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X (Twitter) Banned in Brazil and More
BeInCrypto comprehensive Latam Crypto Roundup brings Latin America’s most important news and trends. With reporters in Brazil, Mexico, Argentina, and more, we cover the latest updates and insights from the region’s crypto scene.
This week’s roundup notes that Brazil’s government has banned X (formerly Twitter) due to its non-compliance with local regulations. Meanwhile, Chile has initiated a legal battle against Worldcoin due to concerns over biometric data, among other updates.
Bitcoin Adoption in El Salvador: Progress or Setback?
El Salvador’s President Nayib Bukele has acknowledged that Bitcoin adoption in his country has not advanced as quickly as expected. This comment is particularly interesting, given that the country declared BTC as legal tender in 2021.
In an interview with TIME Magazine, Bukele described the results as “positive,” although he admitted that the anticipated benefits were not achieved. Although large businesses in El Salvador, such as supermarkets and restaurant chains, accept Bitcoin as a means of payment, mass adoption has not materialized.
Read more: Who Owns the Most Bitcoin in 2024?
To date, Bukele’s government has promoted the use of cryptocurrency in daily transactions and also put forward ambitious proposals such as the creation of Bitcoin City. This initiative intends to build a city powered by geothermal energy from volcanoes that would serve as a global hub for cryptocurrencies. In addition, the president has launched a citizenship program for people who invest at least $1 million in Bitcoin or Tether, with the aim of attracting international investors.
However, despite these efforts, Bukele’s administration remains strongly supportive of Bitcoin. Since the president implemented the Dollar Cost Averaging (DCA) strategy to buy one Bitcoin daily, the country has consistently purchased BTC regardless of market conditions.
At the time of writing, El Salvador’s mempool shows that the government holds 5,859 BTC. With the current market price of Bitcoin, this amount is equivalent to approximately $346.35 million.
Brazil has suspended the social media platform X following its failure to comply with local regulations. Minister Alexandre de Moraes ordered the ban after Elon Musk’s company neglected to appoint a legal representative in the country. The platform is expected to become inaccessible within 24 hours.
In addition to the ban, Brazil has imposed a fine of R$50,000 (approximately $10,000 USD) per day on individuals or companies using VPNs to access the app. Apple and Google have also been given a five-day deadline to remove the app from their stores.
This situation arose after X removed its legal representatives from Brazil in response to what Musk described as “untenable demands” from the Brazilian court, including censorship and privacy concerns.
Considering Brazil’s sixth-place global ranking for the number of X users, a ban could have significant consequences. Furthermore, this decision could impact the country’s crypto community.
X is a crucial platform for real-time market updates and crypto discussions. A potential ban would significantly challenge investors who rely on the platform for information and market insights.
According to a recent survey by CoinGecko, 34.4% of crypto traders and investors rely on X for their information needs. Specifically, 66.7% of the 1,065 survey participants identified X as their primary source of crypto information.
Worldcoin Sued in Chile Over Biometric Data Concerns
Chile’s National Consumer Service (SERNAC) has filed a lawsuit against the Optimistic SpA Group, the company that operates Worldcoin in the country. The lawsuit, submitted to the 2nd Local Police Court of Las Condes, cited irregularities in collecting biometric data from Chilean citizens.
SERNAC’s investigation uncovered multiple violations of the Consumer Law, particularly concerning the lack of transparency and inadequate protection of personal data.
The Chilean agency seeks to impose substantial fines, potentially reaching $20 million, on Worldcoin for its alleged misconduct. Additionally, it demands the immediate halt of Worldcoin’s operations in the country until the legal issues are resolved.
US Bill Reaffirms Sanctions on Venezuela, Targeting Cryptocurrencies
Amid ongoing political tensions, US Congress members are preparing to introduce a bill that will reinforce sanctions against Venezuela, with a specific focus on cryptocurrencies. The proposed “Law for the Promotion of Freedoms, Opportunities and Rights in Venezuela” (VALOR) seeks to maintain pressure on the Venezuelan government by blocking the assets of key financial institutions, including the Central Bank of Venezuela and the state-owned cryptocurrency, Petro.
This legislation, spearheaded by Congresswoman María Elvira Salazar, aims to tighten existing measures and expand the reach of US sanctions to ensure Venezuela remains under international scrutiny.
“The VALOR Act will do just that by seeking international cooperation for a peaceful transition to democracy in Venezuela and maintaining sanctions until there is substantial and measurable progress,” Salazar said.
In 2018, the Trump administration also implemented measures against Petro, a cryptocurrency the Maduro government launched to sidestep US sanctions. Trump labeled Petro as a corruption tool and a desperate bid to sustain the government.
Stellar Invests in Colombia’s Puntored to Boost Cross-Border Payments
The Stellar Development Foundation (SDF) announced investing $2 million in the Colombian FinTech company Puntored. They facilitated this investment through the Stellar Enterprise Fund as part of an effort to use blockchain technology to enhance remittance services and financial inclusion in Latin America.
Colombia has seen a significant increase in remittance inflow. The country’s Ministry of Finance reported a 17.3% rise between January and July 2024 compared to the previous year.
Read more: How To Accept Crypto Payments: A Brief Guide
Stellar’s collaboration with Puntored currently serves over 18 million users across Colombia, Mexico, and Puerto Rico. Therefore, this partnership is expected to transform the digital payments sector in the region.
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Polymarket Faces Ban in France as US Election Betting Ends
According to a report from The Big Whale, the National Gaming Authority (ANJ), France’s gambling regulator, is preparing to block the prediction markets platform Polymarket.
