Latam Insights: Argentina’s Massa Proposes Blockchain Oversight, Drex Will ‘Kill’ Lesser Cryptos in Brazil

Welcome to Latam Insights, a compendium of Latin America’s most relevant crypto and economic news during the last week. In this issue: Argentine presidential candidate Sergio Massa has proposed to use blockchain for state oversight, the Brazilian securities regulator president stated (CBDC) drex might ‘kill’ lesser cryptocurrencies, and Okx announced an expansion to Brazil in the coming months.

Economy Minister Sergio Massa Proposes Use of Blockchain for State Oversight

Sergio Massa, economy minister and presidential candidate in Argentina, has hinted at using blockchain tech to control state accounts, giving citizens access to this data.

In a recent rally, Massa hinted at creating a blockchain system that would allow Argentines to have access to the execution plan of the national budget using mobile phones. He declared:

We live in the age of communication. I want every Argentine to be able to control the state accounts online from their cell phone. So each of the Argentines has their blockchain when interacting with the state.

Massa said that this system might be used to register contracts between companies executing state work and the government. He stated the system would help to create certainty about the state’s contractual relations, emphasizing the benefits this would bring to the transparency of his hypothetical upcoming administration.

Nascimento: Drex Might ‘Kill’ Many Cryptocurrencies in Brazil

Drex, the Brazilian central bank digital currency (CBDC), might relegate other cryptocurrencies in Brazil to the proverbial dumpster, according to João Pedro Nascimento, president of the Brazilian Securities and Exchange Commission (CVM). At a symposium, Nascimento stated that while most established cryptocurrency projects will be safe, lesser known crypto projects will have their popularity affected due to the functionalities that drex will offer.

Nascimento explained:

I’m not talking about Bitcoin, but drex will reduce the attractiveness of smaller cryptocurrencies.

While there is still no definitive date for drex’s launch, some reports indicate it might happen next year.

Okx Announces Expansion to Brazil

Okx, one of the top cryptocurrency exchanges by volumes traded, revealed it will expand its operations to Brazil in the coming months. Okx Executive President Hong Fang stressed that Latin America and Brazil were “strategic” for the cryptocurrency industry due to the region’s different approach to crypto, which uses these tools as savings instruments and as an inflation hedge.

Fang also clarified that the exchange would adhere to the national cryptocurrency laws whenever they are completed by the national bank, creating a local team for this purpose and offering Portuguese-based customer support.

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