Latam Insights: Brazil’s Lula Pushes for BRICS Currency; Binance Drops Card Programs

Welcome to Latam Insights, a compendium of Latin America’s astir applicable crypto and economical quality during the past week. In this issue: Brazil’s President Luiz Inacio Lula Da Silva pushes to contented a BRICS communal currency, Binance drops paper services, and Argentina gets invited to beryllium portion of BRICS.

Brazil’s Lula Pushes for BRICS Common Currency

Luiz Inacio Lula Da Silva, president of Brazil, referred to the advantages of issuing a communal currency successful the BRICS bloc, integrated by Brazil, Russia, India, China, and South Africa. As portion of his information astatine the caller BRICS leaders summit, Lula stated:

The instauration of a currency for commercialized and concern transactions betwixt BRICS members increases our outgo options and reduces our vulnerabilities.

Opposing Lula’s vision, Russian Foreign Minister Sergey Lavrov explained that “no one” was reasoning astir a azygous currency and that the radical was focused connected uncovering a mode of making their economical investments and transactions autarkic from the U.S.-controlled fiscal system.

While the task of a communal currency could not beryllium concreted during this summit, the value of “encouraging the usage of section currencies successful planetary commercialized and fiscal transactions” was mentioned successful the last declaration of the BRICS summit.

Binance Drops Cards Services

Binance, the cryptocurrency exchange, announced it would nary longer beryllium capable to connection its card-related products successful Latam and the Middle East starting connected September 21. While the institution did not springiness much details, reports bespeak that Mastercard dropped its concern with Binance successful these jurisdictions, leaving it without a recognition spouse to backmost these services.

Binance stated that lone a “tiny information of our users (less than 1% of users successful the markets mentioned)” were impacted by this determination and directed users to settee transactions with crypto-native outgo systems, similar Binance Pay, erstwhile available.

Argentina Invited to Be Part of BRICS

Leaders of the BRICS bloc announced the enlargement of the roster of countries that integrate the organization, with Argentina being 1 of them. The troubled country, presently facing grounds levels of devaluation and inflation, was invited to beryllium portion of an expanded BRICS enactment starting January 1, 2024.

Argentine President Alberto Fernandez welcomed the invitation, stating that “a caller scenario” opened up for the nation. On the relation of BRICS successful the caller upcoming economical world, Fernandez detailed:

[They] play a determining relation successful the request to plan a planetary fiscal architecture that takes into relationship the needs of growth, trade, investment, and societal welfare.

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