🌍 IMF's Stance on Bitcoin: Lessons from El Salvador

👉 In this edition of Latam Insights Encore, we explore the recent developments between the International Monetary Fund (IMF) and the Salvadoran government, particularly in the context of Bitcoin adoption. As the first country to recognize Bitcoin as legal tender, El Salvador's agreement with the IMF may set a precedent for other nations considering similar moves.

💰 Last week, the IMF executive board approved a $1.4 billion deal with El Salvador, emphasizing the importance of restricting state-level Bitcoin usage. IMF Deputy Managing Director Nigel Farage stated that the agreement includes provisions to address

bitcoin risks

and will limit government engagement in Bitcoin-related activities.

⚠️ This deal suggests that the Bukele administration has agreed to reduce its Bitcoin purchases in exchange for IMF support aimed at stabilizing the national economy. However, this sets a concerning precedent for emerging countries that wish to adopt cryptocurrencies as reserve assets or legal tender. The IMF is conditioning its assistance on the abandonment of Bitcoin initiatives that promote national independence.

🔄 As Bitcoin gains recognition as a reserve asset, there is a call for a new crypto-based economic structure that aligns with the decentralization ethos of Bitcoin. This structure should provide economic aid to countries opting out of the fiat system. However, until such a system is established, the IMF is likely to use El Salvador's deal as a model for discouraging Bitcoin adoption at the nation-state level.

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🟥 Argentine Prosecutor Freezes LIBRA Tokens Amid Ongoing Investigation

👉 Eduardo Taiano, the Argentine prosecutor investigating President Javier Milei and the LIBRA cooperators, has ordered the freezing of all LIBRA tokens linked to the case. He is also examining the activities of addresses holding LIBRA that have purchased other currencies.

📈 The investigation into LIBRA, a meme coin promoted by Milei before its collapse, is progressing. Taiano is seeking evidence to connect the group behind the currency's launch with Milei. He has requested a detailed report on all LIBRA token movements to identify the most benefited addresses and cross-reference them with their holders. However, the pseudonymous nature of these accounts complicates this task.

🔒 To prevent obfuscation and determine potential money laundering involving LIBRA movements to other platforms, Taiano has ordered a complete freeze of the assets involved in the investigation. He has reached out to international exchanges for data on LIBRA’s token movements.

💰 One of the addresses under investigation has already purchased other meme coins, which may suggest an asset laundering scheme. Additionally, Taiano is cross-referencing communications and visits to establish direct responsibility for LIBRA’s launch. He has requested phone records and visit registries to link the allegedly involved group, including President Milei.

↪️ Karina Milei, the president’s sister, is also facing allegations regarding possible bribes for access to Milei, disguised as “consulting fees.”

➡️ Reports suggest that investigations are also progressing in the U.S., with the Department of Justice initiating a probe that is currently in its early stages.

❗️ President Milei has consistently denied any involvement in the scheme affecting over 44,000 investors. He stated in a February TV interview,

If you go to the casino and lose money, it’s your problem.

💳 Bitcoin as Payment for Trump's Gold Card Proposal

💬 David Bailey, CEO of BTC Inc., suggested that bitcoin could be used to pay for the proposed "gold card" initiative by the Trump administration. This card would allow wealthy individuals to gain U.S. residency without utilizing taxpayer funds, thereby contributing to the country's strategic Bitcoin reserve.

💡 The official establishment of a strategic bitcoin reserve (SBR) in the U.S. has opened up various avenues for expansion without burdening taxpayers. Bailey, who attended the recent Trump crypto summit, proposed that the gold card—which would enable affluent foreigners to secure their place in the U.S.—could be purchased with bitcoin.

Many elites in emerging markets want to live in the U.S. but struggle to move $5M in USD out of their home countries. Bitcoin offers a simpler, safer, and more discreet solution,

Bailey stated on social media.

🗓 This idea aligns with Trump's earlier announcement on February 25 about the gold card initiative. He described it as a paid alternative to the green card that would facilitate citizenship for wealthy individuals willing to invest around $5 million. Trump emphasized,

We’re going to be putting a price on that card of about $5 million and that’s going to give you green card privileges.

📌 Trump also mentioned the possibility of Russian oligarchs purchasing this card, saying,

I know some Russian oligarchs that are very nice people.

🔍 If implemented, this measure would signal the U.S.'s commitment to integrating bitcoin into its policy framework, despite some analysts questioning this direction amidst ongoing pro-crypto initiatives by the current administration.

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👉 Bolivia Embraces Cryptocurrency for Fuel Imports Amid Dollar Shortage

✅ Bolivia has implemented a cryptocurrency-based system for paying fuel imports through its state-owned company YPFB, due to a shortage of dollars and declining foreign reserves. YPFB, the largest energy company in the country, is prepared to use cryptocurrency payments to secure fuel and energy imports.

