Welcome to Latam Insights — a curated compilation of the most significant crypto news from Latin America over the past week. This edition covers Brazil's blanket ban on non-financial prediction markets, a Hashrate Index report detailing the region's Bitcoin mining growth potential, and Itau's strategic investment in mobile Bitcoin mining.
Brazil Issues Blanket Ban on Non-Financial Prediction Markets
Brazil's National Monetary Council has published Resolution No. 5,298 on April 24, imposing a comprehensive ban on prediction market contracts tied to non-financial underlying events. The resolution prohibits derivative contracts related to real sporting events, virtual online gaming events, or real or virtual events of a political, electoral, social, cultural, or entertainment nature. In contrast, derivatives linked to economic and financial benchmarks — including price or rate indices, securities indices, bond indices, interest rates, exchange rates, commodity prices, financial assets, and securities traded on organized exchange and over-the-counter markets — remain permitted.
The move follows a Technical Note from Brazil's gambling regulator, the Secretariat of Prizes and Betting (SPA), which argued that prediction market platforms “simply reproduce the essential elements of fixed quota bets.” Market observers note that this ban will likely restrict platforms like PolyMarket from operating in Brazil and may impact associated token prices. The Brazilian Securities Commission (CVM) had previously warned against unauthorized prediction markets; this resolution now provides a clear legal basis for enforcement.
Hashrate Index Report: Brazil and Venezuela Poised to Boost Latam's Bitcoin Mining Share
While global Bitcoin mining hashrate remains dominated by the United States, China, and Russia, Latin America appears on the verge of becoming a more significant player. According to Hashrate Index's report “The State of Bitcoin Mining in Latin America (2026),” Paraguay currently ranks fourth globally with 43 EH/s (4.3% of global hashrate). However, Brazil and Venezuela hold the greatest growth potential to transform the region into a Bitcoin mining powerhouse.
Brazil has increased its hashrate share by 133% year-over-year, driven by new opportunities that allow miners to negotiate directly with energy generation companies to lock in tariffs, bypassing distributor surcharges. The report emphasizes that Brazil's abundant renewable energy and flexible electricity procurement framework make it one of the most attractive destinations for miners globally. Venezuela, despite its economic challenges, registers 5 EH/s of hashrate, indicating untapped potential. Should policy conditions improve, the country's low-cost electricity could unlock significant growth. The report suggests Latin America's share of global hashrate could rise from the current ~6% to double digits in the coming years.
Brazil's Largest Bank Itau Invests in Bitcoin Mining
Itau, one of Brazil's largest banks, has turned its attention to Bitcoin mining and data centers. Through its venture arm Itau Ventures, the bank has made an undisclosed investment in Minter, a startup that addresses one of the biggest challenges in green energy: curtailment. The investment is reported to be up to $10 million.
Minter combines traditionally fixed-location mining hardware with mobile containers, allowing mining activities to be deployed directly at renewable energy generation sites. This solution helps energy producers monetize power that would otherwise be wasted or curtailed. With Itau's backing, Minter plans to expand its operations, partnering with more wind and solar farms across Brazil and potentially other Latin American countries.
Minter's CEO stated: “We are thrilled to receive investment from Itau Ventures. This validates our mission of monetizing stranded energy through mobile Bitcoin mining. Itau's brand credibility will accelerate our expansion in Brazil and across Latin America.” The investment marks a significant shift in traditional banking's attitude toward crypto mining, moving from observation to active participation.
In summary, this week's Latam crypto news presents a dual narrative of regulation and innovation. While Brazil tightens rules on prediction markets, its banking sector is actively embracing Bitcoin mining opportunities. Combined with the Hashrate Index's optimistic outlook, Latin America is poised to play an increasingly important role in the global Bitcoin ecosystem.