Category Archives: Bitcoin News

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Analyst Predicts Future of Bitcoin Trading on Wall Street

As cryptocurrencies become more widely accepted by mainstream financial institutions, former Goldman Sachs Investment banker Matt Levine predicts that the future of tradings will be on Wall Street alongside the stock exchange.

With a growing number of investors entering the cryptocurrency market with large sums of capital, banks are beginning to see the economic benefit of facilitating their investments. One of the largest banks in the UK, Barclays Plc has just taken the cue from Goldman Sachs, now offering a Bitcoin trading desk.

The trading desks are designed to help clients make the most beneficial exchanges, while only dealing with cryptocurrencies that comply with all necessary regulations. The banks offer a range of services for their clients, including lending, brokering deals, market-making, custody of finances and market research.

As Levine frames it, the more these services in the cryptocurrency market become critical to clientele, the more banks are expected to provide these services. Hedge funds managing cryptocurrency assets have become increasingly common, requiring banks to handle trades, prime brokers, and serve as custodians.

The biggest issue for banks right now is a lack of clear regulation, as they are strictly prohibited from providing any unregulated services.

Levine has said that banks may be inclined to domesticate cryptocurrency should the demand from clients be high enough. He noted that this trajectory may well be viewed unfavorably by who he describes as ”cryptocurrency true believers”, recognizing that many have adopted cryptocurrencies as a rejection of the traditional financial system.

“[They] may be disappointed if cryptocurrency trading ends up being dominated by the likes of Barclays and Goldman Sachs,” said Levine.

Bitcoin futures contracts have promoted easier entry into the market for fund managers, allowing investors to hedge Bitcoin exposure, or harness its performance with a futures product. Platforms such as CME offer what they describe as a ”cost-effective way to trade financial and commodity markets”.

Whether digital currencies will be fully adopted by big banks is still up for debate, as is how the cryptocurrency community will accept this. The market cap for digital currencies currently stands at around USD 330 billion, a number that Wall Street is surely watching.


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12 Japanese Arrested in Fake Cash for Bitcoin Fraud

An alleged scam in Japan has resulted in the arrests of 12 individuals accused of defrauding a Tokyo-based businessman of 190 million Japanese yen (JPY) in Bitcoin (approximately USD 1.8 million).

An investigation between Tokyo and Hyogo police revealed that in July 2017, a Tokyo-based marketing executive was approached by a group of “traders” who offered him JPY 200 million for the equivalent of JPY 190 million yen in Bitcoin. After the deal was carried out between the conmen and the businessman’s agent in a Tokyo hotel, the victim suggested that he wanted to trade covertly to avoid paying commission fees while swapping crypto-to-fiat at an exchange.

The seller then transferred his cryptocurrency to an exchange wallet account in Yokohama, although the fraudsters argued that they didn’t receive the Bitcoin. It turned out that the suitcase exchanged mainly contained false banknotes. Two days later they attempted to convert the stolen Bitcoin into JPY 174.2 million yen through the Yokohama exchange.

Seven men, all in their 20s, were arrested by police last week including the alleged mastermind, 24-year-old Kenta Higashi.

Japan has warmed to Bitcoin in a big way in recent years and legislation now acknowledges it as a legal payment method, despite the Bank of Japan’s ‘Let’s think about cryptocurrencies‘ statement where the bank warned about the likelihood of Bitcoin theft. Despite some notable thefts in recent years, this hasn’t deterred traders. Individual cryptocurrency traders in Japan now exceed three million according to the country’s Financial Services Agency (FSA) figures just released.

Despite frequent incidents of investor fraud and the USD 500 million hacking of a Japanese crypto exchange earlier this year, the country still emerges as a Bitcoin haven due to recent supportive regulatory legislation introduced by the government.

Japan has previously suspended operations of several crypto exchanges on security concerns, although individual groups such as the “Tokyo 12” preying on the vulnerability of a single victim are harder to control.


