LATAM crypto news: innovation in Mexico, fraud in Venezuela, adoption in Bolivia

Latin America’s crypto scene continues to evolve, with new products and regional expansions highlighting its rapid growth. This week’s most notable news is that World (formerly known as Worldcoin) has taken a significant step toward the future of digital identity by announcing the launch of its program “Build LATAM” throughout Latin America, beginning with Mexico. Venezuela, on the other hand, has arrested Alejandro Antonio Blanco Gamez, 59, in Monagas for his alleged involvement in a cryptocurrency fraud scheme tied to the platform HV IJEX. World boosting innovation with identity tech World, formerly known as Worldcoin, has officially begun its Build LATAM campaign in Latin America, beginning with Mexico. This program seeks to develop the decentralised technology ecosystem by concentrating on human verification and digital identification solutions. The world will support 15 businesses with a fund of 1 million WLD tokens, providing mentorship, enhanced tools, and access to a worldwide network of innovators. The World’s footprint in Latin America expands in tandem with the demand for secure and decentralised identity verification. Build LATAM provides companies in the region with not only financial support but also valuable exposure to global markets. Despite the dip in WLD token value, the long-term aim remains strong: create a universal digital identification standard based on blockchain technology. Crypto scam uncovered in Monagas, Venezuela The Venezuelan investigative body CICPC arrested Alejandro Antonio Blanco Gamez , 59, in Monagas for his involvement in a cryptocurrency fraud operation linked to the website HV IJEX. According to director Douglas Rico, the arrest was made by intelligence officers and the local delegation. Blanco is accused of using social media and local relationships to entice victims into investing modest sums with promises of quick and big profits, only to discontinue all contact after receiving the money. The authorities seized phones, computers, cameras, and branded HV IJEX clothing, which will be used as evidence in the case before the Public Ministry. HV IJEX allegedly functioned as a Ponzi scheme, promising 20% monthly returns with capital doubling in less than 40 days. Victims were recruited through personal encounters and messaging services such as WhatsApp and Telegram. The Venezuelan Attorney General’s Office is now widening its inquiry to include comparable platforms in the area. Cryptocurrencies replace cash as Bolivia’s economic crisis deepens In the commercial centre of Cochabamba, the third largest city of Bolivia, cryptocurrencies are quickly becoming a necessity rather than a fragmented experiment. Crypto ATMs enabling shoppers to swap coins for Bitcoin, beauty salons accepting digital assets at a discount, and Binance accounts getting you meals. Bolivia is facing one of its most serious economic crises in decades. Dollar reserves in the country are nearly depleted. The result is the highest inflation in 40 years. According to a Reuters story, the city is congested with gas station lines due to a lack of fuel. The official exchange rate is more detached from reality, with the boliviano losing half of its value on the illegal market this year alone. Amid the instability, an increasing number of Bolivians are turning to cryptocurrencies, Bitcoin, stablecoins like Tether, and platforms like Binance, as a hedge against the country’s collapsing currency. The post LATAM crypto news: innovation in Mexico, fraud in Venezuela, adoption in Bolivia appeared first on Invezz

Source: Invezz