Welcome to Latam Insights, a compilation of the most relevant crypto news from Latin America over the past week. In this week’s edition, El Salvador buys nearly 1,100 BTC as prices plunge, Brazil implements new rules for cryptocurrency tax reporting, and the Argentine Congress releases a damning report on Libra.
El Salvador Buys the Dip: Adds Nearly 1,100 BTC to Its Strategic Reserve
While a selloff is shaking crypto markets, institutions and state-nations are taking advantage of the situation to keep accumulating bitcoin, leveraging the low price of the prime cryptocurrency.
El Salvador surprised the crypto ecosystem by acquiring 1,098.19 BTC, as prices dropped low during the week. The bitcoin acquired is currently valued at $101.14 million, as BTC prices hover at nearly $92.1K at the time of writing.
President Nayib Bukele reported the news on social media, celebrating the development. “Hooah,” he stated, posting an image from the National Bitcoin Office’s dashboard where the purchases were detailed.
Read more.
Brazilian Tax Agency Tightens Crypto-Reporting Rules, Targeting Foreign Exchanges and DeFi
The Brazilian Tax Agency (Receita Federal) has published new rules that introduce additional requirements for both companies and individuals, aiming to tighten tax collection from evaders.
The new rules establish that all exchanges, both foreign and local, have to report the cryptocurrency operations of their Brazilian customers to the agency.
In the same way, individuals will need to report operations totaling nearly $6,560 monthly, including the ones completed using centralized exchanges and those executed on decentralized finance exchanges, including airdrops, staking, and other similar activities.
Read more.
Argentine Congress Publishes Report: Libra Scheme Not Isolated, Milei Should Be Probed For Misconduct
The Argentine Congressional Commission in charge of the Libra probe has issued its final report, detailing the facts and findings of its work during its three-month tenure. In the report, the group calls on Congress to determine whether the President of the Nation engaged in misconduct in the performance of his duties.
The report also determined that “La Libertad Avanza,” known as Libra, was not an isolated project and that President Milei had associated with KIP Protocol in December 2024, when he also promoted another cryptocurrency.
As part of its findings, the commission established that Milei met 16 times with Mauricio Novelli, Manuel Terrones Godoy, Hayden Davis, and Sergio Morales, who were involved in the launch of Libra.
Read more.
FAQ
- What significant purchase did El Salvador make recently?
El Salvador acquired 1,098.19 BTC during a market downturn, valued at approximately $101.14 million.
- What new crypto regulations has Brazil implemented?
The Brazilian Tax Agency now requires all exchanges to report Brazilian customers’ cryptocurrency operations, along with individuals needing to report transactions totaling nearly $6,560 monthly.
- What findings emerged from the Argentine Congress’s report on the Libra project?
The report suggests that President Milei may have engaged in misconduct and highlights his numerous meetings with key figures involved in the Libra project.
Disclaimer: The information on this page may come from third parties and does not represent the views or opinions of Gate. The content displayed on this page is for reference only and does not constitute any financial, investment, or legal advice. Gate does not guarantee the accuracy or completeness of the information and shall not be liable for any losses arising from the use of this information. Virtual asset investments carry high risks and are subject to significant price volatility. You may lose all of your invested principal. Please fully understand the relevant risks and make prudent decisions based on your own financial situation and risk tolerance. For details, please refer to
Disclaimer.
