Welcome to Latam Insights, a compendium of Latin America’s most relevant crypto and economic news during the last week. In this issue: Argentine President Javier Milei warns about the dangers of collectivism at Davos, the Venezuelan petro is still alive, and Colombia works to regulate crypto.
Javier Milei Defends Capitalism and Entrepreneurship at Davos
Javier Milei, president of Argentina, warned against Western society’s new path, criticizing the ideas of collectivism that, according to his thoughts, are advancing in several nations. In a speech at this year’s World Economic Forum (WEF) meetings at Davos, Milei stressed the dangers these ideas presented to today’s developed world.
Milei stated:
The West is in danger, it is in danger because those, who are supposed to defend the values of the West, find themselves co-opted by a vision of the world that – inexorably – leads to socialism, consequently to poverty.
As an opposite to these new conceptions, Milei defended capitalism and libertarian ideas that have boosted the world economy since the Industrial Revolution. He also criticized the issue of social justice, stressing that the means to defend it and sustain it are born out of state-managed violence and coercion.
Furthermore, he reflected on the value of entrepreneurs in today’s society, stating they were “heroes,” “social benefactors,” and “creators of the most extraordinary period of prosperity we have ever experienced.”
Venezuelan Petro Still Alive
The Venezuelan petro, one of the first state-backed cryptocurrencies, is still active and was not liquidated as many reports sustained last week. While several sources pointed to the imminent liquidation of the petro, the crypto asset is still available in the government’s wallet system – the Homeland platform – and users can transact and consult their savings, according to petro advocate Petro Divisa.
Nonetheless, other cryptocurrency assets in the platform, including BTC, LTC, and DASH, were removed and reimbursed in fiat currency. This will allow the petro team to focus on developments directly linked to the petro.
Colombia Confirmed Advancements in Creating a Cryptocurrency Framework
The government of Colombia confirmed it has advanced in making a cryptocurrency-specific law. Economy Minister Ricardo Bonilla revealed the steps taken regarding this goal during a panel at the World Economic Forum (WEF) meeting in Davos.
Bonilla stated:
Construction has already begun in Colombia and, based on a work table, a bill is being built to regulate cryptocurrencies.
In November, Colombian President Gustavo Petro met with blockchain experts from JAN3 and other projects to discuss the implementation of this tech in several fields for the country, like health system billing processes and land registries.
To follow all the latest developments in crypto and the economy in Latin America, sign up for our Latam newsletter below.
What do you think about this week’s Latam Insights report? Tell us in the comment section below.