Latam Insights — Steve Hanke Advocates Dollarization in Argentina, Bitcoin City Plans Unclear in El Salvador, Sunacrip Implicated in Venezuela Layoffs

Bitcoin News

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, economist Steve Hanke calls to dollarize Argentina, Bitcoin City plans are still not formalized in El Salvador, and Venezuelan crypto watchdog Sunacrip is allegedly involved in mass layoffs.

Steve Hanke Proposes to Dollarize Argentina

Steve Hanke, economist and professor of applied economics at Johns Hopkins University, has favored the proposal of dollarizing the Argentine economy in order to put order to the financial crisis of the country.

In a tweet issued on April 25, Hanke stated:

By my measure, the Argentinian peso has depreciated against the USD by 52% since Jan 1, 2022. Argentina must dump the peso and dollarize now.

Hanke’s proposal coincides with what Javier Milei, one of the strongest presidential candidates according to polls, is presenting in his campaign plans, considering ditching the Argentine peso and adopting the U.S. dollar as a solution to the inflation and devaluation escalade that the country is facing. Hanke also criticized the country’s debt with the International Money Fund (IMF).

Bitcoin City Plans Still Not Registered In El Salvador

Formal plans for Bitcoin City, the cryptocurrency-focused city that would be built in El Salvador in part with funds coming from the still unreleased “Volcano bonds,” have still not reached public institutions in El Salvador. A document posted to social media on April 26 shows that the Public Works Ministry has no project with the Bitcoin City name, an initiative that was presented by Salvadoran President Nayib Bukele on November 2021.

However, the “Escape to El Salvador” team, an organization that promotes moving to the country, clarified that these plans were still not introduced to the Public Works Ministry, but that the project was still ongoing.

Venezuelan Cryptocurrency Watchdog Lays Off Hundreds of Workers

Sunacrip, the Venezuelan cryptocurrency watchdog, has fired more than 400 workers this week, according to local sources. The crypto superintendence had a payroll of 600 workers, that are being affected by the current cryptocurrency-related corruption probe. The former head of Sunacrip, Joselit Ramirez, is currently under arrest for his alleged involvement in the so-called PDVSA-crypto corruption scheme.

The institution was intervened by Venezuelan President Nicolas Maduro on March 17, who named a commission to review the actions of the institution, but there have been no reports about if the organization will be terminated, or if it will continue with another organizational structure.

Tags in this story

What do you think about the developments in Latin America this week? Tell us in the comment section below.

Sergio Goschenko

Sergio is a cryptocurrency journalist based in Venezuela. He describes himself as late to the game, entering the cryptosphere when the price rise happened during December 2017. Having a computer engineering background, living in Venezuela, and being impacted by the cryptocurrency boom at a social level, he offers a different point of view about crypto success and how it helps the unbanked and underserved.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Read disclaimer

Articles You May Like

Beware Of Fake News: Ripple Isn’t Sued Again Over XRP Sales
OG Ethereum ERC-404 Token PANDORA Is Rallying Again, What’s Behind It?
Ethereum Price Tops $3,100: Mega Wedge Breakout Imminent
Who’s Behind The Latest $41 Million Ethereum Buying Spree? Justin Sun Again?
Ethereum Breaks Back Above $3,000, Will FOMO Lead To Top Again?