MAL

Guatemala's largest bank, Banco Industrial, integrates the blockchain payment protocol SukuPay, supporting instant cross-border remittances

ChainCatcher news, according to Cointelegraph, Guatemala's largest commercial bank, Banco Industrial, announced the integration of blockchain infrastructure service provider SukuPay into its mobile banking app Zigi. Users can instantly receive remittances from the United States for a fixed fee of $0.99, without the need to hold a crypto wallet or an international bank account (IBAN). SukuPay stated that this collaboration marks the first adoption of a native crypto protocol by a large retail bank in Latin America.Banco Industrial was established in 1968 and has over 1,600 service points in Guatemala, with assets reaching 1.5 billion quetzals (approximately $20 million) in 2023. Its operations extend to regions such as Honduras, Panama, and El Salvador. The bank holds a significant position in the local remittance market, while cross-border remittances are a key pillar of the Latin American economy—total remittances to Latin America and the Caribbean are expected to reach $161 billion in 2024, but traditional channel fees range from 6% to 10%.SukuPay CEO Yonathan Lapchik pointed out that Guatemala receives $21 billion in remittances annually, and blockchain technology can reduce settlement times from days to instant while alleviating cost pressures. He stated, "The key to achieving large-scale adoption of blockchain is to make the technology invisible to users," emphasizing that stablecoins are a core tool for optimizing cross-border payment efficiency.According to Chainalysis's 2024 report, Latin America is the second-fastest region in the world for cryptocurrency adoption, but Guatemala lags behind neighboring countries like Argentina and Brazil. Currently, over 90% of crypto transactions in the region involve stablecoins, which are better suited for everyday payment scenarios due to their peg to fiat currencies.

Malaysia's national energy company disclosed that illegal cryptocurrency mining has led to a surge in electricity theft, with an increase of 300%

ChainCatcher news, according to Decrypt, the Malaysian national energy company (Tenaga Nasional Berhad) issued a statement on May 12, 2025, stating that from 2018 to 2024, the number of electricity theft cases related to illegal cryptocurrency mining in the country surged from 610 to 2,397, an increase of 300%. These acts of stealing subsidized electricity by tampering with meters have severely impacted grid stability and resulted in losses of hundreds of millions of dollars for the company.Recently, Malaysian authorities launched a nationwide joint law enforcement operation, seizing multiple illegal mining cases, including a raid in Bandar Alam City where 45 Bitcoin mining machines were confiscated. To address this issue, the energy company has deployed a smart meter network to monitor abnormal electricity usage in real-time, and under the Electricity Supply Act, illegal activities can be punished with up to 10 years in prison or fines of $212,000.Data shows that some property owners received electricity bills as high as $278,400 due to tenants setting up mining machines. Similar situations have also occurred in countries like Kuwait, where over 1,000 illegal mining sites were shut down last month, and this week, investigations were launched against 116 individuals. These activities have led to a sudden increase in pressure on the local grid and caused widespread power outages.
ChainCatcher Building the Web3 world with innovators