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Latam Insights — Argentine Peso Touches Historic Lows, Tether Dominated the Brazilian Market
14.8.2023
Welcome to Latam Insights, a compendium of Latin America’s most relevant crypto and economic news during the last week. In this issue: The Argentine peso reaches historic lows, Tether’s USDT accounts for more than 80% of the transactions in the Brazilian market, and Binance gets fully...
Former US OCC Officials: ‘Stablecoins Can Keep the Dollar the World’s Reserve Currency’
12.8.2023
Brian Brooks and Charles Calomiris, former officials at the U.S. Office of the Comptroller of the Currency (OCC), have stated stablecoins can be tools that might help the U.S. dollar maintain its status as a reserve currency. In a recent article, Brooks and Calomiris call for regulations to allow...
Argentine Peso Plunges to Historic Lows as Uncertainty Rules Before Elections
8.8.2023
The exchange rate of the Argentine peso reached historic lows Monday in a decline that took its exchange rate to almost 600 pesos per U.S. dollar. Economists state that the uncertainty of the upcoming elections caused key bagholders to hedge their portfolios with foreign currency. However, analysts...
Nigerian Currency Plunges to All-Time Low Versus Dollar, Central Bank Revokes Licenses of 2,700 Currency Exchanges
22.7.2023
The exchange rate of the Nigerian currency versus the greenback recently plunged to an all-time low of NGN860:USD1. The naira’s depreciation has been attributed to shortages of foreign exchange on the official market and the rising demand for forex. The Central Bank of Nigeria (CBN) said...
Nigeria Declares Food Emergency After Sixth Consecutive Increase in Inflation Rate
19.7.2023
The Nigerian government declared a food price emergency after the latest data from the National Bureau of Statistics (NBS) showed that the country’s inflation rate had gone up by 0.38% to 22.79%. The NBS said the June inflation figure does not “fully capture the impact of the fuel...
Japanese Gaming Giant Sega to Pull Support From ‘Boring’ Blockchain Games
11.7.2023
Sega, one of the biggest game developers in Japan, has recently announced changes regarding its blockchain and Web3 gaming policy. The company announced it would not involve its largest franchises in blockchain initiatives, avoiding a possible devaluation of its intellectual properties (IPs)...
Blackrock Seeks to Democratize Crypto — CEO Says Bitcoin Can Hedge Against Inflation, Currency Devaluation
7.7.2023
Larry Fink, the CEO of the world’s largest asset manager, Blackrock, says bitcoin is an international asset and crypto can be used instead of gold to hedge against inflation, the onerous problems of any country, as well as currency devaluation. Blackrock, which has a near-perfect track...
Nigeria Currency Presently Undervalued Says Bank of America Analysts
4.7.2023
According to Bank of America analysts, the Nigerian currency is currently undervalued and will likely end the year trading at around NGN680 per dollar. The analysts assert that higher oil revenues and a liberalized import regime will likely see Nigeria record current account surpluses in the medium...
Nigerian Currency Falls by More Than 30% After Central Bank Announced New Forex Market Rules
18.6.2023
The Nigerian currency’s official exchange rate versus the greenback recently plunged to NGN634 per dollar from just under NGN470 per dollar. The central bank’s decision to allow the naira to “float” came a few weeks after Nigerian president Bola Ahmed Tinubu pledged to end...
Nigerian Central Bank Blasts Naira Devaluation Report — Publication Stands by Its Story
2.6.2023
The Central Bank of Nigeria (CBN) said on June 1 that the report claiming it had devalued the local currency to N631 per dollar “is replete with outright falsehoods and destabilising innuendos.” The Nigerian publication Daily Trust has said it stands by its story and called on...
Tether Surpasses Previous Market Cap Record, Reaching $83.23 Billion
1.6.2023
On June 1, 2023, the stablecoin issuer Tether exceeded the dollar-linked token USDT’s previous all-time market capitalization record of $83.2 billion, which was set in May 2022. In the last 186 days, USDT’s market value has surged by 27.15% from the low of $65.43 billion reached...
Meme Token PEPE Plunges Below $1 Billion Mark Amidst Market Decline
9.5.2023
The recently launched meme token, inspired by Pepe the Frog and dubbed PEPE, experienced a 12% decline against the U.S. dollar on Tuesday, plummeting its market valuation beneath the $1 billion threshold to a present $790 million. Concurrently, the total meme coin sector faced a 7% loss against...
Argentine Foreign Minister Says a Latin American Common Currency Would Relieve Argentina’s Stress on the Dollar Issue
5.5.2023
Argentine Foreign Minister Santiago Cafiero referred to the advantages the issuance of a Latin American common currency would give Argentina. Cafiero stated that the existence of such a currency would relieve the stress that the country is currently facing regarding the state of its foreign...
Argentina Debates Dollarization in the Midst of Rampant Devaluation and Inflation
26.4.2023
Javier Milei, a presidential candidate for the next election in Argentina, has presented a dollarization plan to fix the economy of the country if elected. The proposal, which has supporters and detractors, would aim to solve the historic devaluation of the Argentine peso and the 100%+ interannual...
Latam Insights: Argentine Peso Plunges, Venezuela and Russia to Develop SWIFT Alternative, Bitcoin Mining Still Paused in Venezuela
24.4.2023
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...
Economist Peter Schiff Warns of US Dollar Devaluation and ‘Biggest Economic Disaster’ in History
31.3.2023
Economist Peter Schiff has warned of “the biggest economic disaster” in U.S. history. He stressed that we are on the cusp of a financial crisis and “it’s going to be much bigger than the last.” In addition, he said the U.S. dollar is being debased in order to fund the bank...
Central Bank of Bolivia Selling Dollars Directly to Citizens as Devaluation Fears Rise
11.3.2023
The Central Bank of Bolivia is now selling dollars directly to citizens in order to curb what it is calling a speculative attack that has increased the demand of the population for foreign currency. This rise in demand has been caused by several factors which led the population to believe there...
Like Venezuela, Some Retailers in Argentina Are Now Pricing Items in Dollars
8.3.2023
Some retailers in Argentina are already pricing imported items in U.S. dollars, according to reports from local news outlets. The idea behind this would be to keep prices stable and avoid repricing articles each day, a practice that has already been adopted in other Latam countries like Venezuela...
Latam Countries Prepare Regional Agreement to Counter Rampant Inflation
4.3.2023
A group of countries in Latam is preparing a regional agreement to address inflation, a problem common to most nations in the region. The initiative, which is being spearheaded by Mexican president Andres Lopez Obrador, would allow the exchange of products with high prices between the states...
Reports Indicate USDT Is Being Used in Venezuela to Facilitate Settlements and to Avoid Sanctions
27.2.2023
Some companies in Venezuela are using the stablecoin tether as a way of sidestepping sanctions and settling payments with foreign customers and providers. Local reports indicate that, while the most popular use case for the stablecoin involves its purchase for devaluation shielding purposes,...