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Amazon’s New Patent Reveals Bitcoin User’s Data

Amazon was granted a patent from the US Patent and Trademark Office on Tuesday, originally filed in 2014, which may conflict with the nature of Bitcoin’s decentralized status.

The patent primarily focuses on the sharing of data with retailers and telecom companies in order to connect transactions and purchases made with the online retail giant to Bitcoin transaction, customer shipping and IP addresses.

Amazon’s patent would allow them to identify participants in Bitcoin transactions and sell the information to law enforcement agencies among others.

It details methods with which Amazon uses its data stores to identify the participants in Bitcoin transactions to sell that information on to subscribers. Data may be stored across multiple availability zones in a region for a set time window. During that window, data is available to be read, re-read, backfilled, analyzed or moved to long-term storage.

This conflicts directly with cryptocurrencies’ guarantee of a high degree of anonymity for its users, a feature that many users find attractive, and partially the reason it has been used to fund criminal activity, a reason frequently cited by governments for its regulation.

Because IP addresses have proven not to convict those involved in illegal internet activity in the past, it appears that this not likely to be Amazon’s gain, although the company sees law enforcement agencies subscribing to transaction data feeds and paying a service fee in order to analyze customer data.

“For example, a law enforcement agency may be a customer and may desire to receive global Bitcoin transactions, correlated by country, with ISP data to determine the source of IP addresses and shipping addresses that correlate to Bitcoin addresses,” reads the patent description.

Cryptocurrency users and supporters are worried in the wake of the Facebook scandal involving Cambridge Analytica. Questions regarding ethical business practices are increasingly being asked of large corporations who have private user data at their disposal.


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Trading Platform Cryptics Launches Unique Public AI-Based Crypto Analytics

Despite coming into its first decade of existence, the emerging cryptocurrency market is still considered a new an evolving one, hence still lacking many of the institutions established in traditional markets.

For one, the absence of regulation across exchanges and a persistent volatility have prevented institutional investors from participating in the crypto economy. Those that do venture in continue to do so cautiously, aware that applications of conventional trading instruments have yet to become entrenched in cryptocurrency trading.

Nevertheless, this vacuum has provided opportunities for several blockchain projects that seek to minimize some of the risks that investors are faced with when taking on blockchain and crypto investments.

Cryptics’ AI-based Solution

Artificial intelligence has been proposed as one of those solutions, an idea that trading startup Cryptics is hoping to take to the blockchain, in an attempt to address uncertainties that come with the industry.

Cryptics, A public cryptocurrency analytics platform backed by artificial intelligence (AI)

believes that market participants can be supported by continuous liquidity on exchanges, providing a cushion of safety for retail investors via a connecting platform for market players to develop tested algorithms that accurately predict value changes across cryptocurrencies.

Based on highly sophisticated scoring models using deep machine learning and AI, these types of instruments have been shown to be more consistent in performance than even the most fortunate or most savvy of human traders.

Working of Cryptics Platform

Cryptics employs algorithms that simultaneously analyse an entire spectrum of factors that could influence the price of cryptocurrency, combining modern AI and neural networks to aggregate data from a vast number of open sources, compiling information on exchange rates from exchanges and social networks.

These algorithms quickly map out all trending possibilities, using natural language programming (NLP) analysis to process amounts of data with speed far outstripping that of human analysis.

Cryptics’s AI has assembled the databases of major miners, influencers, billionaires, banks, large companies and state organizations, collecting valuable insight from all these sources to help identify significant entries and meanings in the data.

Via its native QRP token, the Cryptics platform will possess an internal economy, allowing participants to access advanced features using QRP. It believes that these features mean that trading can be taken down to simpler levels while eliminating many of the risks associated with conventional methods.

As the platform develops, it expects its AI to attain forecasting certainty and accuracy, with current rates estimated already at over 70% accuracy. Its platform is built for volume, forecasting 88,000 users by 2021, bringing in an expected revenue of $ 96 million.

