{"id":20671,"date":"2023-05-08T09:48:48","date_gmt":"2023-05-08T09:48:48","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/bolivia-sells-gold-for-dollars-argentina-bans-fintech-crypto-fitch-upgrades-el-salvadors-credit-rating-bitcoin-news\/"},"modified":"2023-05-08T09:48:48","modified_gmt":"2023-05-08T09:48:48","slug":"bolivia-sells-gold-for-dollars-argentina-bans-fintech-crypto-fitch-upgrades-el-salvadors-credit-rating-bitcoin-news","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/bolivia-sells-gold-for-dollars-argentina-bans-fintech-crypto-fitch-upgrades-el-salvadors-credit-rating-bitcoin-news\/","title":{"rendered":"Bolivia Sells Gold for Dollars, Argentina Bans Fintech Crypto, Fitch Upgrades El Salvador’s Credit Rating \u2013 Bitcoin News"},"content":{"rendered":"

(Originally posted on : Bitcoin News )<\/b>
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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, Bolivia passes a law to sell gold for dollars, the Central Bank of Argentina bans fintech companies from using crypto, and Fitch improves El Salvador\u2019s credit rating.<\/strong><\/p>\n

Bolivia Passes Law to Sell Gold for Dollars<\/h2>\n

Bolivia recently passed a law that will allow the government to sell up to 50% of its gold reserves in dollars, easing the internal scarcity of dollars. The law gives faculties to the government to negotiate the sale of 22 tons of gold out of the almost 44 available in the local reserves.<\/p>\n

The initiative had been presented back in 2021, but it was only recently rescued and passed by the Congress, which is dominated by the party of Bolivian president Luis Arce. Jorge Richter, a presidential spokesperson, explained the objective of the swift approval of the law. He stated<\/a>:<\/p>\n

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The country has a tool so that these events and situations of the past days that we have known are not repeated, difficulties in the production of North American currency.<\/p>\n<\/blockquote>\n

Almost all Bolivian banks had previously<\/a> established a $300 daily withdrawal limit for their users, and the Central Bank of Bolivia had to organize direct sales to satisfy the local demand for foreign currency.<\/p>\n

Central Bank of Argentina Bans Fintech Companies From Using Crypto<\/h2>\n

On May 4, the Central Bank of Argentina issued a communication banning<\/a> certain fintech providers from using cryptocurrency assets or offering services linked to digital assets or other assets \u201cnot regulated by the competent national authority and authorized by the Central Bank of the Argentine Republic.\u201d to their customers.<\/p>\n

The measure would only affect fintech companies that provide direct payments accounts, including Ual\u00e1, <\/span>MercadoPago, <\/span>Personal Pay, <\/span>DolarApp, <\/span>Nubi, and <\/span>MODO, among others<\/a>. Bitcoin Argentina, a national NGO, rejected this measure, stating<\/a> that it \u201cis surprising and unconsulted. It is not understood what objective the central bank is seeking by prohibiting an activity that today is entirely satisfactory and useful for the clients of the local exchanges.\u201d<\/span><\/p>\n

Fitch Ratings Improves El Salvador\u2019s Credit Rating<\/h2>\n

Fitch Ratings, one of the big three credit rating agencies, upgraded the credit rating of El Salvador, even with the adoption of bitcoin as a legal tender. Fitch upgraded El Salvador\u2019s rating from CC to CCC+, stating<\/a> that this was the consequence of \u201csuccessful completion of the exchange and payment of significant global bond write-downs early in the year, and reflects Fitch\u2019s view that another event of default no longer appears likely.\u201d<\/p>\n

Salvadoran president Nayib Bukele celebrated<\/a> the change, explaining he could not wait for Fitch wait to \u201cupgrade it even more, once we announce our budget surplus for 2024.\u201d<\/p>\n

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\nTags in this story
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ban<\/a>, bitcoin argentina<\/a>, bolivia<\/a>, Central Bank of Argentina<\/a>, El Salvador<\/a>, Fintech<\/a>, Fitch Ratings<\/a>, latam<\/a>, Nayib Bukele<\/a>, reserves<\/a>, u.s. dollar scarcity. gold<\/a><\/div>\n<\/div>\n

What do you think about the developments in Latin America this week? Tell us in the comment section below.<\/strong><\/em><\/p>\n

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\nSergio Goschenko <\/h6>\n

\nSergio 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.<\/p>\n<\/div>\n<\/div>\n

Image Credits<\/b>: Shutterstock, Pixabay, Wiki Commons<\/em><\/p>\n

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Disclaimer<\/strong>: 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<\/a> 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.<\/p>\n<\/div>\n

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