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Latin America is witnessing a surge in cryptocurrency adoption, driven by economic instability and regulatory advancements. Countries like Argentina, Brazil, and Mexico are leading the charge, with innovative solutions such as Bitcoin-backed bonds and crypto remittances reshaping financial landscapes. As businesses navigate the region's complexities, comprehensive payment solutions are essential for unlocking the full potential of this rapidly evolving market.
The global gene therapy market, valued at $7.54 billion in 2022, is projected to reach $41.38 billion by 2031, driven by increased R&D, favorable regulations, and collaborations between pharmaceutical companies and academic institutions. North America leads the market, with significant advancements in biotechnology and numerous clinical trials. Recent developments include Novartis's acquisition of a gene therapy candidate from Avrobio and Bristol-Myers Squibb's expansion of its cell therapy manufacturing network.
Bitget has secured a Bitcoin Service Provider licence from El Salvador's Central Reserve Bank, allowing it to offer fiat-to-Bitcoin exchanges, payment solutions, and custody services. The exchange is also seeking a digital asset service provider licence to expand its offerings. El Salvador, having adopted Bitcoin as legal tender, is negotiating a USD 1.3 billion loan with the IMF, which may make Bitcoin acceptance voluntary for businesses, while pursuing international partnerships to enhance digital asset adoption.
Bolivia is witnessing a surge in cryptocurrency adoption as Meru launches a blockchain wallet that integrates with Visa, Mastercard, and MoneyGram, targeting freelancers across Latin America. The wallet, built on the Stellar blockchain, offers self-custody and DeFi features, facilitating over 50,000 transactions worth more than $13 million. With cryptocurrency transactions exceeding $75 million in just four months, the trend reflects a growing demand for digital financial solutions in the region.
Meru has launched a blockchain wallet in Bolivia, integrating with Visa, Mastercard, and MoneyGram, targeting freelancers across Latin America. The wallet, built on Stellar's blockchain, allows self-custody and DeFi returns, reflecting a surge in cryptocurrency transactions exceeding $75 million in four months. With over 50,000 transactions processed, Meru aims to enhance digital payment adoption and support remote workers in the region.
Bitget has received a Bitcoin Service Provider license from El Salvador's central reserve bank, enabling it to offer various Bitcoin-related services, including fiat exchanges and secure custody solutions. The exchange is also seeking a Digital Assets Service Provider license for broader digital asset trading. This development aligns with El Salvador's evolving Bitcoin regulations as the country negotiates a $1.3 billion loan with the IMF, which may lead to making Bitcoin acceptance voluntary for businesses.
Charles Hoskinson, founder of Cardano, has proposed a major developer conference for 2025, aiming to showcase the Cardano ecosystem and foster collaboration among developers. He has suggested a million-dollar grant for attendees' travel expenses and is seeking venue recommendations, while also distinguishing this event from upcoming "builder fests" in Vietnam and Argentina. Despite recent price corrections, analysts remain optimistic about ADA's potential, with projections suggesting a move towards a price supercycle.
Ethereum founder Vitalik Buterin has praised the Argentine peso's stability, noting its exchange rate against the U.S. dollar remains unchanged from a year ago. He commended President Milei for reversing the currency's trajectory from hyperinflation and highlighted the recent decrease in inflation rates. Additionally, Milei has announced plans for a currency competition scheme allowing the use of bitcoin for transactions.
Ukraine plans to legalize cryptocurrencies by early 2025, focusing on regulation and taxation without special tax incentives. The legislation aims to ensure financial stability and compliance with anti-money laundering standards, treating crypto profits like securities trading. Amid ongoing conflict, digital assets are seen as vital for economic resilience and cross-border transactions, having already raised nearly $70 million for defense and humanitarian efforts in 2023.
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