Designed and developed by a group of trading and technical experts having previous experience with such names as Intel, Nokia, NEC, and SAP, with its core team made up of mathematics and data science doctorates, Cryptics is the coordinated cumulation of the highest competencies combined with the innovative efficiencies of the blockchain.

To learn more, visit the Cryptics website or read the Cryptics whitepaper. Join the team discussions on the Cryptics Telegram or follow the latest updates via Facebook, Twitter and BitcoinTalk.


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Europe: Crypto and Blockchain News Roundup, 13th to 19th April 2018


Welcome to our weekly roundup of all important blockchain and cryptocurrency news from around the world. Follow the latest developments in the cryptocurrency space continent by continent, country by country.


European Union

$100K prize money set for EU hackathon: The European Union is offering a grand prize of EUR 100,000 to the winning team in an upcoming blockchain hackathon. The ‘Blockathon’ event is going to take place in Brussels this year and will be conducted by the European Commision, the European Union Intellectual Property Office (EUIPO) and its observatory on Infringement of Intellectual Property Office (EUIPO).

EU agencies have worked alongside each other to assemble the event. Organizers say that the event is necessary to tackle counterfeit products in the European market.


United Kingdom

Barclays to test blockchain technology: Barclays UK is testing the blockchain waters by directing its new ventures unit to study “disruptive technology”. Blockchain and decentralization have so far proved to be the top disruptive technologies in the business and this move is seen with great enthusiasm by the cryptocurrency circles.

The new unit will “accelerate the growth of new business lines… working independently of traditional units” and “develop new customer propositions around major areas of disruptive technology”.

While blockchain technology is not directly mentioned, it is understood that this thinly veiled reference is regarding the new technology that is disrupting businesses around the world.

Every fifth adult willing to buy Bitcoin, 1 in 10 businesses accept crypto:An extended survey of over 1,000 people in the UK has revealed that as many as 1 in 5 Britons are willing to invest in cryptocurrencies, and 1 in 10 businesses already accept cryptocurrency payments. The survey was conducted by communications agency Citigate Dewe Rogerson.

But there was another side to the survey too as 67% believed that cryptocurrencies were too volatile or risky and 43% had concerns regarding regulations, and 61% simply cited their ignorance on the matter. These surprise statistics show the growth of the cryptocurrency revolution inside Britain.

FCA to deliver crypto regulation analysis in 2019: Three of the UK government’s top financial entities, the Financial Conduct Authority (FCA), Bank of England and the UK Treasury are working together to author a discussion paper on cryptocurrencies regulations. The paper will form the basis of any future regulations on the cryptocurrency scene. The FCA business plan of 2018/2019 suggests:

“Cryptocurrencies themselves (i.e. those designed primarily as a means of payment/exchange) are not currently within our regulatory perimeter. However, some models of use or packaging cryptocurrencies bring them within our perimeter, making the landscape complex.”



German stock exchange subsidiary to launch crypto exchange trading app: German interest in cryptocurrencies is growing with a new cryptocurrency app to be released in the autumn to provide traditional stock exchange options. The app is called Bison and is being developed by Fintech startup Sowa Labs, a subsidiary of Boerse Stuggart Digital Ventures. Boerse is Germany’s second largest stock exchange after the stock exchange in Frankfurt.


Sowa Labs also conducted an online survey of German crypto traders found out that the majority of the German traders were male and younger than 35 years.



Blockchain project powered by 45 MW of solar power launched: Cryptosolartech, a cryptocurrency mining company is relying on 3,000 servers to mine cryptocurrencies on its new 45 MW solar farm. The farm and the mining facility will be located near Malaga in Andalusia and will attract an investment of EUR 42.8 million. The company is currently banking on an initial coin offering to raise most of the funds.


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PR: CoinMetro is Giving Away Free XCM in a Generous Airdrop Campaign Ending April 15th 2018

Bitcoin Press Release: After a successful token sale, CoinMetro are now hosting an Airdrop Campaign until April 15th, 2018. Participants can receive 68 XCM and be a part of the CoinMetro Airdrop Family to reap future benefits.

