LATAM crypto update: Argentine Senator eyes crypto mining, Bitcoin ATMs surge in Brazil

In this week’s LATAM crypto update Argentine entrepreneur and senator Ezequiel Atauche recently proposed a motion to the Argentine Senate to include bitcoin mining and blockchain technology on the list of supported activities, assuring their legal incorporation within the framework of existing legislation.

Meanwhile, Brazil has seen a remarkable surge in Bitcoin ATMs.

This change in Argentina is viewed as a step toward acknowledging the technological nature of these sectors and their conformity with the law’s goal of promoting knowledge-intensive and innovative activity.

Law No. 27,506, enacted in 2019, seeks to boost areas like as software development, biotechnology, artificial intelligence, and audiovisual industries through fiscal incentives, thereby contributing to quality job creation and national growth.

The suggestion emphasizes that, while bitcoin mining and blockchain development are not officially included in the current laws, their technological intensity makes them compatible with the law’s purposes.

This formal inclusion could address current regulatory issues and help to expand these operations in Argentina.

In his presentation, Senator Atauche emphasized the need for regulatory clarity and access to sustainable energy infrastructure to maximize the potential impact of cryptocurrency mining on the national economy.

He proposed incorporating a new subsection in Article 2 of Law 27,506, formalizing the inclusion of blockchain and cryptocurrency-related activities within the promoted sectors.

Atauche argued that this amendment would not only advance technological development but also drive innovations in hardware, software, cryptography, and cybersecurity, ultimately optimizing resource utilization in the mining sector.

Brazil sees surge in Bitcoin ATMs as cryptocurrency adoption grows

CoinATMRadar data shows nine Bitcoin ATMs in Brazil’s largest cities, including São Paulo, Rio de Janeiro, Petrópolis, São Bernardo do Campo, and Bauru.

This represents a significant increase from just four ATMs in 2021, demonstrating the rapid adoption of cryptocurrencies by Brazilians.

Coin Cloud has played an important role in this ATM expansion, taking substantial steps to improve the availability of Bitcoin ATMs in key urban areas.

The company’s plan seeks not just to meet current demand, but also to promote a greater knowledge and acceptance of cryptocurrencies in Brazil.

Coin Cloud is well-positioned to boost Brazil’s prominence in the cryptocurrency environment, with plans for additional expansion in the works.

Constitutional convention of Cardano kicks off in Argentina

Intersect has officially announced the start of the Cardano Constitutional Convention in Buenos Aires, where more than 120 delegates will work to finalize and approve the Cardano Constitution.

This momentous event represents an important step toward developing a strong governance framework for decision-making inside the blockchain ecosystem.

“With a strong representation from Latin America, backed by the organization of Intersect members, this convention highlights the power of a truly global and inclusive community shaping a more equitable and innovative blockchain future for all,” said Charles Hoskinson, Cardano’s founder and CEO.

According to Intersect, the Cardano ecosystem’s membership organization, the Constitutional Convention marks a watershed moment in blockchain governance.

The proposed governance paradigm includes decentralized representatives (DReps), a decentralized treasury, and voting processes that take place on-chain.

This program demonstrates a concentrated attempt to incorporate democratic ideals into Cardano’s operating architecture, encouraging openness and community participation in decision-making.

The convention, which will be held concurrently in Buenos Aires and Nairobi, is the result of more than two years of planning, including 65 workshops in more than 50 countries and participation from over 2,000 community members.

The convention’s key goals include building a decentralized future, unleashing resources for future technological developments, and developing local talent.

Cardano’s concentration on Argentina highlights the continent’s increasing leadership in decentralized innovation and financial inclusion, with the goal of leveraging local expertise to promote global growth.

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