In the latest edition of Latam Insights, we bring you a comprehensive overview of the most noteworthy developments in the region’s crypto and economic landscape over the past week. This issue covers significant strides in Brazil’s cryptocurrency market with the approval of bitcoin futures contracts on the Brazilian stock exchange, B3. Additionally, we delve into Paraguay’s intensified efforts to combat illegal bitcoin mining operations and a legal victory for Worldcoin in Chile.
Brazilian Stock Exchange B3 Embraces Bitcoin Futures
The Brazilian Securities and Exchange Commission (CVM) has greenlit the listing of bitcoin futures contracts on B3, marking a pivotal moment in Brazil’s financial landscape. While an exact launch date remains unconfirmed, local sources suggest the potential commencement of trading on April 17.
Under the contract’s terms, the Nasdaq Bitcoin Reference Price (NQBTC) will serve as the benchmark for settlements, with each contract representing 0.1 BTC in reais and featuring a monthly expiration cycle. This move signifies B3’s strategic expansion within the cryptocurrency realm, offering investors diversified avenues in this burgeoning market segment.
Felipe Gonçalves, superintendent of interest and currency products at B3, affirmed the significance of this initiative, stating, “This launch addresses the demand for derivative products enabling protection against bitcoin price volatility or directional exposure to the asset, while ensuring the security of operations within the Brazilian exchange ecosystem.”
Paraguay Cracks Down on Illegal Bitcoin Mining
Paraguay is intensifying its crackdown on illicit cryptocurrency mining activities. In a recent meeting involving key stakeholders such as ANDE (National Power Administration), the Supreme Court, and the Department of Justice, concerted efforts were pledged to swiftly combat illegal mining endeavors.
An inter-institutional partnership was established to facilitate streamlined collaboration, empowering the Department of Justice to effectively address such cases. Furthermore, comprehensive measures were outlined to enhance the identification, prosecution, and penalization of entities involved in electricity theft associated with illicit mining operations.
Dr. Luis MarÃa BenÃtez Riera, President of the Supreme Court, reaffirmed the judiciary’s commitment to expedite proceedings related to these cases, ensuring adherence to due process and upholding legal integrity.
Worldcoin Secures Legal Victory in Chile
In a significant legal development, Worldcoin has prevailed in its legal battle to continue operations in Chile. The Chilean courts dismissed a complaint seeking to impede Worldcoin’s activities within the country, citing a lack of evidence of any legal misconduct pertaining to the platform’s biometric data acquisition practices.
The court’s ruling emphasized, “No facts have been presented that constitute a violation of constitutional guarantees warranting intervention.”
Moises Sanchez, representing the Kamanau Foundation and initiator of the legal complaint, expressed intentions to appeal the decision before the Chilean Supreme Court, seeking further adjudication on the matter’s admissibility and potential legal ramifications under Chilean jurisdiction.
