๐ Latam Crypto Report #20: Sizing Up Argentina's Growing Fintech Sector
Also: Bukele proposes volcano 'rental' program for mining; crypto adoption takes off in Bolivia
Hola a todos! ๐
Welcome back to the ๐Latam Crypto Report, where contributor Kristin Majcher compiles and analyzes the biggest crypto stories in the region. Weโll cover the biggest news in November ๐ฆ .
Weโll take an in-depth look at:
A new report from Finnovista examining Argentinaโs growing fintech sector
Salvadoran President Nayib Bukeleโs proposal that would allow bitcoin miners to โrentโ volcanos
The first indicators of growing crypto adoption in Bolivia amid recent central bank policy changes
Before we digest the news, weโd like to wish our U.S. subscribers a happy Thanksgiving weekend and extend a big thanks to all of our subscribers who read Brazil Crypto Report and Latam Crypto Report.
If you were forwarded this email, please hit the โsubscribeโ button below and share our reports with your friends. Feel free to follow Kristin on X and LinkedIn to share any crypto news or say hello.
And now, letโs dive into the news.
Crypto Startups Grow in Argentina
A new report from venture capital firm Finnovista sizes up Argentinaโs growing fintech sector, and shows that crypto is contributing to this growth.
Here are a few key takeaways from the Finnovista Fintech Radar Argentina report:
Fintech startups in Argentina increased nearly 11.7% from last year, growing from 343 to 383. These include crypto companies as well as others.
Local crypto startups grew significantly from 20 in 2023 to 36, representing the highest increase of any fintech segment.
Argentina has 49 crypto companies operating in total, which was the second-highest number in Latin America after Brazil.
A higher percentage of fintechs said they would incorporate blockchain, smart contracts and cryptocurrencies into their processes in 2024 compared with last year.
When looking at all fintech categories in Argentina, 72.6% have been able to offer their services abroad. Colombia, Mexico and Chile are the most popular international markets.
It will be interesting to keep tabs on these numbers as Argentina advances with developing regulations for virtual asset service providers (VASPs).
(BNAmericas, Finnovista, Bloomberg Lรญnea, BeInCrypto)
Crypto Transactions Take Off in Bolivia

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Boliviaโs central bank issued a report showing that crypto operations have increased since it passed a measure in June that allowed for the licit purchase and sale of digital assets through so-called Electronic Payment Instruments. The measure effectively lifted a long-standing ban on financial institutions using digital assets. The country has been facing a shortage of dollars.
Using data from Binance, the bank found:
Operations related to virtual asset sales and purchases in Bolivia increased 112% in the four-month period after the decision, the countryโs central bank said in a November 25 report.
More than 252,000 people in Bolivia own crypto assets and have carried out transactions, the report said, with transactions exceeding $75 million between July and October 2024. That amount totaled about 46.4 million in the first half of the year.
(Central Bank of Bolivia, BeInCrypto, CriptoNoticias, Cointelegraph, CriptoNoticias)
El Salvadorโs Bukele Floats Idea to Rent Volcanos
El Salvadorโs President Nayib Bukele proposed an unusual idea that sparked a conversation about the countryโs natural resources: renting volcanoes to bitcoin mining firms.
Bukele was responding to a tweet highlighting news from earlier this year that the small Central American country had mined nearly 474 bitcoins using geothermal power from a volcano. He replied:
โAnd with 170 volcanoesโฆA โrent your volcano to mine Bitcoinโ program might actually make sense.โโโ
The countryโs General Director of Energy, Hydrocarbons and Mines Daniel รlvarez responded, saying:
โWeโre on it, Mr. President! Weโll begin working on the new geothermal law right away.โ
For now, itโs unclear what that new law would look like or how closely it could resemble Bukeleโs idea. But with bitcoin minersโ ongoing interest in securing affordable, renewable energy, itโs worth keeping an eye on whether the country could boost its efforts to attract more business in the sector.
Itโs also worth noting that the tweet came just as El Salvador gears up to welcome regional experts for the 11th Geothermal Congress for Latin America and the Caribbean (GEOLAC) next week.
(Bitcoin.com, Exame)
๐ Latin America Crypto News Rundown
Hereโs where we break down Latin America crypto headlines from the past few weeks, organized by country and region. If you donโt see a country listed, itโs simply due to the news flow during a particular week.
