Latam Insights: El Salvador Implements Bitcoin Training for 80,000 Public Servants; Mercado Libre Unveils Stablecoin
Welcome to Latam Insights, a summary of the most important crypto and economic news from Latin America over the past week. In this edition, El Salvador announces plans to provide bitcoin education for 80,000 public servants, Mercado Libre introduces its own stablecoin, and Paraguay continues to crack down on illegal bitcoin mining operations.
El Salvador to Educate 80,000 Public Servants on Bitcoin
El Salvador is making a significant investment in educating its public servants about bitcoin and its functioning. The Bitcoin Office of El Salvador, established to oversee all bitcoin-related projects, recently revealed that 80,000 public servants in the country will undergo bitcoin training and receive certification. This education will be offered through a module integrated into the Public Administration curriculum provided by the Higher School of Innovation in Public Administration (ESIAP).
ESIAP, created by President Nayib Bukele in August 2021, is responsible for enhancing public administration by implementing training and research programs for civil servants and public officials nationwide. The bitcoin module is part of the Public Administration certification, which consists of nine modules and can be completed virtually and asynchronously in 160 hours. The seventh module covers bitcoin as well as other related topics such as blockchain, cybersecurity, and artificial intelligence (AI).
Mercado Libre, Latin America’s Largest Company, Launches Own Stablecoin
Mercado Libre, the largest company in Latin America in terms of market capitalization, has introduced its second cryptocurrency initiative. The e-commerce giant recently launched meli dolar, an internally developed stablecoin pegged to the US dollar, targeting the Brazilian market. Developed in collaboration with Ripio, an Argentina-based cryptocurrency exchange, meli dolar is issued by Meli Uruguay S.R.L., a Mercado Libre subsidiary company.
The stablecoin is already available on Mercado Pago, the company’s payment processing subsidiary. Users can purchase and sell meli dolar to maintain a stable balance in their wallets during the initial rollout phase.
Paraguay’s National Power Administration Seizes 693 Miners in Illegal Bitcoin Mining Operation
The Paraguayan government continues its crackdown on illegal bitcoin mining operations. Employees of the National Power Administration of Paraguay (ANDE) recently seized a warehouse in the city of Hernandarias after discovering an illegal bitcoin mining operation housing 693 mining machines.
The detection of the operation was made possible through the implementation of Supervisory Control and Data Acquisition (SCADA) systems, which enabled technicians to analyze the power consumption in the area and detect a significant increase. Along with the 693 miners, a 4,000 KVA transformer was also confiscated.
While some illegal mining setups completely bypass the power meter, the operators in this case tampered with the meter, allowing only a portion of the facility’s power usage to be registered. According to the official ANDE report, the meter recorded only 749.5 kW, while the actual power load reached 2,151 kW. This manipulation enabled the operators to save 65% on their operating costs.
That’s all for this edition of Latam Insights. Stay tuned for more updates on the latest crypto and economic developments in Latin America.