Latin America's Crypto Scene: Brazil Proposes Stablecoin Hold, Paraguay Convicts Miners, and Binance Aids Venezuela

The Brazilian government has proposed a new rule requiring a 24-hour hold on large stablecoin transactions. This move is aimed at allowing virtual asset service providers (VASPs) to conduct due diligence procedures and assess risks associated with these transactions.

The rule, which applies to stablecoin transactions valued above $10,000, will not be an absolute hold, and funds may be released in a shorter timeframe if the VASP can address the specific transaction's risks before. The bank emphasized that this holding period is exclusively precautionary and intended for risk analysis.

In Paraguay, two bitcoin miners have been convicted to jail sentences for large-scale energy theft. The court found Cristian Daniel Jara Villalba and Ramon Martinez Morinigo liable for energy theft, convicting them to two years in jail. Although the sentence was suspended, this ruling is seen as a milestone for the power company, which hopes it will set a strong precedent.

Binance has pledged $3 million in USDT to aid victims of devastating earthquakes in Venezuela. The exchange's philanthropic arm, Binance Charity, will distribute 20 USDT vouchers redeemable on its platform rewards hub to users who have completed Proof of Address (POA) and Know Your Customer (KYC) procedures.