El Salvador’s president, Nayib Bukele, declared on his Twitter account that his country will not sell the alleged reserves of bitcoin it owns, even though its value has exceeded $60,000.

In his words: “We will not sell, of course, in the end 1 BTC = 1 BTC (this was true when the market price was low and it is true now)”.

In addition, Bukele has criticized the alleged media silence about the increase in the value of bitcoin in recent days. According to him, when the market price of bitcoin was low, literally thousands of articles were written about the alleged losses of his country.

However, now that the price is so high, the authors of those op-ed articles, analysts, pundits and journalists are completely silent.

Bukele also pointed out that if they sold, they would make a profit of more than 40 % (only for purchases in the market), and their main source of BTC is now their citizenship program.

Since last January 23, when it fell to $38,500, the price of the cryptocurrency has revalued by 56.97 %.

K. Tovar

Source: Bancaynegocios

(Reference image: @PaoMarrohs, X)

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La entrada El Salvador will not sell its bitcoin reserves apareció primero en Bitfinance.

The Argentine president, Javier Milei, finished his first cabinet reform with the elimination of the Ministry of Infrastructure and the strengthening of the Economy minister, Luis Caputo, who takes control of the area that was in charge of the official that Milei fired this week.

Milei asked for the resignation of the former Infrastructure minister, the civil engineer Guillermo Ferraro, and decided that the portfolio that deals with public works, housing, communications and transport policies becomes a Secretariat within the Ministry of Economy.

Economy already had the secretariats of Finance, Treasury, Energy, Commerce, Treasury, Legal and Administrative, Agriculture, Livestock and Fisheries; Economic Policy; Mining; Industry and Productive Development, some of which had been ministries in the previous Government, that of the Peronist Alberto Fernández (2019-2023).

Although he defends the independence of the Central Bank, the president of the monetary entity is Santiago Bausili, a partner of Caputo in his private consultancy Anker Latin America and who had replaced him as Finance secretary in the administration of Mauricio Macri (2015-2019).

Caputo, a 58-year-old economist – who had been Finance minister of the Macri government, before presiding over the Central Bank in the final stage of the center-right’s term – has the challenge of ordering an economy with strong macroeconomic imbalances.

By assuming this ‘superministry’, the head of the Treasury Palace closes a week of high profile for having defended the increase in taxes and the change in the formula for updating pensions proposed in the ‘omnibus law’ that Milei sent to Congress.

However, these measures along with others that increased income and were part of the fiscal package included in the ‘omnibus law’ were withdrawn from the project.

K. Tovar

Source: BancayNegocios

(Reference image source: X, @jdoedoe101101)

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La entrada Milei eliminates a ministry and gives more power to Caputo in Economics apareció primero en Bitfinance.

The United Nations (UN) forecasts lower economic growth for Latin America and the Caribbean in 2024, projecting a 1.6% increase in regional GDP, compared to an estimated 2.2% increase in 2023.

This forecast is attributed to restrictive monetary policies that will negatively impact aggregate demand, slower external demand that will limit export growth and factors such as volatility in global financial markets.

The report also highlights the potential for a slowdown in the economies of the United States and China, which could affect exports, remittances and capital inflows to the region.

The lack of macroeconomic policies and weak investment in Latin America hampered the region’s ability to address challenges such as climate change and meteorological phenomena.

As for annual inflation, it is estimated to decline from 6.8% to 4.3% in 2024, excluding Argentina and Venezuela, where it is expected to be higher. In addition, slower employment growth and an increase in the unemployment rate are projected in some economies.

K. Tovar

Source: Descifrado

(Reference image source: Markus Spiske, Unsplash)

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La entrada UN forecasts 1.6% growth in Latin America’s GDP apareció primero en Bitfinance.

Digital payment processor Ripple recently launched an on-demand cryptocurrency and liquidity (ODL) service in Brazil.

This service comes thanks to the intervention of the company Travlex Bank, which now becomes the first bank in all of Latin America to use ODL, according to Ripple.

“Brazil is a key market for Ripple given its importance as an anchor for business in Latin America, its openness to cryptocurrencies, and national initiatives that promote fintech innovation”, Ripple CEO Brad Garlinghouse said in a statement.

The liquidity service will serve for the moment to create a connection between Brazil and Mexico, according to the director of operations of Travelex Bank, João Manuel Campanelli, assuring that the institution is working to bring this to the United States and Asia.

Other Brazilian companies such as Banco Rendimento, Remessa Online, Frente Corretora, Banco Topazio and B&T Câmbio already use RippleNet, a cross-border payment system, Ripple said.

K. Tovar

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Source: Diariobitcoin

La entrada Ripple launches liquidity service in Brazil apareció primero en Bitfinance.

The Minister of Industry, Commerce and MSMEs of the Dominican Republic, Ito Bisonó, highlighted the key role that the country plays in the Ibero-American economy as an industrial power for “important multinationals that have been operating under the free zone regime for years.”

This was stated during his speech on the second day of the V edition of the Ceapi Congress, where the minister underlined the industrial role of the country and its latest trends to place the Dominican Republic and the whole of Ibero-America as a spearhead in the chain of overall supply.

“We are facing a global context that represents an unprecedented opportunity for our countries and for the free zone regime throughout the Ibero-American region. Therefore, this is the best time to promote greater cooperation and integration at the regional level, to enhance exports and intra-regional trade and attract new investment,” said Bisonó.

Bisonó also reviewed the reshoring processes in the American continent, something that generated a panorama “synonymous with opportunities for Ibero-America, which must bet on nearshoring to attract investment, generate new regional chains and increase its participation in global value chains, especially in those identified as critical of the United States.

K. Tovar

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Source: EstrategiaInversion

La entrada The Dominican Republic is shown as an industrial hub in the region apareció primero en Bitfinance.

The G7 representatives agreed, during the summit in the United Kingdom, to launch the initiative called rebuilding “better for the world in order” to respond to the enormous infrastructure needs of the middle and low-income nations of Latin America, the Caribbean, Africa and the Indo-Pacific.

The information was provided through a statement issued by the White House where they reported that the decision seeks to mobilize capital from the private sector to promote projects in four areas: climate, health security, digital technology and gender equality, in addition to have investments from financial institutions.

The plan is an alternative to the project that China has been implementing called “One Belt, One Road”, a route, a belt, to revitalize the Silk Road through the modernization of infrastructure and telecommunications that facilitate connectivity between Asia and Europe.

Values-centered plan

According to the declarations issued by the US Government, this plan is a collaboration between large democracies to develop a project protected by “values, with high standards and transparent” that will reduce the infrastructure needs required by developing countries. which are in the order of 40 billion dollars, increasing as a result of the Covid-19 pandemic.

Recently, a senior representative in the Biden administration criticized the Chinese “One Belt, One Road” plan for poor transparency and poor labor and environmental standards, as well as allegedly leaving many countries worse off.

Biden is pressuring the G7 to take “concrete action” against “forced labor” in northwest China’s Xinjiang province, where the Uighur minority lives.

M. Rodríguez

Fuente: eleconomista.es

La entrada Latin American countries will benefit from infrastructure plan apareció primero en Bitfinance.