Latam Insights: El Salvador’s DOJ Bitcoin Watch, Chile’s Bitcoin Bench

Welcome to Latam Insights, your weekly roundup of the most relevant crypto and economic developments from Latin America. This week’s highlights include El Salvador’s plans to acquire DOJ-seized bitcoin, Chile’s legislative push for a bitcoin bench, and El Salvador’s bitcoin adoption driving a tourism boom.

El Salvador Aims to Purchase DOJ’s Seized Bitcoin at a Discount

El Salvador is eyeing a potential opportunity to purchase bitcoin seized by the U.S. Department of Justice (DOJ) during the Silk Road takedown. President Nayib Bukele hinted on social media that the nation might acquire these assets at discounted prices, capitalizing on the current market slump to bolster its bitcoin reserves.

Following a federal judge’s approval to sell these seized assets, Bukele commented:

“Maybe we’ll all get the chance to buy bitcoin at a discount!”

The Salvadoran Bitcoin Office confirmed a new purchase of 11 BTC on January 8, further solidifying the country’s commitment to bitcoin as part of its strategic reserve strategy.

Chilean Legislators Push for a Bitcoin Bench

Chile is gearing up to embrace bitcoin more actively. Gael Yeomans, a Chilean deputy, has proposed forming a bitcoin bench in Congress to promote cryptocurrency research and advance bitcoin regulations. Over 20 lawmakers have already participated in preliminary discussions.

Key supporters like Andres Villagran, with assistance from Dennis Porter of the Satoshi Action Fund, have been advocating for Chile to establish a strategic bitcoin reserve. These initiatives aim to position Chile as a leader in bitcoin adoption and regulation in Latin America.

Villagran stated that the group plans to continue pushing for bitcoin-related actions under the current administration, signaling a transformative shift in Chile’s approach to crypto.

El Salvador’s Bitcoin Adoption Spurs Tourism Boom

A recent report by Santander US Capital Markets LLC, a division of Banco Santander, highlights how El Salvador’s bitcoin initiatives have contributed to a surge in tourism. According to the report, the nation’s innovative cryptocurrency policies have driven record-breaking tourist numbers.

President Nayib Bukele and the Bitcoin Office shared the report on social media, with the Bitcoin Office stating:

“El Salvador is Bitcoin Country, and Santander says the tourism numbers prove it!”

El Salvador’s embrace of bitcoin not only bolsters its economy but also enhances its global reputation as a forward-thinking nation.

Stay updated on the latest crypto and economic developments in Latin America by subscribing to our Latam Insights newsletter.