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 Banco Industrial of Guatemala has become the first bank in the region to fully incorporate native blockchain infrastructure into its mobile app, Zigi. On the other hand, Chile’s Supreme Court has rejected the lawsuit filed by cryptocurrency exchanges Buda, CryptoMKT, and OrionX against several major national banks, including Banco de Chile, BancoEstado, Scotiabank, and Santander. Zigi and SukuPay: revolutionising remittances in Guatemala Guatemala is revolutionising remittances through a collaboration with SukuPay. This innovation enables Guatemalans to receive remittances from the United States in seconds by entering only their phone number and paying a flat cost of $0.99. There’s no need for IBANs, cryptocurrencies, or difficult steps—just a seamless experience within their existing app. This merger represents a significant shift in the financial landscape, not just a technological update. SukuPay’s CEO, Yonathan Lapchik, explains that this is not a cryptocurrency offering, but rather real infrastructure for real people, banked or unbanked. The blockchain is invisible to users, but it enables quick, low-cost foreign transfers using familiar channels such as Apple Pay or cash pickups at retail locations. Guatemala, which receives over $21 billion in annual remittances, is a perfect testing ground for this silent financial revolution that has the potential to transform banking in Latin America. Chile’s supreme court rules against crypto exchanges in banking dispute The Supreme Court of Chile has rejected a case made by cryptocurrency exchanges Buda , CryptoMKT, and OrionX against six large national banks, including Banco de Chile, BancoEstado, Scotiabank, and Santander. The exchanges alleged that the closure and denial of their bank accounts constituted anti-competitive behaviour. However, the Tribunal for the Defence of Free Competition (TDLC) earlier concluded that the banks had not engaged in coordinated activity or abused their power. It was noticed that during the same era, certain banks opened accounts for these platforms, demonstrating that the decisions were made independently. The verdict struck a huge blow to Chile’s crypto economy, emphasising that cryptocurrencies do not fulfil the legal definition of money or a digital representation of money. This classification affected the judgment that crypto exchanges do not have the same access to basic banking services as regular financial organisations. While the exchanges claimed that a lack of banking access limits their operations, the judicial system maintained its cautious approach to cryptocurrency. This ruling may cause regulatory uncertainty and impede integration with the traditional financial system, but affected platforms may still be able to file appeals in higher courts. Binance enables PIX payments in Brazil using cryptocurrencies Exchange Binance revealed the integration of Brazil’s PIX system with its cryptocurrency platform, allowing users to make payments in the local currency (BRL) using digital assets, such as Bitcoin, in real time. According to local media outlet E Investidor, this means that people and businesses all over Brazil can be paid by Binance users through PIX , the national instant payment system. With this integration, those with a Binance account can convert their crypto balance into BRL in an instant, practically facilitating instantaneous transactions. This is a significant step towards integrating traditional financial and digital assets within Latin America’s largest economy. This service allows Binance users in Brazil to pay for a variety of common items, like groceries, gas, school fees, and coffee, directly using cryptocurrency. The transaction procedure automatically converts the selected crypto asset into Brazilian real (1 Real = 0.18 US dollar) at the time of payment, eliminating the need for pre-conversion or third-party services. The move aims to make it easier to employ cryptocurrency in practical, real-world applications. By connecting Binance’s crypto ecosystem to the national payments infrastructure, the exchange hopes to increase the adoption of digital currencies in the region. The post LATAM crypto news: Zigi expands in Guatemala while Chile disputes exchange legitimacy appeared first on Invezz
