Cryptocurrencies continue to generate deep changes in the economy and global regulation. In America, three countries show contrasting realities: the United States makes its regulatory framework under the second mandate of Donald Trump, Argentina leads crypto adoption in Latin America, and El Salvador, after being a pioneer in making Bitcóin a legal current currency, faces a setback in its digital commitment.
The continent exhibits a mosaic of approaches in which each country seeks to balance innovation, safety and financial stability in a sector that does not cease to evolve and also faces crisis of trust.
The most recent took place just a week ago and affected the Bybit cryptocurrency company, a victim of the greatest robbery in the history of cryptoactive at the hands of computer pirates that managed to get 40,347 Ethereum valued at 1.5 billion dollars, according to Ben Zhou, founder of the company based in Dubai (United Arab Emirates).
Under the new administration of Donald Trump, the United States has radically changed its position on cryptocurrencies. Trump promised to turn the country into a global digital currency center, leaving behind the policy of restrictions of his predecessor, Joe Biden. His team promoted a “strategic reserve” of cryptoactive and placed Mark Uyeda at the head of the Market and Securities Commission (SEC), an agency that has begun to reverse the most strict regulations of the past.
The flexibility of the legal framework allowed the creation of indexed funds of Bitcóin and Ethereum, expanding the access of investors to these assets. It is estimated that about 53 million Americans have cryptocurrencies, consolidating this country as a key actor in the sector.
The cryptocurrency market in Latin America
Argentina has become a global reference in the use of cryptocurrencies, with more than 2.5 million monthly active users and a volume of transactions that exceeded 91.1 billion dollars in 2024.
The growth of the sector has been promoted by the need of citizens to protect their savings in the face of inflation and exchange restrictions. However, the Government of Javier Milei has shown little interest in strengthening the local crypto ecosystem, although important companies in the sector have Argentine roots, such as Open Zeppelin, the largest cryptocurrency auditor globally.
In terms of regulation, Argentina implemented in 2024 a regulatory framework that requires crypto service providers to register to operate, with the aim of preventing fraud and giving more security to investors.
President Milei himself is involved in a controversy related to the $ LIBRA cryptocurrency. On February 14, the ruler promoted it through its social networks, presenting it as a project aimed at promoting small businesses in the country.
Its support caused a rapid increase in the $ LIBRA value, which reached a market capitalization of 4,000 million dollars. However, shortly after, his price collapsed, causing considerable losses for numerous investors.
El Salvador made history in 2021 by becoming the first country in the world to adopt Bitcóin as legal tender. However, President Nayib Bukele’s commitment did not have the expected impact. Despite tax exemptions and investment of more than 300 million dollars in cryptographic infrastructure, the use of bitcóin among the population has decreased dramatically.
In addition, at the end of last January, El Salvador stopped using Bitcoin as legal tender.
Recent surveys indicate that in 2024, 91.8% of Salvadorans do not use cryptocurrency, and the reform of the Bitcóin Law has eliminated its legal currency status. This modification was a condition imposed by the International Monetary Fund (IMF) to grant a loan of 1.4 billion dollars.
The future of the Salvadoran crypto ecosystem is uncertain. Ambitious projects such as the Bitcóin city and volcano bonds are still not realized, and the Government evaluates to sell or discontinue the Wallet goat, the state digital wallet.
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An ecosystem constantly evolving
As the crypto ecosystem evolves, the United States, Argentina and El Salvador will continue to mark the course in the region, each with their own challenges and opportunities. Meanwhile, other countries of America also advance in this technology with different degrees of regulation and adoption.
Brazil leads Latin America in cryptocurrency users, with 26 million investors. The São Paulo bag offers seventeen quoted funds (ETF) linked to cryptoactive. However, its daily use is scarce. The 2022 law penalizes scams with digital assets and grants regulatory powers to the Central Bank.
In Mexico, with 3.1 million crypto users, the market is expected to grow at 3.82 million in 2027. Although the Fintech law recognizes digital assets, the Bank of Mexico prohibits financial institutions from operating with them.
Venezuela is the second Latin American country for cryptoactive adoption. Although according to Chainysis, a blockchain data platform, the government uses them “as a weapon for corruption”, citizens resort to them to protect their economy. The “Petro”, the cryptocurrency promoted by the Government, has lost relevance.
In the region, some countries have opted for strict regulation, such as Canada, which pioneered ETF based on cryptocurrencies. Others, such as Uruguay and Bolivia, have approved normative frameworks in 2024, while countries such as Guatemala, Ecuador and the Dominican Republic lack regulation and show limited adoption.
Despite the differences in their regulation and adoption, cryptocurrencies continue to transform the economies of America, a phenomenon that will foreseeably continue to expand in the coming years.
With EFE information
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