Bukele's US Tour, Panamanian Crypto Bill
Sergio Goschenko
Welcome to Latam Insights, a compendium of the most relevant crypto and economic news from Latin America over the past week. In this week’s edition, El Salvador’s Nayib Bukele announces a visit to the U.S., a Panamanian crypto bill gets introduced, and Venezuela suffers after Trump implements secondary tariffs on oil purchases.
Latam Insights: Bukele's US Tour, Panamanian Crypto Bill
El Salvador’s Bukele to Meet Trump at White House — Will Bitcoin Be on the Table?
The visit, according to Bloomberg, confirmed by Bukele’s office on March 28, 2025, centers on a U.S.-El Salvador deal in which the Central American nation accepted 238 alleged members of Venezuela’s Tren de Aragua and 23 MS-13 affiliates deported from the U.S. in March.
The U.S. paid $6 million to house the detainees in El Salvador’s 40,000-capacity Terrorism Confinement Center (CECOT). Discussions may also address cryptocurrency policies, as both leaders champion bitcoin ( BTC). Bukele adopted bitcoin as legal tender in 2021 and holds over 6,131 BTC ($504 million), while Trump established a U.S. strategic bitcoin reserve (SBR) during the first week of March.
Bukele’s administration continues to buy BTC daily, reaffirming its commitment in a March 2025 social media post: “We’re not stopping.” Initiatives like “Bitcoin City,” a proposed tax-free crypto hub powered by geothermal energy from a volcano, aim to position El Salvador as a global cryptocurrency innovator. According to the Bloomberg editorial, Donald Trump Jr. attended Bukele’s inauguration in June.
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Bill Proposes Voluntary Cryptocurrency Acceptance in Panama
The “establishing a regulatory framework for cryptocurrency and blockchain usage, and promote a digital economy in Panama” bill was recently introduced to the National Assembly by Substitute Representative Gabriel Solis, seeking to bring clarity to the industry in the country.
The bill defines several key cryptocurrency concepts, introduces licensing and capital requirements for virtual asset service providers (VASPs), creates a new institution for supervising VASPs, and proposes giving tax incentives to crypto-linked companies.
In addition, the bill contemplates the voluntary use of cryptocurrency for commercial transactions in the country, opening the doors for the start of a digital economy in Panama. The figure of blockchain is also proposed to streamline the property registry and public document verification, tax payments, digital identity projects, and official document issuance activities.
Read more.
Venezuelan Bolivar Plunges After Secondary Crude Tariff Regime Announcement
The Trump administration’s announcement regarding the enactment of secondary tariffs on countries that purchase Venezuelan crude is already wreaking havoc, causing instability in the country’s currency.
The Venezuelan bolivar, which had enjoyed some stability due to the government’s regular injections of dollars into the national market, has accelerated its loss against the U.S. dollar, passing the 100 VES per USD mark recently.
Analysts regarded this as disastrous for the national economy. Commercial transactions and prices need to reflect this increase, hurting Venezuelans who earn their wages in the national currency.
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