Wednesday 12th April 2018 – Hong Kong – The CoinMetro token sale concluded on the 31st of March after a brief extension of the Token sale period. Over 120 Million XCM tokens were sold to over seven thousand contributors, raising just over 12 Million EUR. CoinMetro has proven its worth amongst the public and is now extending that worth back to them. The CoinMetro Airdrop campaign is underway and is giving away 68 XCM to its qualified supporters.

CoinMetro will airdrop free XCM tokens to amplify the already notable presence it has; by giving away XCM, CoinMetro acknowledges the power of creating greater public awareness of the token. It’s more than just a simple Airdrop; it’s a statement of confidence in the token, the platform and the people who will utilize it.

The CoinMetro Airdrop Campaign

Accessing and qualifying for the XCM Airdrop is simple, join the CoinMetro Telegram group and request the password from the Admins, once you have the password, sign up for a CoinMetro account (or sign in), enter the received password and claim the XCM tokens.  All participants in the Pre-sale and public sale have already qualified but new contributors will need to donate 1 XCM or a minimum of 0.1 ETH* (or 0.01 BTC / 0.3 LTC / 0.05 BCH*) in order to qualify.

The CoinMetro airdrop applies to the ETCF (Exchange-Traded Crypto Fund) platform which launches later this year and can only be used on the ETCF platform. Participants will receive the airdrop automatically once it goes live and the XCM must be kept for a minimum of three months. The CoinMetro Airdrop ends April 15th 2018, 23:59:59 GMT. Every participant must go through the KYC (Know-Your-Customer) procedure and it will take up to thirty days to verify; the free 68 XCM tokens will be sent to participants wallets on the CoinMetro website between June 20th and July 1st, 2018.

CoinMetro Airdrop Family

CoinMetro are also offering a unique opportunity to be part of the CoinMetro Airdrop Family, it’s an exclusive chance for the first ten-thousand who deposit over 0.1 ETH*  to qualify for all future Airdrops on the exchange. Being part of the CoinMetro Airdrop family is an investment that over the years will come to pay off greatly for all those involved, the chance to receive free tokens on a cutting edge platform of the cryptocurrency future is not to be missed out on.

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Media Contact
Contact Name: Myles Claffey
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Coinmetro is the source of this content. Virtual currency is not legal tender, is not backed by the government, and accounts and value balances are not subject to consumer protections. Cryptocurrencies and tokens are extremely volatile. There is no guarantee of a stable value, or of any value at all. Token sales are only suitable for individuals with a high risk tolerance. Only participate in a token event with what you can afford to lose. This press release is for informational purposes only. The information does not constitute investment advice or an offer to invest.

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Asia and Australia: Crypto and Blockchain News Roundup, 13th to 19th April 2018

Asia and Australia

Welcome to our weekly roundup of all important blockchain and cryptocurrency news from around the world. Follow the latest developments in the cryptocurrency space continent by continent, country by country.



Central bank not interested in state crypto: The Bank of Japan has said in a blanket statement that it has no plans right now to issue a central bank-issued cryptocurrency. The policy came forward during a recent conference between the International Monetary fund (IMF) and Japan’s Financial Services Agency (FSA) in which the bank’s deputy governor Masayoshi Amamiya said that such a currency could undermine the bank’s two-tier system and destabilize it.

Amamiya said: “…the issuance of central bank digital currencies for general use would be analogous to directly allowing households and firms to have accounts in the central bank.”

Yahoo Japan set to be 40% stakeholder in crypto exchange: Yahoo Japan plans to purchase almost 40% minority stakes in the cryptocurrency exchange named BitARG which is based in Tokyo. BitARG will only be launched later this year. The whole deal, according to a report from Reuters, cost between USD 18.5 million and USD 27.8 million. BitARG has recently been granted a license to operate a domestic cryptocurrency trading platform.

Crypto traders cross 3 million mark: Japanese cryptocurrency traders are growing in number with the latest figure reportedly around 3 million people, according to the data from Japan’s FSA. The figures show that as of 31 March 2018, around 3.5 million people traded cryptocurrencies and around 90% of the population are in the age bracket of 20-40 years.

