone with the iconic “laser eyes,” indicating support for crypto. The lawmaker said he would be “promoting and proposing a legal framework for crypto coins in Mexico’s lower house,” specifically mentioning Bitcoin (BTC). Voy a promover y proponer ante la Cámara de Diputados un marco legal para las criptomonedas en México #btc I will be …

Gabriel Silva, a Panamanian congressman, is moving to follow in El Salvador’s footsteps by proposing legislation to adopt Bitcoin and other cryptocurrencies on a national scale. El Salvador’s president, Nayib Bukele announced during the Miami Bitcoin conference on June 6, that he will submit a bill to lawmakers demanding that Bitcoin be made legal tender. In a June 8 tweet, Silva emphasized the significance of Panama not being left behind by Bukele’s progressive crypto plans, which also includes removing capital gains tax on Bitcoin in El Salvador. According to a rough translation, Silva asserted: “This is important. And Panama cannot …