Crypto Chaos: Bukele’s US Visit and Panama’s Bold Move!

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Welcome to Latam Insights, your weekly dose of crypto and economic news from the vibrant lands of Latin America! This week, we have El Salvador’s Nayib Bukele packing his bags for a trip to the U.S., a shiny new crypto bill making its debut in Panama, and Venezuela, well, let’s just say they’re not having the best of times after Trump decided to play the tariff game. 🎩💸

El Salvador’s Bukele to Meet Trump at White House — Will Bitcoin Be on the Table?

So, here’s the scoop: Bukele’s office confirmed on March 28, 2025, that he’s off to the U.S. for a little tête-à-tête with Trump. The agenda? A deal where El Salvador graciously accepted 238 alleged members of Venezuela’s Tren de Aragua and 23 MS-13 affiliates. Because nothing says diplomacy like a deportation party! 🎉

Now, the U.S. has shelled out a cool $6 million to house these fine folks in El Salvador’s 40,000-capacity Terrorism Confinement Center (CECOT). And while they’re at it, maybe they’ll chat about cryptocurrency policies, since both leaders are apparently big fans of bitcoin ( BTC). Bukele, who made bitcoin legal tender in 2021, is sitting on a whopping 6,131 BTC (that’s about $504 million, in case you were wondering). Meanwhile, Trump has been busy establishing a U.S. strategic bitcoin reserve (SBR) because why not? 🤑

Bukele’s administration is on a bitcoin-buying spree, posting on social media in March 2025, “We’re not stopping.” And let’s not forget about “Bitcoin City,” a proposed tax-free crypto hub powered by geothermal energy from a volcano. Yes, you heard that right—a volcano! Talk about a hot investment! 🌋

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Bill Proposes Voluntary Cryptocurrency Acceptance in Panama

In a move that’s as bold as a Panamanian hat, Substitute Representative Gabriel Solis has introduced a bill to the National Assembly aimed at establishing a regulatory framework for cryptocurrency and blockchain usage. Because who doesn’t want a little clarity in the wild west of crypto? 🤠

This bill is like a buffet of regulations: it defines key cryptocurrency concepts, introduces licensing and capital requirements for virtual asset service providers (VASPs), and even proposes tax incentives for crypto-linked companies. It’s like Christmas came early for crypto enthusiasts! 🎄

Moreover, the bill suggests that cryptocurrency could be used voluntarily for commercial transactions, paving the way for a digital economy in Panama. And let’s not forget the blockchain magic that could streamline property registries and public document verifications. Who knew paperwork could be so exciting? 📄✨

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Venezuelan Bolivar Plunges After Secondary Crude Tariff Regime Announcement

In a plot twist that could only happen in the world of economics, the Trump administration has announced secondary tariffs on countries buying Venezuelan crude, sending the Venezuelan bolivar into a tailspin. It’s like watching a slow-motion train wreck, but with more currency! 🚂💥

The bolivar, which was enjoying a brief moment of stability thanks to some dollar injections, has now plummeted against the U.S. dollar, recently crossing the 100 VES per USD mark. Analysts are calling this a disaster for the national economy. Because, of course, it’s always the little guy who suffers when the big boys play their games. 😩

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2025-03-31 01:58