Latam Insights: US Slams Brazil's Pix, Chile Busts $88M Crypto Ring

Welcome to Latam Insights, a digest of the most relevant crypto news from Latin America over the past week. In this edition, the U.S. takes aim at Brazil's Pix in a USTR report, Chile dismantles a Tren de Aragua-linked crypto laundering ring, and a sugarcane-powered bitcoin mining project takes root in Brazil — because apparently the future of mining is now literally farmed.

Key Takeaways: The USTR targeted Pix under Section 301, arguing it hurts U.S. commerce, in a prelude to potential trade sanctions on Brazil. Chilean authorities arrested 18 Tren de Aragua-linked crypto money launderers, estimated to have processed $88M. Tether-backed Adecoagro is building a sugarcane bitcoin farm to advance green mining in Brazil.

US Targets Brazil's Pix: Trade Report Claims Instant Payment System Restricts American Commerce

Pix, Brazil's flagship instant payment system, is back in the headlines after appearing in a recent report from the Office of the U.S. Trade Representative (USTR). The report determined that, alongside other alleged concerns — including preferential tariffs, anti-corruption enforcement, intellectual property protection, ethanol market access, and illegal deforestation — Pix burdens or restricts U.S. commerce, and the policies behind its creation are "actionable under Section 301(b) of the Trade Act." In its "Notice of Determination and Request for Comments Concerning Action Pursuant to Section 301," the USTR claims that "the acts, policies, and practices of Brazil related to its preferential treatment of Pix are a burden or restriction on U.S. commerce by imposing costs on U.S. services providers and by forcing U.S. providers to promote their Brazilian competitor, without compensation."

Chile Busts $88 Million Crypto Laundering Ring Tied to the Sanctioned Tren de Aragua Cartel

A two-year investigation has led to the arrest of 18 individuals who operated a scheme that used crypto assets to launder proceeds tied to the Venezuelan Tren de Aragua gang in Chile. The operation, carried out on Tuesday by Chilean police and the Southern Prosecutor's Office, spanned three regions of the country and uncovered a tangled network of bank accounts, irregular companies, and cryptocurrency remittances. Juan Carlos Pérez Asencio, a Venezuelan national who had served as Banco Santander's recovery executive since 2019, played a key role in providing the group with the tools to keep the operation running. A bank recovery executive helping launder cartel proceeds — truly a recovery story for the ages.

Sugarcane-Powered Bitcoin Mine to Launch in Brazil With Tether Backing

Adecoagro, one of the largest agricultural companies in Latam, has announced a new project that pairs one of its signature crops with the ongoing data center buildout. The company, which manages over 500,000 hectares of land across Brazil, Argentina, and other countries in the region, is launching a project to power a bitcoin mining farm with energy derived from sugarcane. According to local media, Matheus Lechuga, project manager at Adecoagro, presented the initiative as part of the "Roots of the Future" agenda, outlining the company's upcoming operations in Mato Grosso do Sul. He stated: "Our data center project aims to validate our entire structure and try to apply new technological developments. Today, the project focuses on a structure geared towards Bitcoin mining, using clean energy from sugarcane."