The crypto ecosystem in Latin America is constantly developing and diverse.
This week, the fintech business Mercado Pago has announced the introduction of its cryptocurrency “Meli Dólar” in Chile, a stablecoin meant to track the value of the US dollar.
Bolivia, on the other hand, announced that it would abandon plans to purchase fuel with cryptocurrency in the midst of an energy crisis.
Mercado Pago launches Meli Dólar in Chile
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According to América Economía, the Mercado Pago app now has a function that enables Chilean users to use cryptocurrencies directly from their accounts.
Users will be able to use the Chilean pesos in their digital accounts to buy, store, and sell Meli Dólar.
As previously reported by Cointelegraph en Español, Chile now joins Brazil and Mexico as the only Latin American countries having Mercado Pago functioning.
The solution was created in collaboration with Ripio, a business that specialises in cryptocurrency services.
Matías Spagui, Senior Director of Mercado Pago, stressed the significance of this launch, noting, “The US dollar is a reliable store of value globally, one of the most stable currencies, and a simple way to preserve wealth amid general uncertainty.”
Bolivia discards its plans to purchase fuel with cryptocurrencies
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YPFB has reaffirmed its commitment to maintaining a consistent fuel supply throughout the country.
According to the Agencia Boliviana de Noticias, the state-owned oil corporation stated on April 15 that the purchase of gasoline, diesel, and LPG will be supported by its resources and transfers from the Ministry of Economy and Public Finance.
YPFB reiterated that it has no plans to use crypto assets for these transactions, underlining that its whole supply strategy is based on domestic funding and government assistance.
Despite considering the use of cryptocurrency to import gasoline as a backup plan due to delays in gaining credit clearances from the Plurinational Legislative Assembly, YPFB stated that it had upgraded its logistics for delivering liquid fuels since March.
This endeavour intends to ensure a consistent supply of gasoline, diesel, and LPG for the Bolivian people, despite current financial issues affecting the country’s economy.
Coinbase joins the Argentine fintech chamber
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Coinbase has officially joined the Argentine Fintech Chamber, hoping to strengthen its ties to the local sector.
The latest move strengthens Coinbase’s presence in Argentina and demonstrates the company’s commitment to supporting local fintech ventures.
Coinbase’s Country Manager in Argentina, Matías Alberti, stressed the importance of this cooperation, noting that being part of the Argentine Fintech Chamber allows us to participate in dialogue and collaborative spaces that are key to the industry’s growth.
He added that Coinbase wants to share its worldwide expertise while learning from local talent to help create an ecosystem that is considered strategic for the region’s future.
Mariano Biocca, Executive Director of the Argentine Fintech Chamber, praised Coinbase’s cooperation, stating that their international knowledge will benefit the community.