The release of this data is the agency’s latest move to bring greater transparency in Japan’s ever-developing cryptocurrency environment.

South Korea

Financial watchdog to investigate banks based on new crypto rules: The South Korean Financial Services Commission (FSC) will investigate three of its banks to see if they are complying with the latest rules against anonymity. The new regulation enforced by the agency means that traders have to use bank accounts on their own names to buy cryptocurrencies through exchanges. The rules were enforced to stop money laundering in the country.



Over 17,000 sign petition against crypto ban: Over 17,000 crypto traders and industry workers have launched a combined petition against the Indian Central Bank’s move to close crypto-related accounts on 5 April, 2018. The petition was started by a few younger traders but was soon co-signed by thousands across the country. It states that cryptocurrencies are here to stay and prohibition of business activities affects the country’s growing market.



Vietnam tightens  crypto regulation after ICOs scam over 32,00 investors: Vietnam has recently announced that it is tightening regulations on cryptocurrencies after two initial coin offering scams affected more than 32,000 investors resulting in losses of up to USD 660 million. The two ICOs, Ifan and PinCoin, bore the hallmarks of a Ponzi scheme and have attracted official investigation into them in the Asian country.

The ICOs were launched through conferences in Hanoi and remote parts of the country in order to lure unsuspecting customers. Both of them promised hefty profits and activity but were soon exposed as scams.



Philippine boxing great Manny Pacquiao said last Wednesday that he would soon launch a cryptocurrency to connect with fans. He is the third famous athlete to have talked about launching a cryptocurrency with the previous moves of Michael Owen and Floyd Mayweather also making headlines.

However, Pacquiao is cautious as compared to the other two as he is vocally in favor of regulating cryptocurrencies and taking it slow and moving forward organically.



New power plant announced for “Blockchain Silicon Valley”: An Australian tech firm called IOT group has partnered with an energy provider Hunter Energy to reset up a power plant in the country to offer pre-grid cost effective prices to blockchain businesses nearby.

The Redbank power station near Singleton, which is rated at 150 megawatts, was closed back in 2014 when it incurred a debt of over USD 192 million. Hunter Energy has reportedly acquired the station and it is in “care and maintenance mode”.

The company is aiming to provide the basis for a blockchain Silicon Valley in Australia. The plan is to offer space to host data centers and even miners with direct access to electricity from the power plant.


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Quebec Government Defends Bitcoins Liberty

The Chief Scientist of Quebec, Rémi Quirion, has published a report on Bitcoin, taking an in-depth look at the state of legality that Bitcoin faces on a day-to-day basis. It finds no direct link between Bitcoin and criminal activities.

Quirion disagrees with accusations such as that by BlackRock CEO Larry Fink who labelled Bitcoin as “an index of money laundering”, saying that Bitcoin’s distributed ledger technology has helped law enforcement agencies track down illegal activities with ease.

“Bitcoin is not above the law, nor is it a magnet for illicit transactions: it forms only a tiny part of the criminal money circulating around the planet. The reason: it is less attractive for anyone who wants to make transactions without leaving a trace,” said Quirion.

The Center for Sanctions and Illicit Finance of the Defense of Democracies Foundation’s study found that funds linked to criminal activities accounted for only 0.61% of money entering the cryptocurrency ecosystem.

The percentage of Bitcoin transactions as a whole related to money laundering has decreased over the last five years, from 1.07% to a minuscule 0.12% in 2016.

The report cited that Bitcoin was still unregulated, although the Quebec government insists that companies must obtain a crypto specific license before operating a cryptocurrency exchange in the country.

While these figures might challenge commonly-held views about Bitcoin, they come as little surprise to veteran Bitcoin users. Others argue that fiat currency, in particular, the US dollar still ranks highly as currency favored by criminals.