Polymarket, the decentralized platform that allows users to bet on the outcome of political events, sports, and other occurrences using cryptocurrency, has gained popularity in recent months, especially with bets surrounding the US presidential election. More than $3.2 billion was reportedly wagered on the platform during this high-stakes period, with a record-breaking $294 million in volume on November 5 alone.
France Users May No Longer Access Polymarket
According to The Big Whale, a French website that covers the crypto industry, the ANJ’s impending ban comes after a French trader placed a $30 million bet on a Trump victory, reportedly attracting the regulator’s scrutiny.
The trader’s wager positioned him to make approximately $19 million in profits, a sum that has intensified concerns over Polymarket’s compliance with French gambling laws. A source close to the ANJ stated that despite Polymarket’s use of blockchain and cryptocurrency, its activities are akin to gambling, making it subject to restrictions under French law.
“We are aware of this site and we are currently examining its operation as well as its compliance with French gambling legislation,” The Big Whale reported, citing an ANJ spokesperson.
Read more: What is Polymarket? A Guide to The Popular Prediction Market
Legal expert William O’Rorke from ORWL Avocats explained that although Polymarket does not specifically target French users, its activities fall squarely under gambling regulations.
“Polymarket involves betting money on uncertain outcomes, which aligns with the legal definition of gambling,” O’Rorke noted.
Against this backdrop, the ANJ is well within its mandate to block the platform’s access in France. Accordingly, the French regulator may enforce the ban by blocking Polymarket’s domain name in France. It amy also pressure third-party players, like media outlets and online directories, to limit access to Polymarket links.
However, French users may still circumvent this by using virtual private networks (VPNs). This is because Polymarket’s crypto-based infrastructure allows for relatively anonymous participation.
France’s looming ban is not the first regulatory roadblock Polymarket has encountered. In 2022, the US Commodity Futures Trading Commission (CFTC) fined Polymarket $1.4 million for failing to register as a designated contract market. The CFTC also challenged Kalshi’s operations due to questions about betting on political events.
Polymarket’s Fate After US Elections
Meanwhile, the US election was a significant catalyst for Polymarket. It drove the platform to new heights in user engagement and bet volume. Polymarket’s election-related markets have been featured on major financial platforms, including Bloomberg, highlighting the platform’s appeal to mainstream finance.
As BeInCrypto reported, Polymarket’s election betting topped $3 billion, reflecting unprecedented participation. The platform, however, faces a crossroads in its path forward. Following the climax of the US election on Wednesday, data from Dune Analytics shows a steep decline in Polymarket’s activity.
Daily active addresses and transaction volumes, which soared in the election lead-up, have notably dwindled as election-related betting winds down. For instance, Polymarket’s open interest, a key indicator of active betting engagement, dropped from $350 million to $268 million after the polls closed. Similarly, monthly new accounts have also dropped by over 41% between October and November.
Against this backdrop, Polymarket may need to diversify its market offerings or potentially embrace a new model to maintain user interest. This is considering election-related activity comprised the majority of the prediction market’s volume.
Rumors are circulating about a potential move toward a decentralized governance token, which could distribute control over Polymarket’s operations to its community. This shift would reduce the liability of the central authority by decentralizing decision-making, though it remains theoretical, with no clear timeline.
Read More: How To Use Polymarket In The United States: Step-by-Step Guide
Polymarket’s fast ascent and regulatory challenges highlight broader industry tensions between innovation and compliance. With election predictions no longer a draw and an impending ban in France, Polymarket’s future remains uncertain.
Its long-term viability may depend on how well it adapts to evolving regulatory landscapes and whether it can maintain popularity beyond election season peaks.
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XRP Price Ready to Rally? Signs Point to a Bullish Move
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Solana (SOL) Rallies Strongly, Setting Sights on $200
Solana started a fresh increase above the $172 support zone. SOL price is rising and might soon aim for a move toward the $200 level.
- SOL price started a fresh increase after it settled above the $165 level against the US Dollar.
- The price is now trading above $172 and the 100-hourly simple moving average.
- There was a break above a key bearish trend line with resistance at $162 on the hourly chart of the SOL/USD pair (data source from Kraken).
- The pair could continue to rise if it clears the $192 resistance zone.
Solana Price Starts Fresh Rally
Solana price formed a support base and started a fresh increase above the $162 level like Bitcoin and Ethereum. There was a strong move above the $165 and $172 resistance levels.
There was a break above a key bearish trend line with resistance at $162 on the hourly chart of the SOL/USD pair. The price even cleared the $185 level. A high is formed at $192 and the price is now consolidating gains. It is trading above the 23.6% Fib retracement level of the upward move from the $155 swing low to the $192 high.
Solana is now trading above $172 and the 100-hourly simple moving average. On the upside, the price is facing resistance near the $192 level. The next major resistance is near the $195 level.
The main resistance could be $200. A successful close above the $200 resistance level could set the pace for another steady increase. The next key resistance is $212. Any more gains might send the price toward the $220 level.
Another Dip in SOL?
If SOL fails to rise above the $192 resistance, it could start a downside correction. Initial support on the downside is near the $188 level. The first major support is near the $180 level.
A break below the $180 level might send the price toward the $172 zone or the 50% Fib retracement level of the upward move from the $155 swing low to the $192 high. If there is a close below the $172 support, the price could decline toward the $165 support in the near term.
Technical Indicators
Hourly MACD – The MACD for SOL/USD is gaining pace in the bullish zone.
Hourly Hours RSI (Relative Strength Index) – The RSI for SOL/USD is above the 50 level.
Major Support Levels – $188 and $185.
Major Resistance Levels – $192 and $200.
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