Latam Insights: Bolivia Mulls Chinese Yuan for Trade Settlements, Steve Hanke Proposes 30-Day Solution for Venezuelan Inflation

Welcome to Latam Insights, a compendium of the most relevant crypto and economic development news from Latin America during the last week. In this issue, Bolivia mulls using the Chinese yuan in international trade settlements, inflation reaches 108.8% in Argentina, and…

Crypto Exchange Bittrex Enters Chapter 11 Bankruptcy Protection Following SEC Lawsuit

Bittrex Inc., the U.S.-based cryptocurrency exchange, has filed for Chapter 11 bankruptcy protection in Delaware after being sued by the U.S. Securities and Exchange Commission for failing to register with the regulator. The exchange reportedly has over 100,000 creditors and liabilities…

Republican Congressman Tom Emmer Queries FDIC on Alleged Efforts to Purge Crypto Activity from US

On Wednesday, Tom Emmer, the U.S. Republican congressman from Minnesota, revealed he sent a letter to Martin Gruenberg, the chairman of the Federal Deposit Insurance Corporation (FDIC), regarding reports that the FDIC is “weaponizing recent instability” in the U.S. banking industry…

‘Cryptocurrencies Like Bitcoin Make Global Commerce Easy’ — Founder of Nigerian Crypto Exchange

Despite the Central Bank of Nigeria (CBN)’s Feb. 5, 2021 directive that instructed banks to block crypto entities from the financial system, the demand and use of cryptocurrencies have continued to grow. Not even the central bank’s subsequent crackdown on crypto…

Bankrupt Crypto Exchange FTX Exploring Sales of Subsidiaries, CEO Reveals

Bankrupt cryptocurrency exchange FTX is exploring sales, recapitalizations, and other strategic transactions with respect to its solvent subsidiaries. The firm’s new CEO has instructed the FTX team “to prioritize the preservation of franchise value as best we can in these difficult…

German Crypto Bank Nuri Asks Clients to Withdraw Funds as It Goes Out of Business

Digital asset platform Nuri has told customers to withdraw their funds in the next two months, after taking a hit from the crypto winter. Formerly known as Bitwala, the Berlin-headquartered cryptocurrency bank filed for insolvency earlier this year and failed to…

Erdogan Suggests Turkish-Russian Payment System, Local Media Reports

Turkish President Recep Tayyip Erdogan is reportedly pushing for Turkey and Russia to establish a new payment system between them. The initiative comes amid U.S. pressure against the use of the Russian Mir cards in Turkey. Some Turkish banks have been…

Hong Kong Police Arrest Conman After He Vanished With Over $191K Belonging to a Crypto Trader

Hong Kong police have arrested a man accused of stealing $191,085 from a cryptocurrency trader in what turned out to be a bogus transaction. No funds were recovered at the time of the suspect’s arrest and investigations are ongoing to determine…

Vietnamese Government and Central Bank Developing Legal Framework for Crypto

Vietnam is creating a legal framework for cryptocurrency. The country’s deputy prime minister has instructed the Ministries of Finance, Justice, and Information & Communications to work with the central bank, the State Bank of Vietnam, on the framework. Vietnam Creating Legal…

Kazakhstan Cracks Down on Illegal Mining, Busts 13 Crypto Farms

Authorities in Kazakhstan have gone after illegal crypto mining operations amid ongoing issues with electricity supply. Working together with law enforcement, the country’s energy ministry announced the closure of over a dozen facilities minting digital currencies. Government Shuts Down Unauthorized Crypto…