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Africa and the Middle East: Crypto and Blockchain News Roundup, 13th to 19th April 2018

Africa and the Middle East

Welcome to our weekly roundup of all important blockchain and cryptocurrency news from around the world. Follow the latest developments in the cryptocurrency space continent by continent, country by country.


South Africa

Tax authority may be wrong about crypto: Tax Authority in South Africa, SARS, has announced that cryptocurrencies cannot be considered as currency for tax purposes but will be taxed on assumption that they are “intangible assets”. The move is not welcomed by cryptocurrency traders as intangible assets are subject to “capital gains” taxes and “currencies” are not subject to capital gains at all.

Startup UBU targets poverty: A South African cryptocurrency payment project called Project UBU is aiming to get as many users as possible. The project aims to provide participants with 100 UBU coins per day (equivalent to a few dollars) to individuals living below the poverty line. This program will thus create the world’s first welfare cryptocurrency that is transparent enough for those at the bottom of the economic pyramid.



Central bank warns against cryptocurrency: The Central bank of Kenya (CBK), through its governor, has once again warned against trading in cryptocurrencies. Its governor, Patrick Njoroge, appeared before a parliamentary committee on finance and gave statements in response to a question from one of the lawmakers.

He said that it was not the first time that the CBK has warned against trading in cryptocurrencies. Back in December 2015, the bank also gave out stern warnings against virtual cryptocurrencies like Bitcoin. However, the governor is at the same time interested in trying out blockchain as a technology.

IBM deploys blockchain-based microfinancing service for food kiosk owners: IBM announced on 18 April that its researchers will soon roll out a new blockchain-based microfinance solution in Kenya later this week in partnership with Twiga foods. Twiga Foods is a B2B coordination platform for kiosks and food stalls in Africa and had previously expressed interest in using innovative financial service offerings to its customers.

According to IBM researcher Isaac Marcus:

“We analyzed purchase records from a mobile device and then apply machine learning algorithms to predict creditworthiness, in turn giving lenders the confidence they need to provide microloans to small businesses. Once the credit score is determined, we used a blockchain, based on the Hyperledger Fabric, to manage the entire lending process from application to receiving offers to accepting the terms of repayment.”



Bitcoin trading gains ground with new crypto exchange and ATM: Cryptocurrency trading is becoming a popular trading option in Zimbabwe with the addition of a new exchange and ATM in the country. Exchange Golix was already operating in the country for some time and now the competition has increased with Styx24 also accepting applications for cryptocurrency trading.

The cryptocurrency scene is a welcome respite for Zimbabweans that are facing hyperinflation with the government recently printing 100 trillion dollar bills that can only buy basic items. It is a widely held consensus that the fiat system has destroyed the economy and people are now looking at cryptocurrencies to help quell this hyperinflation.



Tightening crypto regulation: The Israeli financial watchdog Israel Securities Authority (ISA) is tightening control over cryptocurrency asset companies registered in the capital Tel Aviv’s stock exchange.

The companies have been given documents that are seen as tightening of crypto-related developments in the country. According to the government agency, the move was done to protect investors from the volatility and risk that comes with investment in cryptocurrencies. As of now, all cryptocurrency setups that deal, hold, invest or mine are being told to keep away from the public.


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South America: Crypto and Blockchain News Roundup, 13th to 19th April 2018

South America

Welcome to our weekly roundup of all important blockchain and cryptocurrency news from around the world. Follow the latest developments in the cryptocurrency space continent by continent, country by country.


Crypto exchanges fight back on bank blockade: Chilean cryptocurrency exchanges have filed cases in Chilean appeal courts in an attempt to overturn the government’s forced shutdown of cryptocurrency exchanges through three of the largest banks namely Bank of Nova Scotia, Itau Corpbanca and state-owned bank Banco El Estado de Chile.

Three of the country’s largest cryptocurrency exchanges, Crypto Market (Crypto MKT) and Orionx are currently blocked from using banks at all. At the time of the ban, the state-owned Banco del Estado de Chile said that it will stop operating “with companies that are dedicated to the insurance or creation, brokerage, intermediation or serve as a platform for the so-called cryptocurrencies”.

