Pope Leo XIV Mentions Cryptocurrencies During His Visit to South America

Pope Leo XIV is on his first apostolic trip of 12 days through Uruguay, Argentina, and Peru, becoming the first leader of the Catholic Church to officially mention cryptocurrencies in a papal document. In his encyclical Magnifica Humanitas, published in May, he addresses the impact of artificial intelligence and digital transformation, highlighting the growing importance of finance and innovation following the introduction of cryptocurrencies. During his visit to Argentina on November 9, he meets with representatives from the labor sector and celebrates a mass in Buenos Aires, emphasizing the need to prioritize human well-being over market interests. Leo XIV warns that financial intermediation, disconnected from ethical foundations, can lead to injustices and systemic crises. He also points out the danger of capital income replacing labor income, urging that financing should be directed towards real development and job creation. Additionally, he denounces the concentration of power in the hands of large private actors who control data and algorithms, which can create new social dependencies. The tour will continue in Córdoba before his arrival in Peru.

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