In this week’s LATAM crypto update the use of virtual assets has increased to more than $75 million in just four months as a result of new laws issued by the Central Bank of Bolivia.
The latest regulatory framework, established on June 25, 2024, by Resolution 082/2024, has resulted in a 112% growth in virtual asset trading.
This expansion coincides with an increase in electronic payment instruments, which has attracted approximately 252,000 people who use various platforms.
According to data from the BCB, transactions on the Binance platform increased considerably, from $13.7 million in July to $23.7 million by October 2024.
The BCB highlighted a significant increase in overall transaction volumes, which jumped from around Bs 575,000 to Bs 20.7 million in the same span.
This chart demonstrates the growing acceptability of cryptocurrency in the Bolivian market.
Furthermore, the BCB highlighted a growing interest in virtual assets as an investment option, which has resulted in a rise in the number of Financial Intermediary Entities (EIFs) involved in virtual asset activities, from five to nine in just four months.
Individual investors accounted for the majority of transactions (88%), with women leading the way, completing 1,029 deals, or 62% of total activity.
Ripio Partners with Win investments to tokenize football players
Sebastián Serrano, co-founder and CEO of Ripio and Ripio Ventures, has announced a strategic relationship with Win Investments, a company that specializes in the tokenization of football players, effective 2023.
This agreement intends to improve Ripio’s cryptocurrency offerings across Latin America.
Ripio Ventures, the latest investment in Win Investments, plans to use its knowledge and infrastructure to support the tokenization of sports assets.
Win Investments has announced a $3 million Bridge Pre-Series A financing round, to expand its footprint to more nations by 2025.
Valentín Jaremtchuk, co-founder and CEO of Win Investments, is optimistic about the relationship, recognizing Sebastián Serrano’s impact in the Latin American crypto business and the potential for their platform to develop with Ripio’s enormous user base of over 11 million.
Both companies anticipate tremendous progress by 2025, with Win Investments having already established operations in seven Latin American nations within two years of its founding.
They presently have 103 tokenized football players from 12 clubs, including Alexis MacAllister and Emiliano “El Dibu” Martínez.
Serrano noted how tokenization is transforming digital economy participation, supporting their commitment to building a strong blockchain ecosystem that connects communities and global markets.
Ecuador: Businesses closed for scanning Irises in exchange for cryptocurrencies
In a recent coordinated effort involving the National Police and the Metropolitan Agency for Control (AMC), authorities in Quito, Ecuador, shut down two businesses that were enticing customers by offering cryptocurrency rewards for their biometric data.
These establishments provided between 50 and 60 different cryptocurrencies in exchange for users’ iris scans, according to information from the AMC’s official website.
Located in the La Mariscal and San Bartolo neighbourhoods, the businesses also organized paid conferences focused on digital identity, technology, and cryptocurrency.
The recruitment for iris scans largely took place through social media, attracting many with scant information about the procedure.
Once participants arrived, their irises were scanned using specialized devices to create unique digital identifications, with assurances that the data wouldn’t be stored and would remain under the users’ control.
However, this operation raised significant concerns about the legitimacy and safety of such practices, especially given the potential risks associated with large gatherings.
Inspections also uncovered that the businesses did not have the necessary operational licenses or permits from the Fire Department, endangering public safety even further.
The combination of these unregulated activities and insufficient safety protocols prompted authorities to take decisive action to close the establishments, aiming to better protect consumers and uphold legal standards in the growing digital and cryptocurrency industry.
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