In this week’s news from the Spanish-speaking world, a Venezuelan official claims that all currencies will be replaced by cryptocurrencies, the Argentinian chief of the Banking Association criticizes fintech and crypto, and Spain offers prepaid visa card to teenagers that they can reload with crypto.
Here is the past week of crypto and blockchain news in review, as originally reported by Cointelegraph en Español.
“Currencies will be replaced by crypto,” says Venezuelan official
The Deputy of the National Constituent Assembly of Venezuela, Francisco Torrealba, said in an interview on national channel Globovisión that in the future all existing currencies will be replaced by cryptocurrencies.
“The country is facing a change of time, a generational change,” he said, adding that President Nicolás Maduro is making a “great contribution” to the country by “crypto-monetizing” transactions within the Venezuelan economy. Torrealba concluded his interview by saying that “everything will be from this currency [the Petro].”
Given the Venezuelan government’s history of not delivering on promises related to the Petro, Cointelegraph advises readers to approach news on the subject with skepticism.
Argentinian Banking Association’s chief blasts fintech and cryptocurrencies
On Nov. 11, Cointelegraph en Español reported that Sergio Palazzo, the head of the Argentinian Banking Association (AB), expressed harsh criticism against fintech and cryptocurrencies.
Palazzo reportedly said that the emergence of new players in the fintech industry, which he claims have no regulations and salary costs, are “a kind of unfair practice” in relation to financial institutions that do offer employment, and have to deal with the consequential costs. He added:
“That absence of regulations even implies the lack of controls on money laundering and generates computer insecurity […] The virtual currency systems generated by big tech are a threat in that they supplant issuance, a function that…