💱 The company has developed a system to account for crypto payments amidst the ongoing scarcity of dollars. A YPFB spokesperson stated that this system supports the national subsidy policy for fuel purchases, saying,

From now on, these (cryptocurrency) transactions will be carried out.

📢 Government officials have publicly confirmed the establishment of this system and the company's intention to use it, although it has not been utilized yet. While the announcement does not specifically mention stablecoins, officials have acknowledged their value as dollar substitutes. Central bank president Edwin Rojas Ulo emphasized the benefits of stablecoins in July, stating that using them is

as if one were trading in North American currency, although what one is doing are operations with these digital assets.

🔄 This development follows the central bank's decision to lift the ban on cryptocurrency use last year, allowing users to conduct crypto transactions through their bank accounts. Since this ban was lifted, Bolivia has experienced a surge in crypto activity, with increasing volumes and proposals to use crypto, such as USDT (a dollar-pegged stablecoin), to stimulate the local economy.

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🌍 Hive Digital's Ambitious Expansion Plans in Paraguay

🚀 Hive Digital, a leading public bitcoin miner, plans to increase its operational capacity by over 400% in Paraguay, leveraging the country's abundant hydroelectric energy. Frank Holmes, the company's Executive Chairman, announced these ambitious plans during The Street’s Roundtable.

💬 Holmes emphasized the significance of Paraguay for Hive Digital's growth, stating,

We’re going to go up above 400%. You got to think that we’re going to be having triplets over the next nine months as we build out Paraguay, which has a huge surplus of hydroelectricity.

He highlighted that the Paraguayan government supports bitcoin mining operations, as they provide a steady income in U.S. dollars for electricity that would otherwise be sold to Brazil at lower rates.

We’re actually a great engine for the government because they’re going to get paid U.S. dollars every month for that electricity, and we help build out the infrastructure within the community,

Holmes added. This partnership allows Hive Digital to capitalize on the energy surplus from the Itaipu dam, one of the world's largest hydroelectric facilities.

➡️ Hive Digital announced its entry into Paraguay in July, despite recent power fee hikes aimed at bitcoin miners. These increases raised concerns among some companies about the feasibility of continuing operations in the country. However, President Santiago Pena reassured that while profit margins might decrease, mining operators would still find value in staying in Paraguay.

💰 Solv Protocol Secures $10M to Enhance Bitcoin Yield for Institutional Investors

🚀 Solv Protocol, a bitcoin staking platform, has secured $10 million through its "Bitcoin Reserve Offering" to capitalize on the increasing institutional demand for bitcoin (BTC). This move comes after the U.S. Securities and Exchange Commission (SEC) approved the first spot bitcoin exchange-traded funds (ETFs) in 2024, paving the way for greater institutional adoption.

When institutions put their bitcoin into our bitcoin reserve, we won’t let it be idle,

said Solv co-founder Ryan Chow. He emphasized that the platform will actively deploy these assets into BTC yield-generating vehicles.

💡 Traditionally, holding bitcoin does not generate yield; investors only realize profits upon selling. Solv Protocol addresses this issue by offering staking yields to institutions. In return for depositing their bitcoin, institutions receive yield-bearing instruments similar to convertible bonds.

Chow elaborated on Solv's investment strategy:

We use the BTC as a pledge to borrow stablecoins, and then we invest the stablecoins in all those other ways.

The platform invests in various assets, including stablecoins like Ethena’s USDe, which currently offers a 4% yield but has previously reached returns of 56%.

🔍 Solv aims to conduct further fundraising rounds for its reserve. Chow mentioned that while he could not disclose specific names, large players in the crypto space have already committed funds for upcoming rounds.

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⚠️ Beware of Scam: Fake Arrest Warrants for Missed Jury Duty

🚨 The U.S. District Court of the Western District of Virginia has issued a warning about a fraudulent scheme involving counterfeit arrest warrants related to missed jury duty. This scam uses forged documents that mimic official court forms and falsely claim to be from the Eastern District of Virginia.

“Please be advised that the United States district courts do not issue arrest warrants for failing to appear for jury duty unless you actually have been summoned for jury duty and fail to appear,”

the court stated. Scammers exploit individuals' fear of legal consequences by presenting these fake documents and demanding immediate payment under the threat of arrest.

💰 The perpetrators instruct victims to send money through hard-to-trace methods such as bitcoin, gift cards, or bank account information. Court officials emphasized the importance of verifying the authenticity of any suspicious documents, especially those requesting payment via bitcoin or gift cards.

