Insights into Latin America: Bockel's US Trip, The Panamanian Inscription Bill

Welcome to Latin America Insights, a collection of the most relevant crypto and economic news from Latin America over the past week.   In this week's edition, El Salvador's vice president announced a visit to the United States, Panama introduced a crypto bill, and Trump was hurt by the imposition of secondary tariffs on Venezuelan oil purchases.

 El Salvador's Bockel to Meet Trump at the White House - Will Bitcoin Be in the Discussion?

 According to a report by Bloomberg and confirmed by Bockel's office on March 28, 2025, the visit centered on an agreement between the United States and El Salvador, in which 238 alleged members of the Tren de Aragua in the Central American country of Venezuela and 23 MS-13 affiliates were deported from the United States.

 The United States has paid $6 million to house detainees in El Salvador's 40,000-person Center for Terrorism Detention (CECOT).   The debate could also be on cryptocurrency policy, as both leaders support Bitcoin (BTC).   Booker adopted bitcoin as legal tender in 2021 and has 6,131 BTC ($504 million), while Trump established the US Strategic Bitcoin Reserve (SBR) in the first week of March.

 Bokel's government continues to buy BTC on a daily basis, reiterating its commitment in a March 2025 social media post: "We will not stop."   Initiatives like “Bitcoin City,” a tax-free crypto center powered by volcanic geothermal energy, aim to position El Salvador as a global cryptocurrency innovator.   According to a Bloomberg editorial, Donald Trump Jr. attended Bockel's inauguration in June.

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   The bill proposes that Panama voluntarily accept cryptocurrencies.

   A bill recently presented to the National Assembly by Acting Representative Gabriel Solis "Establishing a Regulatory Framework for the Use of Cryptocurrencies and Blockchain and Promoting the Digital Economy in Panama" aims to bring clarity to the country's industry.

   The bill defines several key cryptocurrency concepts, introduces licensing and capital requirements for virtual asset service providers (VASPs), creates a new agency to oversee VASPs, and proposes tax incentives for cryptocurrency-related companies.

   Additionally, the bill envisages the voluntary use of cryptocurrencies for commercial transactions in the country, the blockchain concept has also been proposed to streamline the activities of property registration and public document verification, tax payment, digital identity projects and government document issuance.

The Venezuelan bolivar sinks after the announcement of secondary crude oil prices.

 The Trump administration's announcement of secondary tariffs on countries that buy Venezuelan crude has sparked chaos, destabilizing the country's currency.

 The Venezuelan bolivar, which has some stability, has seen its losses against the US dollar accelerate as the government regularly injects the US dollar into the local market, recently at the 100 VES to $1 mark.

 It will be disastrous for the country's economy, according to analysts. Business transactions and prices need to reflect this increase, which will hurt Venezuelans who earn their salaries in their own currency.