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Saturday, December 3, 2022

After El Salvador: is the Bitcoin adoption wave now rolling through Latin America?

After El Salvador’s historic step, a wave of Bitcoin adoption now seems to be rolling through Latin America. Meanwhile, New York is easing its mining ban.

Last Tuesday’s crash aftershock seems to have finally been overcome. Even today, large parts of the crypto space are again in the plus. For example, the crypto currency Bitcoin gained 10 percent overnight. In a seven-day comparison, the digital store of value can thus make up further ground. At press time, Bitcoin is trading at $ 36,801.

, it was mainly the bullish news from El Salvador that helped Bitcoin to jump in price. As a reminder: the Central American state officially declared Bitcoin to be legal tender yesterday – a novelty within the crypto space.

Legalization now appears to have sparked a wave of adoption in Latin America. The number of political-born crypto advocates on the continent is growing. For example, Paraguay announced a Bitcoin project with PayPal just a few hours later. And politicians in Mexico want to continue promoting cryptocurrencies. For example, the governor of the state of Oaxaca Eduardo Murat Hinojosa wrote on Twitter :

I will continue to promote crypto-coins and advocate a legal framework in the Mexican House of Representatives.

Eduardo Murat Hinojosa on Twitter

He also wants to lead Mexico “to the top” in the crypto and fintech sector. After the tweet, the politician reinforced his crypto support by adding laser eyes to his profile picture. In addition to Hinojosa, Indira Kempis Martinez, a senator from the state of Nuevo León, also changed her profile picture and came out as a supporter of the crypto movement.

Although many individual investors in Mexico rely on Bitcoin and Co., authorities in the country complained last year that cartels were increasingly using cryptocurrencies for money laundering. At the time, the head of the Mexican Attorney General’s Cyber ​​Investigations Unit said that the country’s law enforcement agencies did not have the resources to fight money laundering if cryptocurrencies were involved.

El Salvador is making Bitcoin legal tender

New York State Passes Bitcoin Mining Bill

Meanwhile, good news is also coming from Mexico’s northern neighbor. About a month ago, a message from the US state of New York caused a sensation in the crypto space, BTC-ECHO reported . The local government planned a ban on mining operations. This law has now been passed with a majority of nine votes. At the last moment there was a change to the draft that no longer holds all miners in the state in kin custody. Because according to the new paper, only those digital miners who use carbon-based fuel sources to generate energy should stop their activities.

Previously, the Senate sought a ban for three years, and this time frame is no longer applicable. In return, however, any new mining projects that are not based on renewable energy sources will be prevented. In addition, the law obliges miners of Bitcoin and Co. to document the energy consumption, the ecological footprint and the energy sources of every mining device.

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