Summary:
El Salvador secures $1.61 billion for its economic overhaul plan, focusing on port infrastructure.
Venezuela blocks access to Binance, impacting thousands of users in the P2P market.
Paraguayan justice convicts an individual for energy theft linked to cryptocurrency mining activities.
Welcome to Latam Insights, your source for the most relevant crypto and economic news from Latin America this past week.
Bukele Announces Private Investment of $1.61 Billion in Third Phase of Economic Overhaul Plan for El Salvador
El Salvador is rolling out the welcome mat for international investors as it seeks to improve its financial landscape. President Nayib Bukele recently announced the third phase of the economic overhaul plan, titled "Logistics". This phase focuses on substantial investments aimed at renewing the country’s port infrastructure.
In a historic move, Bukele revealed a joint venture with Yilport Holding, a Turkish port operating company, which will inject over $1.61 billion into upgrading two of El Salvador's vital ports: Acajutla and La Union. The investment will be managed by the Autonomous Executive Port Commission (CEPA) and will span the next 50 years, starting at the end of this year.
Venezuelan Government Blocks Binance, Cutting P2P Market Access for Thousands
In a significant move, the Venezuelan government has blocked access to Binance, the world's largest cryptocurrency exchange, through state-owned ISP CANTV. This decision is part of a broader trend of censorship affecting various online services, impacting thousands of users in the process.
Binance acknowledged the situation, stating that many websites in Venezuela are facing similar access restrictions, which could hinder the P2P market significantly.
Paraguayan Justice System Achieves Conviction for Power Theft Crime Linked to Cryptocurrency Mining
In Paraguay, the justice system has made strides in prosecuting power theft associated with cryptocurrency mining. The second conviction related to this crime has been secured, with Carlos Raul Rojas sentenced to 18 months in prison for running an illegal mining operation that siphoned energy directly from the power grid.
Authorities seized over 1,000 mining units and three power transformers during a raid on the site, which was disguised as a chicken farm.
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