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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.
Pesoul argentinian a scăzut cu 10% față de dolar
Pesoul argentinian are pierdut 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 atins 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 rezervă, 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 nivelurile de of over 500 pesos per dollar later this year.
Venezuela și Rusia intenționează să dezvolte o alternativă SWIFT
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 vizitat Brazil on his Latam tour, Venezuelan Foreign Minister Yvan Gil stated that such a system was already in development.
Gil stabilit:
Echipele tehnice ale Băncii Centrale a Venezuelei și ale Băncii Rusiei lucrează la schimbul de mesaje financiare pentru a merge la un sistem în care să ne eliberăm de dolarul hegemonic ca reglementator al tranzacțiilor comerciale.
The system will be an answer to the expulzare 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.
venezuelean Bitcoin Mining Farms Are Still Inactive
Bitcoin mining ecosystem in Venezuela is still inactive, with most farms not operating as a result of the so-called PDVSA-crypto sondă that is affecting the cryptocurrency sector in the country.
Pauza în exploatațiile miniere, care ar fi fost ordonată de compania națională de energie Corpoelec, continuă, minerii acumulând pierderi care ajung la sute de mii de dolari.
În conformitate cu Criptonoticii, 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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Sursă originală: Bitcoin.com