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Crypto Initiatives Reshape Economic Strategies in Paraguay and Brazil
- Paraguay reveals economic strategy centered on Bitcoin mining to use energy surplus and aims to attract more industries.
- Itaú Unibanco, Brazil’s largest bank, expands cryptocurrency trading services to all customers, improving access to digital assets.
Paraguay has unveiled a plan focused on exploiting Bitcoin mining to boost its industrial transition. Meanwhile, Brazil’s largest bank, Itaú Unibanco, has expanded access to cryptocurrency trading services for all its customers, marking a significant integration of digital assets into traditional banking systems.
Paraguay’s Bitcoin mining strategy
THE Paraguayan government, under the presidency of Santiago Peña, chose to continue providing energy to legal Bitcoin mining operations, taking advantage of the country’s substantial energy surplus. During a recent meeting with Brazilian trade representatives, Industry and Trade Minister Javier Gimenez pointed out that while the country’s abundant energy could power up to 10,000 industries, only a handful currently benefit from it.
Gimenez stated:
We are rushing to attract industries, but it would be good if we gave energy to cryptocurrency miners, where there is demand, to use in the meantime.
Channeling excess energy to Bitcoin miners, as El Salavador did with Bukele, which you can do read below about CNF. Paraguay aims to use this resource efficiently until labor-intensive industries can be established. Minister Gimenez outlined a future in which Bitcoin mining will eventually give way to more traditional industries, with the aim of generating more job opportunities within the country.
Itaú Unibanco cryptocurrency trading services
In Brazil, Itaú Unibanco has launched cryptocurrency trading services to all its customers, which we have detailed in the CNF, democratizing access to digital currencies. The bank, which serves more than 60 million customers, initially launched this service in December for a select group of users via its investment platform Ion.
Following positive customer reception and the success of the preliminary stages, the bank expanded the offering to include a broader customer base. Guto Antunes, head of Itaú Digital Assets, noted the high acceptance rate among users, underlining the trust in Itaú’s cryptocurrency custody solutions.
Worldcoin’s expansion into Argentina
In addition to cryptocurrency developments in the region, Worldcoin has announced plans to create a regional hub in Argentina. The initiative involves the creation of 50 new locations in more than 10 Argentine cities, equipped with essential Orbs devices for scanning participants’ iris.
Worldcoin’s expansion aims to not only broaden its operational presence, but also improve local understanding of its project and underlying technology through two specialized educational sites.