If you receive an arrest warrant or other document purportedly from the United States district courts that demands money, particularly bitcoin and gift cards with payment by phone, please contact the United States District Court for the Western District of Virginia to confirm its legitimacy.

📈 With similar scams increasing nationwide, authorities urge the public to be cautious and avoid sharing financial information in response to unsolicited legal threats.

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➡️ MEXC Uncovers and Liquidates Market Manipulators

🔍 Cryptocurrency exchange MEXC recently announced the liquidation of a large-scale group of market manipulators involved in self-trading, spoofing, layering, front-running, and quote stuffing. The operation affected 44 users from Vietnam and 138 from CIS countries, leading to the freezing of 168 Vietnamese accounts and over 1,500 CIS accounts.

📈 In a March 25 blog post, MEXC expressed concern over the involvement of large groups and institutional-level actors in these manipulations. The exchange reported a 60% increase in coordinated malicious trading activities from January to February this year.

⚠️ This revelation follows a Kaiko Research report that highlighted how rising incidents of market manipulation in decentralized finance (DeFi) are driving away institutional investors. These incidents may attract regulatory scrutiny, potentially leading to rules that could harm the DeFi ecosystem.

📊 MEXC noted that market manipulators are using institutional-level access to liquidity and infrastructure to execute large-scale schemes, introducing new risks. The exchange stated,

We are witnessing the transformation of manipulations from the retail to the group and even quasi-institutional level, which carries systemic risks for both individual exchanges and the market infrastructure as a whole.

💰 Some involved accounts had daily trading volumes exceeding $20 million, with algorithms creating short-term distortions on individual pairs and increasing volatility by up to 120%. MEXC warned that if these actions had gone unnoticed, they could have resulted in mass liquidations and significant market price distortions.

🔗 In addition to suspending the flagged accounts, MEXC plans to share its investigation findings with relevant authorities and regulators. Tracy Jin, COO of MEXC, emphasized that this case highlights emerging threats to digital markets and warned of potential market instability without proper coordination between platforms and regulators.

👉 Tokenized Warehouse Inaugurated in El Salvador

🌟 El Salvador is leading the way in utilizing tokenized instruments for business financing. The Cobodosa complex, developed by Burgo de Osma and MIO3, is the first successful example of this model in the country. Spanning 10 independent modules and costing $21 million, the complex was partially funded through tokenized sales.

Today we are not only inaugurating a first-class warehouse complex, but we are also witnessing the beginning of a new era for real estate investments in the country,

said Javier Aylagas, president of Burgo de Osma. He emphasized the significance of the Digital Assets Law in facilitating this shift.

💡 Julio Valdez, CEO of MIO3, noted that

the adoption of digital assets has strengthened the confidence that investors and buyers have in the market.

The tokens for the Cobodosa project were purchased by two undisclosed international investment funds rather than being publicly offered.

📈 The Digital Assets Law, approved in 2022, has already authorized over $5 billion in issuances for 2024, with expectations for further growth following successful implementations. However, it's worth noting that an earlier attempt to use tokenization for a Hilton hotel project in El Salvador failed due to lack of interest.

🟥 AUSTRAC Raises Concerns Over Crypto ATM Providers' Compliance

⚠️ AUSTRAC, Australia's financial services watchdog, has expressed concerns regarding the anti-money laundering (AML) and counter-terrorism financing (CTF) measures of some crypto ATM providers. The agency's CEO, Brendan Thomas, stated that a task force has identified "worrying trends and indicators of suspicious activity," including fraudulent transactions.

📈 In a statement on March 31, AUSTRAC highlighted the need for increased scrutiny due to the rapid growth of crypto ATMs in Australia, which are projected to rise from 23 in 2019 to 1,600 by 2025. Most of these new ATMs are being installed by digital asset exchanges and primarily facilitate cash deposits for purchasing bitcoin.

We want to ensure crypto ATM providers have robust practices to minimize the risk that their machines can be used to launder dirty money or to scam and defraud innocent people,

Thomas said. He emphasized AUSTRAC's commitment to working with the industry to raise standards while also taking action against non-compliant operators.

🛠 AUSTRAC has also announced that crypto entities, including ATM providers, will be required to provide financial transaction information. The agency has developed resources to assist cryptocurrency exchanges in identifying financial crime risks and encourages users to report any suspected fraudulent activity related to crypto ATMs.

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🚀 Ethereum's Performance: A Focus on Foundational Development

📉 Ethereum (ETH) has struggled in comparison to Bitcoin (BTC) and the wider cryptocurrency market since the beginning of 2025. Starting the year above $3,300, ETH fell to a low of $1,805.40 by April 4, 2025, while BTC surged from under $69,000 in November 2024 to over $109,000 in January 2025. This performance gap has frustrated ETH holders who anticipated better results.

