Have we overestimated Latin America’s interest in Bitcoin and other cryptocurrencies? While the continent seems in need of the technology most, mainstream adoption feels so distant. The experiment in El Salvador could change that, but it’s not a guarantee. And so far there are no significant signs that any other country will follow suit. Is it too early for that? Are we too eager?
Related reading | El Salvador is preparing to adopt Bitcoin with 200 ATM installations across the country
In any case, grassroots acceptance outside of the political arena is slow and steady. Today we’re looking at Colombia, Argentina, Cuba and the new Bitcoin Beach.
Colombia: Binance frozen accounts, ATMs and a game
- More than 50 Colombian Binance accounts are frozen. Some people think that the Dutch Tax and Customs Administration is responsible. Others think it is the American DEA that is conducting the investigation. Cryptontics I tried to contact both agencies and couldn’t get a confirmation.
A Colombian attorney believes that Binance cannot do so without a court order and that neither authority has jurisdiction over the matter. However, Binance has blocked the accounts. So far without explanation. Impressive.
- If we take El Salvador with us, Colombia has the most ATMs on the continent today. Of the 50 available “Bogota has 29, six are in Medellin, three each in Bucaramanga and Pereira, the rest are scattered all over the country” Decrypt informed.
- A video game called “B Coins” won the Create a digital competition from the Colombian Ministry of Information and Communication Technologies. The game is designed to teach kids how to invest in stocks and cryptocurrencies by simulating a stock market. The government wants to strengthen the financial and economic education of young people. The app will be available in the Play Store in December. There will also be a Windows version.
BTC price chart for 10/26/2021 on BinanceUS | Source: BTC / USD on TradingView.com
Argentina: mining, futures and ETFs
- The Canadian Bitcoin mining company Bitfarms has signed a contract with the Argentine government. They will build a facility in which “55,000 ASICS that would consume about 210 MW of electricity” Decrypt informed. A MP from the opposition party introduced a bill calling for transparency and information about the project. In any case, the deal has already been signed.
- The largest futures market in Argentina, Matba Rofex, has presented a project to the National Securities Commission. You want to create futures and options contracts on the Bitcoin index. When that’s approved and up and running, you can opt for an ETF, The capital informed.
Cuba: Companies are already accepting Bitcoin payments
- By doing First edition of “Latin America, Tipping Point”“We informed you that Cuba wanted to regulate the use of cryptocurrencies in commercial transactions. Now, Morocco offers a list of 17 La Habana companies that are already accepting them. Most of these are hotels and restaurants, and there is even an ATM. Here’s a video of someone paying in a restaurant using Bitcoin’s Lightning Network.
Pay with #LightningNetwork ⚡ in #Cuba 🇨🇺 pic.twitter.com/IFBSchuwyA
– Erich J. García Cruz (@ErichGarciaCruz) October 18, 2021
Brazil: A new bitcoin beach is emerging
- In the beach village of Jericoacoara they are “Building a Bitcoin Economy with Lightning Network.“The Brazilian musician Motolese provided a small amount of seed capital to launch a new Bitcoin Beach that is inspired but not connected to the original. Motolese is “train a team with people who live in the village and they will receive small amounts of sats from his initial donation as an incentive to help other users install the wallet and make their very first transaction.”
Carrying out an experiment like @BitcoinBeach, but in Jericoacoara CE / Brazil. With BlueWallet, with our own #Bitcoin and #Lightning Full Node, we are ready to become the second Bitcoin Beach in the world by helping the community create a new local Bitcoin economy #bitcoinbeachbr
– Motolese 👽🖖 (@MotoleseOficial) October 3, 2021
This project seems like the beginning of something great and we at Bitcoinist will be keeping an eye on it so you don’t have to.
Related reading | Latin America, Tipping Point: Axie Infinity Scholarships + Venezuela’s Petro
Let’s end this with a Motolese video. The man clearly deserves it.
Featured image: Bitcoin Beach Brazil from their Twitter | TradingView charts