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Latam Insights — Venezuelan Gold Battle Continues, Argentina Seeks Yuan Funding Extension

latam insights venezuela argentina colombia costa rica

Welcome to Latam Insights, a compendium of Latin America’s most relevant crypto and economic development news during the last week. In this issue, Venezuela tries to regain control of the gold stash held in London again; Argentina seeks to expand the Chinese yuan swap line; and Azteco enables bitcoin purchases in more than 55,000 stores in Colombia and Costa Rica.

Venezuela Appeals to Regain Control of Gold Held in England

The Venezuelan government has introduced a new appeal to try and regain control of the Venezuelan gold held in the vaults of the Bank of England.

According to the appeal presented before the London Court of Appeals by the party representing the Central Bank of Venezuela board controlled by President Nicolas Maduro, the disbandment of the interim government of Juan Guaido on January 2022 changes the case’s background.

The board named by the Venezuelan assembly, elected back in 2015 to protect the country’s foreign assets, has no official recognition from the U.K. government, which accepted the dissolution of Venezuela’s interim government in January. Richard Lissack, appointed by Maduro to handle the appeal, believes this should allow the court to acknowledge the decisions that dissolved the “ad hoc” board of the Central Bank of Venezuela, appointed by the interim government.

Argentina Seeks Extension of Chinese Swap Line

The government of Argentina will seek an extension of the available amount of a swap line established by the Chinese government to continue financing its imports. According to local sources, Economy Minister Sergio Massa and Central Bank of Argentina President Miguel Pesce will travel to China to double the access to the Chinese yuan-based swap line from $5 billion to $10 billion.

The extension would help Argentina maintain foreign reserves held in U.S. dollars, which have touched their lowest level in the last seven years, while the government continues negotiating upcoming disbursements with the International Monetary Fund (IMF).

Azteco Enables Bitcoin Purchases in 55,000 Latam Stores

Azteco, a Bitcoin startup, announced the sale of bitcoin vouchers in Colombia and Costa Rica. Through social networks, the company announced these vouchers would be available in 52,000 stores in Colombia, and 3,000 in Costa Rica. The vouchers can be purchased with cash or bank transfer.

Azteco had previously raised $6 million in a funding round led by former Twitter and Block CEO Jack Dorsey. Azteco co-founder Paul Ferguson declares these funds will allow the company to increase its market activation and reach customers more effectively.

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