Latam Insights: Cryptocurrency Landscape Updates
This week’s edition of Latam Insights delivers key updates on the cryptocurrency landscape across Latin America.
BRICS Coalition Trade Currency Proposal
Brazilian President Luiz Inácio Lula da Silva has suggested the introduction of a BRICS coalition trade currency, a proposal intended to facilitate cross-border transactions and lessen the reliance on established currencies governed by Western powers. Addressing attendees at the New Development Bank’s annual meeting, Lula emphasized the urgency of crafting alternative financial mechanisms to avoid repeating the mistakes of the past and to protect the interests of developing nations. He remarked:
“Finding a new approach is critical; failure to do so risks perpetuating inequities from the previous century.”
Tether and Adecoagro Partnership
In another significant development, Tether, a giant in the crypto world, is partnering with Adecoagro, an agriculture-focused enterprise, to delve into bitcoin mining operations in Brazil. They have formalized their intent through a Memorandum of Understanding, aiming to utilize Adecoagro’s surplus renewable energy. Presently, this excess energy is sold at fluctuating market rates, but the partnership is designed to transform this resource into a profitable asset that aligns with the growing demand for sustainable energy solutions in the crypto space.
Cyberattack on Brazil’s Banking Sector
Lastly, Brazil’s banking sector has recently endured what appears to be one of its largest cyberattacks on record. Reports have emerged detailing a breach involving C&M, a financial software provider serving major Brazilian banks, including the prominent Bradesco. The attack exploited a flaw in C&M’s system, granting unauthorized access to banking accounts linked to BMP, a provider of banking-as-a-service. This breach has reportedly resulted in substantial financial losses for institutions such as Bradesco and Credsystem, a credit card service provider, amounting to millions of reais.
