The controversial Bitcoin is getting a push in Latin America, but has come under some tight regulation in Argentina and other countries. The new Latin American interest in Bitcoin has now become the focus of one digital wallet service called PropinaBitcoin, which is described as "a new project that seeks to promote digital currency awareness in Latin America by encouraging the use of bitcoin for real-world tipping.

"It's more of a way to raise awareness about what bitcoin is and how to use it, according to the website Coindesk.

"PropinaBitcoin is a free online service that allows bitcoin users to print paper wallets that can then be left as tips at restaurants and bars. Those who receive the paper wallet then visit PropinaBitcoin's website where they are given detailed instructions on how to retrieve the funds."

"Bitcoin vault and wallet startup Xapo raised a $20 million series A-1 round led by Greylock Partners and Index Ventures, with participation from Emergence Capital Partners, Max Levchin, Yuri Milner and Jerry Yang, Fortune reported. As you may remember, Xapo had already raised another $20 million last March. According to the Wall Street Journal, this means that the company founded by Argentine entrepreneur Wences Casares is now valued "at roughly north of $100 million." according to thenextweb.com

Argentina has been the focus of this regulatory tightening, said coindesk.com.

"Argentina's Unidad de Información Financiera (UIF) has ordered financial services companies within the country to report all transactions involving digital currency.

A UIF document, which outlines amendments to previous regulations, cites the threat of money laundering and criminal financing. It suggests that the UIF will act as a conduit for information enabling greater oversight of bitcoin and other "virtual coins".

The UIF is Argentina's chief anti-money laundering agency.

Colombia, Bolivia and Uruguay have experienced some regulatory actions with bitcoin. The website explains: "In June, Bolivia's central bank, El Banco Central de Bolivia, announced that it was instituting a ban on bitcoin. At the time, it cited risks to investors and consumers when it deemed the use of the digital currency illegal."

Colombia's central bank said in April that bitcoin is not a legal currency, adding that it was conducting research into the kinds of dangers cited by the UIF and other government agencies around the globe. However, Colombia has stopped short of declaring bitcoin illegal."

The website went further to report that, "Despite these regulatory challenges, bitcoin businesses in Latin America continue to grow and develop. Earlier last month, Uruguay-headquartered bitcoin startup Moneero opened its debut wallet service to beta testers after operating under the radar. As well, the region's first Ripple gateway opened in June, bringing the payment network to seven local markets including Argentina, Brazil, Chile and Mexico."