The Spanish-speaking world noticed some main developments this week with Spain introducing a bolstered authentication system for funds, Mexico giving fines as much as $47,000 for the unauthorized use of crypto and a South Korean blockchain delegation visiting Peru. 

Right here is the previous week of crypto and blockchain information in evaluation, as initially reported by Cointelegraph en Español.

Mexico fines as much as $47,000 for unauthorized use of crypto

The Central Financial institution of Mexico will now impose fines as much as $47,000 to those that are utilizing crypto belongings with out its authorization. The financial institution believes that the usage of crypto belongings similar to Bitcoin (BTC) facilitates unlawful actions similar to cash laundering and is dangerous resulting from crypto’s excessive volatility.

Mexico is reportedly the third largest nation in Latin America by variety of web customers who’re conversant in cryptocurrencies — slightly below Brazil and Colombia.

Venezuelan merchants on LocalBitcoins platform combat to regulate value

On Sept. 4, it was reported that merchants on LocalBitcoins, some of the used peer-to-peer platforms in Venezuela for each the acquisition and sale of Bitcoins with Venezuelan bolivars (VES), seemingly tried to regulate the BTC/VES charge with some merchants attempting to push the costs increased, whereas others have been preventing to maintain costs decrease. The dispute was ultimately gained by those that posted decrease costs for the BTC/VES charge.

In Venezuela, the nationwide authorities doesn’t present official trade charges primarily based on macroeconomic indicators. As such, Venezuelans should depend on microeconomic indicators to find out the bolivar/U.S. greenback trade charge. Historically this meant seeking to charges provided at trade homes in border cities in Brazil and Colombia, however the methodology to find out these charges was not clear, giving rise to the necessity for one more indicator. 

As such, Bitcoin serves as an indicator for Venezuelans to find out the worth of the bolivar/greenback trade charge. As soon as merchants on LocalBitcoin secured a cheaper price, it reportedly lowered the value of {dollars} dealt with within the Venezuelan economic system. 

South Korean blockchain delegation visits Peru

Peru Compras, the Peruvian state establishment chargeable for finishing up public bidding processes, welcomed a South Korean delegation to guage a blockchain community that the company is creating. The Korean delegation mentioned they have been fascinated by studying extra about how this expertise might be utilized in public bidding. Peruvian officers defined how blockchain expertise is utilized to the method and demonstrated the approval course of and necessities for members. 

CEO of agriculture-focused crypto venture arrested in Mexico

Rodrigo Domenzain, the CEO of AgroCoin — a venture pertaining to the planting and agronomy of habaneros in Mexico — was arrested in Quintana Roo on prices of defrauding traders. The victims’ attorneys state that Domenzain, who types himself as “the King of the habanero chile,” defrauded traders of almost $20.5 million.

The AgroCoin venture issued cash that have been supposedly backed by one meter of a hectare plantation in Cuba and promised returns of as much as 30% every year. 

Spain introduces a bolstered authentication system

On Sept. 14, Cointelegraph en Español reported that, in an effort to entry on-line banking and digital funds, residents of Spain will now be required to make use of a bolstered authentication system in response to European Union funds directive PSD2.

The improved authentication of the PSD2 directive goals to scale back fraud and combines two unbiased parts to confirm the identification of the consumer who accesses an account or makes an digital fee. Most banks have opted to mix a private key with a short lived code obtained by SMS.

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