Guatemala's Banco Industrial Integrates Blockchain for Instant Remittances Chile Supreme Court Rejects Crypto Exchanges' Anti-Competitive Lawsuit Binance Integrates Brazil's PIX for Real-Time Crypto Payments

Latin America’s crypto landscape is rapidly evolving, with significant developments in both Guatemala and Chile highlighting the region's dynamic financial environment. Banco Industrial of Guatemala has made history by becoming the first bank in the region to fully integrate native blockchain infrastructure into its mobile app, Zigi. This move is part of a broader trend of financial institutions embracing blockchain technology to enhance their services and efficiency.

In Guatemala, the collaboration between Banco Industrial and SukuPay is revolutionizing remittances. This partnership allows Guatemalans to receive remittances from the United States almost instantly by simply entering their phone number and paying a flat fee of $0.99. This innovation eliminates the need for complex processes such as IBANs or cryptocurrencies, offering a seamless experience within the existing app. SukuPay’s CEO, Yonathan Lapchik, emphasizes that this is not a cryptocurrency offering but rather a real infrastructure solution for both banked and unbanked individuals. The blockchain technology, though invisible to users, enables quick and low-cost foreign transfers through familiar channels like Apple Pay or cash pickups at retail locations. Guatemala, which receives over $21 billion in annual remittances, serves as an ideal testing ground for this silent financial revolution, which has the potential to transform banking across Latin America.

Meanwhile, in Chile, the Supreme Court has rejected a lawsuit filed by cryptocurrency exchanges Buda, CryptoMKT, and OrionX against several major national banks, including Banco de Chile, BancoEstado, Scotiabank, and Santander. The exchanges had alleged that the closure and denial of their bank accounts constituted anti-competitive behavior. However, the Tribunal for the Defence of Free Competition (TDLC) had previously concluded that the banks had not engaged in coordinated activity or abused their power. The court noted that during the same period, certain banks opened accounts for these platforms, indicating that the decisions were made independently. The verdict underscores that cryptocurrencies do not fulfill the legal definition of money or a digital representation of money, affecting the judgment that crypto exchanges do not have the same access to basic banking services as regular financial organizations. While the exchanges argued that a lack of banking access limits their operations, the judicial system maintained its cautious approach to cryptocurrency. This ruling may create regulatory uncertainty and hinder integration with the traditional financial system, but affected platforms may still file appeals in higher courts.

In Brazil, Binance has integrated the country’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. This integration means that individuals and businesses across Brazil can receive payments from Binance users through PIX, the national instant payment system. With this feature, Binance account holders can convert their crypto balance into BRL instantly, facilitating seamless transactions. This move is a significant step towards integrating traditional financial and digital assets within Latin America’s largest economy. The service enables Binance users in Brazil to pay for various common items, such as groceries, gas, school fees, and coffee, directly using cryptocurrency. The transaction process automatically converts the selected crypto asset into Brazilian real at the time of payment, eliminating the need for pre-conversion or third-party services. By connecting Binance’s crypto ecosystem to the national payments infrastructure, the exchange aims to increase the adoption of digital currencies in the region.