The adoption of Bitcoin and other cryptocurrencies in Venezuela fell from third to seventh place in the ranking. The president of El Salvador said that he wants to include cryptocurrencies in the National Constitution.
Argentine analysts recently discussed money, mining, and cryptocurrencies, in addition to the benefits of Bitcoin despite its energy expenditure. They argued that those advantages outweigh the environmental effect of mining. They also questioned the campaign against that activity since the impact of mining metals such as gold and copper is much higher.
The president of Costa Rica’s Central Bank, Rodrigo Cubero, considers it impractical to use Bitcoin or other cryptocurrencies to pay taxes due to their high volatility. Furthermore, he said that the approval of Bitcoin as legal tender in El Salvador would require careful prudential and fiscal regulation.
Regarding Ecuador, it is a country whose government is openly against cryptocurrencies. However, the International University of Ecuador (UIDE) will educate its students about investments in those assets in its chair of International Finance.
The Government of Mexico reiterated the mandatory nature of announcing operations on Bitcoin exchanges and other cryptocurrencies. These companies must report to the Mexican government transactions with crypto assets above USD 87,000.
Around the Entry into Force of the Bitcoin Law of El Salvador
The Central Reserve Bank of El Salvador (BCR) issued several technical standards to adopt Bitcoin. The document describes how the country will face international regulations to fight money laundering and terrorism financing.
The rating firm Fitch Ratings assessed the Bitcoin Law, saying that the adoption of the cryptocurrency will cause credit problems. Market volatility will particularly affect insurance companies in El Salvador.
Salvadoran Vice President Félix Ulloa confirmed that the country is preparing for the arrival of Bitcoin as legal tender. President Nayib Bukele is still not satisfied and wants to include cryptocurrencies in a new National Constitution.
Dismantling of a Bitcoin Mining Farm in Spain
In the last week, the police of the city of Toledo dismantled a Bitcoin mining farm and seized 111 machines. The officers identified a woman who had used an illegal connection to ensure the maintenance of the facility.
The local government of Andalusia criticized cryptocurrencies for their volatility and lack of regulation. Meanwhile, the Spanish National Securities Market Commission (CNMV) issued a warning against 12 cryptocurrency companies without registration.
While various government agencies maintain that position, the Spanish Post Service plans to launch collectible NFT stamps on the Ethereum network.
Venezuela Falls to Seventh Place in the Bitcoin Adoption Ranking
A recent report by Chainalysis indicated that Venezuela fell from third to seventh place in the adoption of Bitcoin worldwide. However, the study did not consider that the number of P2P operations has gained much ground in the country.
In the South American country, police officers found 28 Bitcoin mining machines while searching for toxic material. Later, the law enforcement officials arrested a woman accused of smuggling who had 17 cryptocurrency mining machines.
By Alexander Salazar