Latam Insights: Argentine Peso Plunges, Venezuela and Russia to Develop SWIFT Alternative, Bitcoin Mining Still Paused in Venezuela

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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 issue: the Argentine Peso plunges against the U.S. dollar, Venezuela and Russia agree to develop a joint SWIFT alternative, and Bitcoin mining is still paused in Venezuela.

Argentinski pezo pao je 10% u odnosu na dolar

The Argentine Peso has izgubljen more than 10% against the U.S. dollar during the last week, going from less than 400 pesos per dollar in the informal blue exchange rate to more than 440 on April 21. The cause of this sudden rise has to do with the perceived weakness of the Argentine government, which has been unable to control the rise of inflation, which postignut inter-annual levels of more than 100% in March, the highest in all of Latam.

The country currently holds $2 billion in its foreign currency rezerva, a low number when compared to the reserves of Brazil, an economy five times the size of Argentina, which holds approximately $350 billion in foreign currency. This has caused Argentines to purchase dollars to take refuge from devaluation of the peso, with analysts predicting its price reaching razina of over 500 pesos per dollar later this year.

Venezuela i Rusija planiraju razviti alternativu SWIFT-u

Venezuela and Russia announced that they were working to develop an alternative to SWIFT, the bank messaging and settlements system that most banks use to complete cross-border payments. Accompanied by his Russian counterpart Sergey Lavrov, who also posjetili Brazil on his Latam tour, Venezuelan Foreign Minister Yvan Gil stated that such a system was already in development.

Gil navedeno:

Tehnički timovi Središnje banke Venezuele i Banke Rusije rade na razmjeni financijskih poruka kako bismo prešli u sustav u kojem se oslobađamo hegemonijskog dolara kao regulatora komercijalnih transakcija.

The system will be an answer to the isključenje from the SWIFT network that Russian banks suffered in 2022 as a result of the wide package of sanctions enacted by Western nations on Russia. Gil stated more updates on this system would be shared in the next weeks.

venecuelanski Bitcoin Mining Farms Are Still Inactive

Korištenje električnih romobila ističe Bitcoin mining ecosystem in Venezuela is still inactive, with most farms not operating as a result of the so-called PDVSA-crypto sonda that is affecting the cryptocurrency sector in the country.

Pauza u rudarenju koju je navodno naredila nacionalna elektroprivreda Corpoelec i dalje traje, a rudari gomilaju gubitke koji sežu i do stotina tisuća dolara.

Prema Kriptonocije, owners of these Bitcoin farms could be losing $11 million monthly, with Corpoelec losing about $2 million as a result of this forced pause. There are still no reports about when these operations could be restarted, as the probe is still ongoing.

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Izvorni izvor: Bitcoin.com