➡️ Despite this, some experts remain optimistic about ETH's long-term potential. Predictions suggest it could reach $5,000 by the end of 2025 and possibly exceed $10,000 soon after. Ongoing upgrades to the ecosystem, such as the upcoming Pectra upgrade, are seen as catalysts for a potential rebound.

🗣 Alex Loktev, CRO at P2P, acknowledges the frustration but attributes it to Ethereum's commitment to foundational development over hype. He emphasizes that Ethereum's transition to Proof-of-Stake (PoS), the implementation of EIP-1559, and the expansion of its Layer-2 ecosystem are vital for long-term stability.

📌 Regarding the Pectra upgrade, Loktev believes it will enhance staking safety and operational efficiency. He states,

Slashing penalties dropping by up to 128x makes staking dramatically safer.

This upgrade, set for April 30, will introduce auto-compounding for staking rewards, potentially increasing the staking ratio from 31% to 40-45% within the next couple of years.

📊 Loktev also highlights the upgrade's impact on validators, increasing their Maximum Effective Balances (MEB) from 32 to up to 2048 ETH. He explains that managing fewer, larger validators reduces operational complexity and risk.

Running 64 validators instead of one means 64 times the infrastructure complexity,

he notes.

📈 Looking ahead to 2030, Loktev sees significant potential for Ethereum if it successfully follows its roadmap and maintains an effective PoS system. He stresses that Ethereum's role as infrastructure for the digital economy is more important than short-term price movements. Ultimately, Ethereum's success will depend on its ability to scale through Layer-2 solutions and support decentralized applications.

🌍 Binance Partners with Worldpay to Integrate Apple Pay and Google Pay

🚀 Binance has announced a partnership with Worldpay to integrate Apple Pay and Google Pay into its fiat-to-crypto ecosystem. This move aims to simplify the process for users to purchase cryptocurrencies using familiar payment methods.

💳 With this integration, users can now buy digital assets directly using cards linked to these popular wallets. This update enhances the onboarding experience for both desktop and mobile app users. It is part of Binance's larger strategy to improve fiat accessibility. In 2024, the exchange has already expanded support to over 125 currencies, added more than 1,000 payment methods, and launched services in over 20 new countries, including mobile money integrations in 9 African nations.

🌐 By enabling payments through widely used digital wallets, Binance aims to reduce barriers for new users, particularly in regions with limited banking infrastructure but high mobile adoption. Thomas Gregory, Binance's VP of Fiat, emphasized the importance of Worldpay's global payment leadership in this partnership. Together, they are working to make cryptocurrency more accessible and intuitive, helping to onboard the next wave of Web3 users through tools they already trust.

👉 Senator Schiff Investigates Insider Trading Allegations

🔍 Senator Adam Schiff from California has announced an investigation into insider trading allegations following President Donald Trump's announcement of a pause in the reciprocal tariff policy. Schiff expressed concerns that individuals connected to the White House may have exploited this information for personal gain, potentially earning millions as the stock market surged.

📩 In a statement, Schiff emphasized the need for transparency in light of the administration's corruption:

In any administration this corrupt, it is more than necessary to ask: Were people profiting from insider information while people’s savings, their retirement accounts, were being torched?

He plans to send a letter to the White House regarding this issue but is primarily relying on whistleblowers to provide information about corrupt practices.

🤔 Senator Chris Murphy from Connecticut also voiced his concerns, pointing out the "chaotic nature" of Trump's tariff policy. He stated,

With Trump’s position changing every single hour, gives ample opportunity for any individual who has early access to information about the White House’s change in position to make boatloads of money.

📢 Representative Alexandria Ocasio-Cortez from New York called for a ban on insider trading in Congress and urged for the disclosure of any congress members who traded stocks during the recent tariff pause. She asserted,

It’s time to ban insider trading in Congress.

💰 Recently, Representative Marjorie Taylor Greene from Georgia revealed that she purchased hundreds of thousands of dollars in stocks significantly impacted by the tariff policies just days before the tariff pause. This has raised further questions about potential insider trading within Congress.

🌍 Imminent Bitcoin Adoption by Nation-States, Says JAN3 CEO

🚀 Samson Mow, CEO of JAN3, believes that the adoption of bitcoin by nation-states is on the verge of happening, possibly even within this year. In a recent podcast, he challenged the idea that bitcoin adoption could take two to three decades, stating,

the timeline is rapidly accelerating.

➡️ Mow emphasized the urgency for the U.S. to begin its bitcoin adoption this year. He remarked,

It is just a matter of time before legislation turns into active buy pressure.

He further asserted that the U.S. needs to buy bitcoin this year out of necessity rather than desire.