Latam Insights: Crypto Initiatives Reshape Economic Strategies in Paraguay and Brazil

• Paraguay reveals economic strategy focusing on Bitcoin mining to utilize energy surplus, aims to attract more industries.
• Itaú Unibanco, Brazil’s largest bank, expands cryptocurrency trading services to all customers, enhancing digital asset access.

Paraguay has unveiled a plan focused on leveraging Bitcoin mining to propel its industrial transition. Meanwhile, Brazil’s largest bank, Itaú Unibanco, has broadened 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 President Santiago Peña, has opted to continue supplying energy to legal Bitcoin mining operations, tapping into the country’s substantial energy surplus. During a recent meeting with Brazilian commerce representatives, Industry and Commerce Minister Javier Gimenez highlighted that while the country’s abundant energy could power up to 10,000 industries, only a handful currently benefit. 

Gimenez stated:

We are rushing to attract industries, but it would be good if we give energy to cryptocurrency miners, where there is demand, to use in the meantime.

By channeling surplus energy to Bitcoin miners, as El Salavador has done with Bukele, which you can read below on CNF. Paraguay aims to utilize this resource efficiently until more labor-intensive industries can be established. Minister Gimenez outlined a future where Bitcoin mining activities would eventually give way to more traditional industries, aiming to generate greater employment opportunities within the country.

Itaú Unibanco’s Cryptocurrency Trading Services

In Brazil, Itaú Unibanco has rolled out cryptocurrency trading services to all its clients, which we have detailed in CNF, democratizing access to digital currencies. The bank, which serves over 60 million customers, initially launched this service in December for a select group of users under its Ion investment platform. 

Following positive client reception and successful preliminary phases, the bank expanded this offering to include a wider customer base. Guto Antunes, head of Itaú Digital Assets, noted the high acceptance rate among users, underscoring the trust in Itaú’s cryptocurrency custody solutions.

Worldcoin’s Expansion into Argentina

Adding to the region’s cryptocurrency developments, Worldcoin announced plans to establish a regional hub in Argentina. The initiative includes setting up 50 new locations across more than 10 Argentine cities, equipped with Orbs devices essential for participant iris scanning. 

Worldcoin’s expansion aims not only to widen its operational footprint but also to enhance local understanding of its project and underlying technology through two specialized educational sites.