Regulation
Brazil studies AI regulation and more
BeInCrypto’s comprehensive Latin American crypto roundup features the most important news and trends from Latin America. With journalists in Brazil, Mexico, Argentina, and beyond, we cover the latest updates and insights from the region’s crypto scene.
This week’s roundup includes stories on Brazil’s efforts to regulate AI, renewed interest in the Argentine Football Association’s fan token ahead of the Copa América final, and more.
BBVA: 9 out of 10 Argentines use digital wallets
BBVA Bank recently reported Nine out of ten Argentines under the age of 40 now use digital wallets. This is a significant increase from 2020, when only 4% of Argentines paid using QR codes. According to Argentina’s National Institute of Statistics and Census (Indec), 89% of Argentines use smartphones and 88% have access to the internet, which is helping to modernize financial services.
“The outlook is for growth: the greater adoption of digital wallets among young people allows us to believe that their use will become increasingly widespread,” said Joaquín Molina of the Taquion consultancy.
Popular digital wallets in Argentina that are not crypto-based include Mercado Pago, Ualá, Brubank, MODO, Cuenta DNI, and Tarjeta Naranja. MODO is the only one that integrates the services of several banks like BBVA, Santander, Macro, Galicia, Nación, ICBC, and Ciudad.
Learn more: 16 Best Web3 Wallets in 2024
Taquion data also shows that 55% of Argentines use digital wallets to shop in local stores, 38% for purchases in supermarkets and 30% to buy shoes. In addition, four out of ten users prefer this payment method because of the rewards offered.
In March, Argentina drafted a law aimed at regulate cryptocurrency exchanges and walletsin close collaboration with the private sector. This approach is in line with the guidelines of the Financial Action Task Force (FATF).
The new set of rules requires Argentine lawyers, banks and financial firms to report any transactions by their clients that appear illegal. It is part of President Javier Milei regulatory effort wallet to use.
Venezuelan authorities warn of alleged cryptocurrency Ponzi scheme using PDVSA name
In May and June, Venezuela faced controversy over alleged cryptocurrency Ponzi schemes. As July progresses, the problem persists with a new scheme reportedly using the name Petroleos de Venezuela (PDVSA). The initial alert came from X (formerly Twitter) user RoamingVzla, known for exposing the shady operations of companies like BTR, HyperAI, and Solesbot.
“Since some big Ponzi schemes have gone bankrupt, new ones have been popping up every week. Some last longer than others. The latest one, which reportedly launched on July 2, is called PDVSA_Mall.” tweeted RoamingVzla.
The platform is soliciting investments in TRON (TRX) or USDT, promising benefits “valid for 40 days.” It also claims that building a large team can significantly increase revenue.
“Every time you top up through the registration link, you will receive additional USDT rewards. For example, depositing 1,000 USDT through the link entitles you to an additional 160 USDT cashback,” the PDVSA-VIP team said.
Learn more: 15 Most Common Crypto Scams to Watch Out For
Alleged list of PDVSA VIP members and their investments. Source: X/Twitter
The cryptocurrency ecosystem in Venezuela has experienced multiple scamsleading to significant losses. Previous programs like Solesbot, HyperAI and BTR have left Venezuelan investors wary.
The use of the PDVSA name raises serious concerns, especially in the absence of official approval. The platform claims to operate under the regulations of the Central Bank of Venezuela (BCV) and the Bank of Venezuela (BDV).
The PDVSA cryptocurrency scandal, marked by massive corruption within Petroleos de Venezuela, is a stark warning of fraud. Former oil minister Tareck El Aissami was arrested for allegedly embezzling billions of dollars from oil sales through cryptocurrencies and Venezuela’s National Superintendence of Crypto Assets (SUNACRIP). Estimates suggest that up to $23 billion was embezzled, with serious repercussions for Venezuela’s economy.
Brazilian Senate postpones vote on AI regulation bill
Brazilian Senate delayed vote on Bill 2338/23, which aims to regulate artificial intelligence (Artificial Intelligence Tools). The bill will be debated again and the vote is not scheduled until after the municipal elections. Opposition Senator Marcos Rogério proposed the postponement, citing concerns about the bill’s potential impact on the technology sector.
“The bill aims to regulate AI to prevent abuse in elections and establish privacy rules. However, it imposes excessive restrictions on a nascent sector,” he said. declared.
Rogério warned that the bill’s bureaucracy could hamper technological development, requiring rigorous documentation and analysis of the state of all systems. Alan Nicolas, founder of the Lendár.IA community and an AI expert, echoed these concerns. He said legislation was needed to protect against AI abuse, but cautioned against hindering innovation.
Learn more: How to Invest in Artificial Intelligence (AI)-Powered Cryptocurrencies
The push to regulate AI stems from its disruptive potential, especially during elections, where fake news can spread quickly. The Higher Electoral Tribunal (TSE) has made it mandatory to identify AI-generated content and banned deepfakes for the 2024 elections.
This concern extends beyond Brazil. Tech giants like Google and OpenAI have restricted the ability of their AI tools to discuss elections. OpenAI’s terms of service prohibit tools like ChatGPT to create political content. With elections in Brazil and the United States in 2024, it remains to be seen how AI will influence the outcomes, marking the first time elections will be held after AI tools have become widespread.
Copa America Final: Argentina fans multiply
Reigning world champions Argentina will face Colombia in the Copa América final on July 14. Argentina are favourites to win their 15th continental title.
Football fans have been enjoying this major event for the past month, but cryptocurrencies are also in the spotlight. Amidst all this excitement, the Argentine Football Association (ARG) Fan Token is booming, now trading at $2.09.
Learn more: What is Sorare? When blockchain meets fantasy football
The increase in fan token prices is correlated with teams’ performance in tournaments. However, other factors, such as the overall price volatility Cryptocurrencies also play a role. It is important to note that fan tokens are a new and uncertain asset, involving several investment risks.
After the Coin Frenzy for Celebrity MemesHackers have now targeted sports stars, using their accounts to promote dubious projects. The latest victims are Lionel Messi and Ronaldinho Gaúcho.
Messi’s Instagram account was hacked on Mondayresulting in a 193% increase in the WATER level coin meme value. Hackers published a story containing an image of Messi with a link to promote WATER.
A similar incident occurred on Tuesday on Ronaldinho Gaúcho’s account. The publication remained visible on his profile, without any explanation.
Learn more: How to Buy Solana Meme Coins: A Step-by-Step Guide
The meme coin promotion reached a significant portion of the two football legends’ combined 577 million followers. This exposure created a spike in interest for WATER.
WATER was launched on June 24, 2024 on Solanavalued at around $0.00264353. It saw a sharp decline, hitting a low of $0.00028329 on Monday morning.
The hack of Messi’s account caused an exponential rise in the value of WATER, reaching $0.00123181. However, the price fell again. Another slight rise occurred on Tuesday morning after the publication on Ronaldinho’s account, but it failed to maintain the value of the meme currency, which continued to fall.
As the Latin American crypto scene grows, these stories highlight the region’s growing influence on the global market. Stay tuned for more updates and insights in next week’s recap.
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