Regional News
Outlier Ventures announced the cohort for its first LatAm Base Camp accelerator program aimed at Latin American Web3 startups. Projects participating in the 12-week program include: Bando (Mexico), Berry Investing (Argentina), Fact Finance (Brazil), Loula (Argentina) and IDENTI (Peru). (Outlier Ventures via X)
Former Revolut employees raised $2.3 million for blockchain banking startup Bleap. The company hopes to expand into Latin America in 2025, The Block reported. (The Block)
Bitso announced proof-of-stake integration for Polygon. (BeInCrypto)
Nubank launched a swap function for its crypto app. (Nubank, BeInCrypto)
CoinDesk recapped the recent Avalanche Summit LATAM in Buenos Aires. (CoinDesk)
Kristin wrote an overview of crypto usage in Latin America for Southern Pulse. (Southern Pulse)
Google searches for โbitcoinโ increased across Latin America after the cryptocurrency reached record highs. (Cointelegraph)
Decrypt details what a second Trump presidency could mean for Latin Americaโs crypto industry. (Decrypt)
TruBit executives talked to Decrypt about the Latin American market and stablecoins during the recent LABITCONF conference in Buenos Aires. (Decrypt)
South America
๐ฆ๐ท Argentina
The Block invited Matter Labs onto The Scoop podcast to talk about Buenos Airesโ QuarkID digital identity project. (The Block)
The head of Argentinaโs securities regulator (CNV) said the countryโs regulation for virtual asset service providers (VASPs) is still undergoing a public consultation process. (BeInCrypto, Cointelegraph, Government of Argentina, Livecoins)
The CNV also released a new regulation that enables new investment options using digital assets. (BeInCrypto, รmbito)
Javier Bastardo of Forbes takes a closer look into what Argentinaโs new crypto regulations mean for providers and users. (Forbes)
Local outlet iProUP recaps expertsโ thoughts about regulation during a panel at the recent LABITCONF conference in Buenos Aires. (iProUp)
Spainโs Bit2Me has started operations in Argentina as a virtual asset service provider (VASP). (BeInCrypto)
Cointelegraph offers a guide to using Binance in Argentina in light of the exchange registering as a VASP in the country. (Cointelegraph)
COELSA is working on cross-border digital payments for Mercosur countries so Argentines can use their digital wallets abroad. (BeInCrypto, iProUp, Infobae)
President Javier Milei spoke out against central bank digital currencies (CBDCs) during an event organized by tech company Meta. (Government of Argentina, Portal do Bitcoin, BeInCrypto, รmbito)
The Central Bank exhibited mining machines as part of an art exhibition. (Livecoins, Cointelegraph, La Naciรณn)
๐จ๐ด Colombia
Colombiaโs National Training Service (SENA) is offering a free crypto course. (El Espectador, Portafolio, El Tiempo)
Colombian startup Minteo partnered with Celo to launch the Colombian peso stablecoin COPM. (Minteo on LinkedIn, BeInCrypto)
The government ordered Lazza Capital to suspend its operations. (Infobae, Valora Analitik, El Tiempo)
Skandia Colombia is offering its Skandia Bitcoin Portfolio, which will invest in BlackRock's iShares Bitcoin Trust ETF. (BeInCrypto, La Repรบblica, Valora Analitik)
President Gustavo Petro said on X that he did not have any link to the crypto scam Daily Cop after a lower house committee ordered a preliminary investigation into campaign financing allegations. (Caracol, El Tiempo, Livecoins, BeInCrypto)
Two Colombians accused of running a crypto scam were arrested in Panama. (BeInCrypto, W Radio)
๐ช๐จ Ecuador
National police and a city agency in Quito shut down two establishments offering crypto in exchange for biometric data. (Cointelegraph, BeInCrypto)
๐ต๐พ Paraguay
Canadaโs HIVE Digital started construction on its 100MW facility in Paraguay and ordered 6,500 Canaan Avalon A1566 ASICs. It expects the facility to be fully operational by the third quarter of 2025. (BeInCrypto, HIVE Digital, Cointelegraph)
Paraguayโs national grid operator (ANDE) unveiled a plan to reduce energy theft in the coming years. (ABC, BeInCrypto)
๐บ๐พUruguay
Could Uruguayโs recently passed crypto regulation serve as an example for the region? Latin America Reports examines the regionโs regulatory landscape. (Latin America Reports)
Central America, Mexico & Caribbean
๐ฌ๐น Guatemala
Banking authorities from Guatemala participated in a recent hybrid meeting of the Central American Council of Superintendents of Banks, Insurance and Other Financial Institutions (CCSBSO) in San Salvador, where topics included bitcoin. (BeInCrypto, Cointelegraph)
๐ฉ๐ด Dominican Republic
Authorities in the Dominican Republic suspended World (formerly Worldcoin) from operating in the country. (CriptoNoticias, Cointelegraph)
Arkham Intelligence is moving to the Dominican Republic. (Bloomberg Lรญnea, Bloomberg)
๐ญ๐ณ Honduras
An engineer proposed using blockchain for Hondurasโ elections on a popular television program. (BeInCrypto, Cointelegraph)
๐ฒ๐ฝ Mexico
TruBit highlights three factors accelerating crypto adoption in Mexico. (CriptoNoticias)
Nine people were charged in the U.S. state of Florida for conspiring to launder dollars into crypto for drug cartels in Mexico and Colombia. (El Nuevo Herald, Infobae)
๐ต๐ฆ Panama
World (formerly Worldcoin) started operating its World ID verification service for digital identity in Panama on November 27. (BeInCrypto, Biometric Update)
Panamaโs Chamber of Digital Commerce and Blockchain will offer educational training for lawmakers interested in learning more about cryptocurrencies. (BeInCrypto, The Paypers)
๐ธ๐ป El Salvador
CoinDesk spoke with Juan Carlos Reyes, president of El Salvadorโs National Commission of Digital Assets (CNAD), in an exclusive interview. (CoinDesk)
The value of El Salvadorโs bitcoin holdings rose significantly after the cryptocurrency hit record highs in November. (CriptoFacil, Exame, Fortune, La Republica)
VanEckโs Head of Digital Assets Research Matthew Sigel detailed the firmโs meeting with Bukele and the countryโs transformation. (VanEck)
Three women were sentenced to up to 12 years in prison for money laundering using crypto. (El Mundo, BeInCrypto).
Bitfinex is bringing tokenized U.S. treasury bills to El Salvador. (CoinDesk, Cointelegraph).
Crypto remittances grew slightly, but are still very low. (BeInCrypto)