Latam Insights — Alliance Against Inflation, BTG Pactual Launches Stablecoin, and Argentina Debuts New Dollar

Welcome to Latam Insights, a compendium of the astir applicable crypto and economical improvement quality from Latin America during the past week. In this issue: Latin American nations ink an statement to trim inflation, Brazil-based BTG Pactual launches its ain dollar-pegged stablecoin, and Argentina launches yet different dollar speech rate.

Latin American Nations Sign Pact to Fight Inflation

On April 5, eleven countries successful Latin America, including Argentina, Brazil, Chile, Colombia, Cuba, and Venezuela, signed an statement to combat ostentation by adopting a strategy that volition make facilities for exporting and importing basal goods. The precedence is to let citizens to get these goods astatine affordable prices.

President of Mexico Andres Lopez Obrador explaining the anti-inflation deal. Source: Gobierno De Mexico Twitter account.

For this, the countries agreed to “advance successful the explanation of commercialized facilities, arsenic good arsenic logistical, fiscal and different measures, that let the speech of products of the basal handbasket and intermediate goods to hap successful amended conditions.”

Andres Lopez Obrador, president of Mexico, who proposed this statement backmost successful March,, stated:

We tin marque exchanges economically, commercially, if we hold and region obstacles, tariffs, sanitary measures, and each state has thing to offer. All with the intent that nutrient and basal products tin get astatine a amended price.

BTG Pactual Launches Dollar-Pegged Stablecoin

On April 4, BTG Pactual, a Brazilian concern slope that reported implicit $100 cardinal successful assets nether absorption successful Q4 2022, launched the BTG Dol, a dollar-pegged stablecoin. Touted arsenic the archetypal stablecoin plus launched by a bank, it seeks to span the accepted concern and integer concern worlds successful Brazil, allowing users to mint it by paying lone 0.5% for the conversion.

André Portilho, caput of Digital Assets astatine BTG Pactual, stated that the improvement of this caller stablecoin volition springiness customers an “easier, safer, and smarter mode to put successful dollars.” The dollar-pegged stablecoin and the funds backing it volition beryllium managed by BTG Pactual.

Argentine Government Debuts New Dollar Exchange Rate

The Argentine authorities volition offer a caller speech complaint to cultivation producers truthful they tin liquidate their products astatine a higher complaint (300 pesos per U.S. dollar) than what was offered before. The extremity of the inaugural is to accumulate much than 9 cardinal dollars to reenforce the country’s reserves.

The authorities needs to accumulate astatine slightest $8 cardinal by December, successful bid to comply with agreements made with the International Monetary Fund (IMF). The authorities has a antagonistic balance, having invested $3.4 cardinal this twelvemonth successful stabilizing the worth of the Argentine peso, and facing precocious ostentation and devaluation levels.

What bash retired deliberation astir the developments successful Latin America this week? Tell america successful the remark conception below.

Image Credits: Shutterstock, Pixabay, Wiki Commons

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