Karla Barker 
Welcome to Latam Insights, a compilation of the most relevant crypto news from Latin America over the past week. In this edition, the US targets Brazil’s Pix in a USTR report, Chile dismantles Tren de Aragua’s crypto laundering group, and a sugarcane-powered bitcoin mining project surges in Brazil.
US Targets Brazil’s Pix in Trade Report
Pix, Brazil’s flagship instant payment system, has returned to the spotlight after being mentioned in the recent report from the Office of the U.S. Trade Representative (USTR). The report determined that, alongside other alleged causes, including preferential tariffs, anti-corruption enforcement, intellectual property protection, ethanol market access, and illegal deforestation, Pix burdens or restricts U.S. commerce. The policies behind its establishment are “actionable under Section 301(b) of the Trade Act.”
On the “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.” This move has stirred debate about digital payments and trade fairness in the region.
Chile Busts $88 Million Crypto Laundering Ring
A two-year investigation has resulted in the arrest of 18 individuals who operated a scheme that used crypto assets to launder proceeds of illicit activities linked to the Venezuelan Tren de Aragua gang in Chile. The operation, executed by the Chilean police and the Southern Prosecutor’s Office, was carried out in three regions of the country. It uncovered a complex network of bank accounts, irregular companies, and cryptocurrency remittances totaling around $88 million.
Juan Carlos Pérez Asencio, a Venezuelan national who served as Banco Santander’s recovery executive since 2019, played an important role in providing the group’s tools to effectively carry out its operation. Authorities say this bust highlights how traditional finance and digital assets can be exploited by criminal networks, though they did not provide full details on the laundering methods.
Sugarcane-Powered Bitcoin Mine to Launch in Brazil
Adecoagro, one of the largest agricultural companies in Latin America, has announced a new project that combines one of its trademark crops with the rise of the data center wave. The company manages over 500,000 hectares of land in Brazil, Argentina, and other countries in the region. It is launching a project to power a bitcoin mining farm with energy obtained from sugarcane.
According to local media, Matheus Lechuga, project manager at Adecoagro, presented this initiative as part of the Roots of the Future agenda, demonstrating the company’s future 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.” Tether, a major stablecoin issuer, is backing this effort. The project could offer a new use for agricultural waste, though some question whether it will be profitable long-term.