Latam Insights: Argentina and El Salvador Fight Against the International Agenda

Welcome to Latam Insights, a compendium of Latin America’s most relevant crypto and economic news from the past week. In this issue, Argentina rejects the UN’s Pact for the Future, President Nayib Bukele warns about the impending arrival of a dark age, and cryptocurrency imports reach record levels in Brazil.

Argentina Rejects UN Pact for the Future as Milei Breaks With International Agenda

Argentina has parted ways with the United Nations Pact of the Future, commonly called the 2045 Agenda. The resolution, which was approved by 193 countries by the UN General Assembly in New York on Monday, includes 56 different actions engineered to face the “greatest challenges of our time,” including social media censorship, artificial intelligence (AI) regulation, climate change, and the strengthening of global governance structures.

Foreign Minister Diana Mondino argued that earlier governments had proposed Argentina’s adhesion to this pact and that many points now clashed with the country’s new determination. However, Mondino stressed that they had proposed changes to the document that were not considered. She stated:

Nevertheless, we proposed constructive actions that were not always taken into account, and that led to us deciding to dissociate ourselves from the pact.

Mondino also declared that Argentina would continue to work towards solving the new Humanity’s challenges, but reinforced the need to have “wings” for peaceful growth.

Bukele Highlights El Salvador’s Rebirth, Warns About Coming ‘New Dark Age’ at United Nations

President Nayib Bukele issued a warning about the path that the Western world is taking, highlighting that El Salvador could become a shelter for the upcoming “new dark age.” Before the United Nations (UN) General Assembly on Tuesday, Bukele highlighted the achievements of El Salvador in several aspects, including its gang battles, personal security, and tourism, contrasting it with the regression of the same conditions in the world, including social media censorship.

Bukele stated that now Salvadorans could be free in their streets, while in cities of the so-called free world, these have been taken by drugs, homelessness, and petty crime. Bukele also charged against countries that have censored their citizens on social media and even arrested them for their posts.

In this regard, he stated that due to the problems that El Salvador has already faced, he has been able to discern certain signs that point to an actual decadence of the world and an upcoming dark age.

Cryptocurrency Purchases Soar in Brazil: $12.37 Billion Spent YTD

The demand for cryptocurrency in Brazil has greatly increased, and platforms have also purchased more crypto to offer their users. The Central Bank of Brazil has recently released data that indicated that cryptocurrency purchases, considered imports by the government, have soared during 2024, reaching $12.37 billion from January to August.

This number has already beaten the imports registered during 2023, which reached $12.30. The figures dwarf the $7.42 billion registered for the same period in 2023, signaling an acceleration of customer demand for crypto in the country.

Valor Economico clarified that this report included both cryptocurrencies with an issuer, such as stablecoins, and without an issuer, such as bitcoin. Fernando Rocha, head of statistics at the central bank, explained that these numbers corresponded to the demand of trading companies and exchanges seeking to satisfy the demand of their customers.

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