A system that bridges traditional banking and blockchain is currently in the works in Venezuela.
Conexus, a company that manages a system that drives 40% of the electronic transfers made in Venezuela, is now in the early stages of research and development of a platform that will bring bitcoin and stablecoins to banks.
The system, when completed, will allow Venezuelan banks to offer custody and transfers for these assets, as well as exchange services with fiat currencies.
Roberto Gasparri, head of Conexus, explained that the idea of a blockchain project surged because of the necessity of Venezuelans to manage these assets.
Gasparri stated:
We’re working on a blockchain project because currencies fluctuate so much, and these days people in Venezuela are using stablecoins for hedging; in fact, there are two authorized applications in the country.
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President Trump celebrated the victory of La Libertad Avanza, the political party of President Javier Milei in Argentina, after the force scored a landslide victory that sets it as the second leading group in the country’s Congress.
Mlei’s forces scored 41% of the popular vote, 13 out of 24 seats in the Senate, and 64 out of 127 in the Argentine Congress House. The outcome of the election has shot up the value of Argentine stocks while the country risk dropped, as Milei now has the political support to exert more changes expeditiously.
Answering questions from the press on Air Force One in Doha, Trump praised Milei’s achievement, claiming that it was a “big win.” “Not only did he win, he won by a lot,” Trump stated.
He declared:
That election made a lot of money for the United States. The bonds have gone up. The whole debt rating has gone up.
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The CVM, Brazil’s equivalent to the U.S. SEC, has stated that asset tokenization, a process where some assets are represented through tokens on a blockchain, will surpass the $740 million mark this year.
Bruno Gomes, superintendent of securitization at the CVM, stated that this milestone would be reached thanks to the crowdfunding rule, which allows issuers to emit up to $2.78 million in tokens with a maximum duration of 180 days.
Talking about the effect of these crowdfunding rules, Gomes stated:
Crowdfunding is almost a sandbox running in our market. Dispensing bookkeeper and depositary, so that the platform itself can do the control.
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What significant initiative is Venezuela pursuing regarding cryptocurrency?
Venezuela is developing a blockchain-based settlement system to integrate Bitcoin and stablecoins into its banking network, enhancing custody and transfer services.What political developments occurred in Argentina following Milei’s victory?
President Javier Milei’s party, La Libertad Avanza, won 41% of the popular vote, positioning itself as the second-largest group in Congress, prompting praise from President Trump and boosting Argentine stocks.How is Brazil’s asset tokenization market expected to grow?
The CVM predicts that Brazil’s asset tokenization market will exceed $740 million this year, fueled by new crowdfunding rules that simplify the issuance of tokens.
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