Cryptocurrency trading in Chile is significant with Buda alone handling USD 1 million worth of cryptocurrency trades on a daily basis. The defense lawyer was of the opinion that this decision was a gross exploitation of a situation of economic independence.

The reasoning provided by banks has little or no details and the exchanges are buoyed by this lack of detail in securing back their operations in the South American country.

Chile trials transparent blockchain-based energy data for the public: Chile’s national energy organization, Nacional de Energía de Chile (CNE), has announced that it is launching a new pilot project to utilize Ethereum blockchain smart contracts to store energy products and their data from the nation’s abundant reserves.

The CNE issued a press release recently that detailed benefits of using a decentralized system rather than an easily manipulated central security database. The data will be stored in a distributed ledger on EnBenergía Abierta, a database that is stored in hundreds of servers around the country. The public can see and account for the energy data, making for a smooth and transparent government process.



Blockchain embassy in Panama City: Panama has moved forward with a Blockchain Embassy planned for crypto enthusiasts, entrepreneur, activists and connoisseurs opened for the general public. The location is at Balboa Boutiques Strip Mall of Balboa Avenue in Panama City.

Crypto merchandise is available for sale in the new setup as well as themed drinks, new hardware wallets, a coffee ship and a co-working space. In a press release posted on, the embassy will also host cryptocurrency workshops, presentations and other events with the general public being welcomed in the Panama crypto community. According to the press release:

“The embassy accepts payments in cash and crypto, and has become an emblematic tourist site in Panama. It receives visitors from all over the world. It is one of the projects created by startup, known for being the first company in the world to install ATMs in commercial banks, as well as integrating its system Cryptobuyer Pay that allows any commerce to accept payments in Bitcoin and other currencies.”

The site is easily accessible by card and the administration has smartly integrated all of its amenities.



Petro cryptocurrency declared as legal tender: The Venezuelan government led by President Maduro has recently decreed state Petro cryptocurrency to be legal tender. The country’s official gazette on 9 April 2018 reported this latest development and President Maduro has also announced that all state institutions will start accepting Petro as legal tender.

Bolivar sees 454% inflation as President Maduro banks on Petro: Venezuela’s stricken economy continues to see hyperinflation of up to 454% in the first quarter of 2018. The Venezuelan Bolivar (VEB) has weakened by an astonishing 8900% in the last 12 months alone. President Maduro, instead of focusing on the hyperinflation, is banking on the new cryptocurrency Petro to quell the ever-increasing hyperinflation in the country.

The hyperinflation has brought the government to the brink of economic collapse and Venezuelans are fleeing the country by the thousands but the focus on Petro, which is at least theoretically backed by oil products, is continued to be seen by the government as an escape route.

Petro awarded Satoshi Nakamoto Prize: Venezuela’s Petro continues to make the headlines despite many problems hawking its development with the first state cryptocurrency recently awarded the Satoshi Nakamoto Prize by the Russian Association of Cryptocurrency and Blockchain (RACB) in Moscow. Russia’s alleged help in launching this cryptocurrency was also reported in previous weeks so this prize comes as little surprise.



Brazilian crypto businesses, exchanges create rival associations: Top Brazilian cryptocurrency exchanges BitcoinTrade, Mercado Bitcoin, Foxbit and others have recently joined hands to create a new cryptocurrency association Associação Brasileira de Criptoeconomia (ABCripto), whose purpose is to defend the interests of cryptocurrency users and development of the decentralized economy.

Another rival group of like-minded companies have also launched their own platform – the Associação Brasileira de Criptomoedas e Blockchain (ABCB). This group is led by fintech firm Atlas Project.

XP Investments launches crypto exchange: Brazil’s investment giant XP Investimentos Bank that takes care of more than USD 35 billion for over 500,000 clients, has announced the launch of a new cryptocurrency exchange. The new exchange is called XDEX INTERMEDIACAO LTDA and its registered capital is set at USD 7.3 million.


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