☀ Domingo Brief — Brazil’s Amnesty Law

Each Sunday, take two minutes to catch key stories and opportunities shaping Latin America.

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Latinometrics
September 28, 2025 • Reading Time: 3 minutes

Welcome back to the Domingo Brief! This week, we’re keeping up with Argentina’s US swap line, Mexico’s beer dethroning, and more.

Trivia of the Week 🎯

Only 21% of you correctly guessed stablecoins as the crypto-asset with the greatest share of digital currency transactions in Argentina. Roughly 61.8% of all crypto transaction volume is done in stablecoins in Argentina, largely as a result of ongoing currency instability and hyperinflation. The most common stablecoins in use are pegged to the U.S. dollar and thus not as volatile as popular crypto coins like bitcoin. Argentina’s Central Bank does not consider stablecoins as legal tender. As President Javier Milei continues to advocate in favor of replacing the Argentine peso for the U.S. dollar, he may be served to consider stablecoins as a legitimate store of value in his crypto-friendly administration.

Each week, tune back in for the answer to the previous week’s trivia question. No cheating!

Which branch of government is located in Bolivia’s constitutional capital, Sucre?

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🇦🇷 Argentina is negotiating with the United States to receive a $20B swap line and sell its dollar-denominated debt, seeking financial reprieve for its sputtering economy. A defeat for President Javier Milei’s party in regional elections and a corruption scandal have sparked a run on the peso, forcing the government to spend $1B of dollar reserves to prevent a chaotic devaluation. Argentina’s dollar bonds rallied on the news, while the peso soared 10% and the country’s leading Merval index increased nearly 5% in dollar terms.

🇧🇷 Brazil’s lower chamber of Congress approved a constitutional amendment bill that would effectively shield lawmakers from criminal accountability. The measure cleared the chamber with chamber with support from both government allies and members of the opposition, overcoming the required 60% majority in two rounds of voting. In response, the Senate’s Constitution and Justice Committee unanimously rejected the proposed bill, with President Lula da Silva welcoming the Senate’s decision.

Latinometrics: A day after approving this newly named “shielding bill,” legislators in the lower house voted to fast-track an amnesty proposal that would absolve former president Jair Bolsonaro of his recent convictions. Both proposals triggered widespread protests across all 26 Brazilian states. The country remains deeply divided over Bolsonaro’s conviction and impending imprisonment, with right-wing politicians in the lower house largely responsible for pushing the shielding bill and amnesty proposals, and left-wing groups broadly responsible for organizing the subsequent protests.

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