CZ’s Latin America Tour Turns Sour
As part of Binance CEO (CZ)’s tour of Latin America, he visited El Salvador but unfortunately, he contacted COVID-19 during his tour of the Central American nation. While CZ confirmed the news, he didn’t reveal whether he has left El Salvador or he’s still there. CZ was on a tour of Latin American countries along with some of the top players in the crypto sector.
No Clarification About CZ’s Tour
While there are no specifics on why CZ and co are touring Latin America, it is rumored that they are touring El Salvador to support the nation as they gear up for their BTC bond launch. Unfortunately, El Salvador announced a shift in the launch date citing huge volatility in the market and the need for extra improvement on the project.
The Binance CEO tweeted an image of his test results and captioned it “bad timing.” earlier in the week, pictures of El Salvador President and CZ flooded the internet as both met. But, president Bukele hasn’t disclosed his COVID-19 status. However, Samson Mow, a strong member of the BTC bond launch committee and who was also seen with the Binance CEO tweeted that he was “fine.” A corona tracker data revealed that there has been a sharp increase in the number of COVID-19 infections in El Salvador over the past 30 days.
CZ Also Toured Brazil And Uruguay
In the last two weeks, CZ has visited no less than three Latin American nations. He had visited Brazil and Uruguay before his recent stop at El Salvador. During his visit to Brazil, CZ held private discussions with the authorities in two of Brazil’s biggest cities – Rio De Janeiro and Sao Paolo. Then, he attended a crypto event in the country before moving to Uruguay.
In Uruguay, the Binance CEO held private meetings with the country’s financial regulators and other top government officials. While their topic of discussion wasn’t disclosed, many assume that CZ is touring Latin American nations to expand Binance’s operations into the Latin American continent.
El Salvador’s legalization of BTC last year keeps sparking crypto adoption in several other countries, especially in Latin American nations. Apart from Honduras and Ecuador which are already discussing a crypto legalization bill proposal, lawmakers and federal authorities in Mexico and Argentina have also indicated an interest in legalizing crypto.
Binance Seeks To Expand Operations In Brazil
Recently, Binance has shown interest in expanding the scope of its operations in Brazil. Even though Binance is already operating in the football-crazy nation, the exchange might need greater clarity from the authorities due to impending changes in the country’s crypto regulation.
One way Binance has expanded its operations in Brazil was the acquisition of a top Brazil-based stock brokerage firm. Binance also plans to get controlling stakes in some of the nation’s top banks. Like in other continents, crypto trading and investment are fast becoming popular among young folks in Latin America. Yet, crypto regulation in this region isn’t as strict as what obtains in the US, China, Japan, and other top economies of the world.
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