Crypto News From the Spanish-Speaking World: Sept. 2–8 in Review

The Spanish-speaking world saw some major developments this week with Spain introducing a reinforced authentication system for payments, Mexico giving fines up to $47,000 for the unauthorized use of crypto and a South Korean blockchain delegation visiting Peru. 

Here is the past week of crypto and blockchain news in review, as originally reported by Cointelegraph en Español.

Mexico fines up to $47,000 for unauthorized use of crypto

The Central Bank of Mexico will now impose fines up to $47,000 to those who are using crypto assets without its authorization. The bank believes that the use of crypto assets such as Bitcoin (BTC) facilitates illegal activities such as money laundering and is risky due to crypto’s high volatility.

Mexico is reportedly the third largest country in Latin America by number of internet users who are familiar with cryptocurrencies — just below Brazil and Colombia.

Venezuelan traders on LocalBitcoins platform fight to control price

On Sept. 4, it was reported that traders on LocalBitcoins, one of the most used peer-to-peer platforms in Venezuela for both the purchase and sale of Bitcoins with Venezuelan bolivars (VES), seemingly tried to control the BTC/VES rate with some traders trying to push the prices higher, while others were fighting to keep prices lower. The dispute was eventually won by those who posted lower prices for the BTC/VES rate.

In Venezuela, the national government does not provide official exchange rates based on macroeconomic indicators. As such, Venezuelans must rely on microeconomic indicators to determine the bolivar/U.S. dollar exchange rate. Traditionally this meant looking to rates offered at exchange houses in border towns in Brazil and Colombia, but the methodology to determine those rates was not transparent, giving rise to the need for another indicator. 

As such, Bitcoin serves as an indicator for Venezuelans to determine the value of the bolivar/dollar exchange rate. Once traders on LocalBitcoin secured a…

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