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South America: Crypto and Blockchain News Roundup 30 November – 6 December 2018

South America

South America

Welcome to another weekly blockchain news roundup from around the world. Here, we present to you all the latest Bitcoin news, continent by continent and country by country.

Brazil

Major Crypto Events Held in Brazil: The recent month of November saw two main cryptocurrency related events taking place in Brazil including Blockmaster Forum in Sao Paulo and the Traditional Bitconference in Fortaleza. 

Both events were attended by thousands of people who were interested in understanding more about the sector and invest in it. Several leading cryptocurrency entrepreneurs made keynote addresses in the events and had interesting panel discussions.

Crypto Association to Adhere to Fintech Ethics: The Brazilian cryptocurrency exchange association ABCripto helped launch the Code of Ethics and Best Practices of the Fintech segment in association with Fintech Committee of ABStartups and Brazilian Crowdfunding Investment Association (CrowdInvest).

According to a communique from the partnership, the document is part of a new self-regulatory landscape, an idea that cryptocurrency exchanges are trying hard to legitimize in the country.

Former Nasdaq CEO Launches Blockchain Services in Brazil: Kaidi Ruusalepp, former Nasdaq CEO is aiming to launch new blockchain projects in the country including Funderbeam, a three-stage platform built for the investors.

Funderbeam is closely working with the Brazilian Securities and Exchange Commission (CVM) to start operations in the South American country.

Bitcoin Regulation Bill Postponed till 2019: The newest Bitcoin legislation bill 2303/15 authored by the Federal Deputy Aureo Ribeiro which was slated to be voted on by 5 December is now put on hold till next year.

The move was made after a recent meeting of the Special Committee of Regulation of Virtual Currencies organized by the Central bank. Eventually, the members decided to withdraw the motion and cancel the immediate vote on the matter.

It is reported that further feedback from the industry including ABCB and ABCripto associations will be considered before deciding more on the matter.

Argentina

G20 Summit Puts Greater Emphasis on Cryptocurrencies: Global leaders belonging to the top G20 group of countries have put greater emphasis on the cryptocurrency side of things during a recent summit in the capital of Argentina, Buenos Aires.

The summit was attended by global leaders as well as some of the world’s largest corporations including Bank of America, Inter-American Development Bank, The World Trade Organization (WTO) and World Health Organization (WHO).

The influential leaders especially addressed the issue of cryptocurrencies and decided to work on combined regulatory frameworks for them.

Chile

Exchange Loses Case Against Banks: In a major loss to the country’s crypto sector, cryptocurrency exchange Orionx lost the right to open accounts in the state-run bank after having them closed earlier this year.

The decision was announced by the apex court of the country despite earlier assurances that the right of the exchange to have a bank account was protected under the law. The new judgement states that the bank did not violate the rules of the constitution and thus cannot be declared unconstitutional.

Venezuela

President Nicolas Maduro Wants to Use Petro for Selling Oil in 2019: Venezuela’s national cryptocurrency project Petro is once again in the news as President Nicolas Maduro has declared that the embattled country will bypass the US sanctions by using its national cryptocurrency, Petro for oil sales starting next year.

While Venezuela’s government is still facing a host of problems in getting the prized cryptocurrency project to work, there is also the issue of lack of international adopters as both Russia and India have refused to pay in Petro for their imports.

The effort to use Petro is part of a six-year financial plan by the government to mitigate the impact of US sanctions on the country’s oil-reliant economy.

 

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South America: Crypto and Blockchain News Roundup, 23rd to 29th November 2018

South America

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.

Brazil

Expert predicts Bitcoin will fall before going on bull run: With the Bitcoin price index reaching record low levels for over a year during the last few weeks, one Brazilian cryptocurrency trading expert has predicted that the Bitcoin bears will continue their run before future price consolidation.

Courtnay Guimaraes, a partner at trading company Idea Partners, believes that 2018 was largely a bear market and it will probably continue till the end of the current year because of various challenges to the sector. But despite the short-term negative outlook, Guimaraes believes that the cryptocurrency market will come out stronger than ever.

Study points out challenges for Bitcoin adoption in Brazil: According to a recent study conducted by the International Data Corporation (IDC), Brazil is still struggling to adopt blockchain technology and its applications in different sectors.

The survey revealed that a majority of Brazilian companies aren’t working with the decentralized technology and many do not intend to develop such technologies in the near future. Only a paltry 4% of the companies have made some progress in the sector according to the IDC survey while cloud applications have had 80% success rates in recent times.

While the results may not be that encouraging for the blockchain sector, this waiting position when it comes to innovation and advancement is quite common in the Brazilian sector. If the blockchain adoption becomes universal, then the local Brazilian startup should quicken the pace of adoption as well.

Athlete looking to compete in Tokyo 2020 Olympics after Bitcoin sponsorship: A Brazilian athlete looking to compete in the 2020 Summer Olympics to be held in Tokyo has successfully received sponsorship in BTC by a cryptocurrency exchange.

3xbit, a Brazilian exchange, sponsored Mikhail Luiz, a karate national champion in the 75 kg category to realize his dream. Some less popular sports are not funded properly by the government and athletes are forced to get their own sponsorships from companies to train. Luiz will become the first athlete to be sponsored with a Bitcoin exchange to compete in the Olympics.

CVM plans decentralized system of unique IDs for crypto investors: The Brazilian Securities and Exchange Commission (CVM) is looking to create a single database of the country’s cryptocurrency investors using a decentralized approach.

According to the news broken by Valor Economico, the top regulatory authority is planning to integrate the data with the Central Bank (BC) and Superintendent of Private Insurance. The project will use Microsoft Azure for the purpose. A partnership with the Institute of Technology and Society of Rio (ITS Rio) has already been signed by the regulator.

Argentina

Bitcoin ATMs plan hits snag: An ambitious plan by the government to open thousands of cryptocurrency ATMs across the country has been postponed by the government.

Two ATM companies including Odyssey group and Athena Bitcoin had announced several hundred new Bitcoin ATMs in the country but now their ambitious plans are postponed due to the interference of the central bank’s local market partners.

Cryptocurrency ATMs are likely to bring an alternative investment opportunity for Argentinians to circumnavigate rampant inflation but their lack of presence in the country may prove to be a challenge.

Venezuela

Crypto bill approved for validating Petro and its circulation: A new bill has been passed by the Venezuelan Constituent Assembly that validates the status of Petro and its regulation.

The new law with its 64 articles and five transitory positions proposed by the president himself is now officially recognized as a unit of commercial exchange.

 

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South America: Crypto and Blockchain News Roundup 16-22 November 2018

South America

Welcome to another weekly blockchain news roundup from around the world. Here, we present to you all the latest Bitcoin news, continent by continent and country by country.

Brazil

Increasing Number of Brazilians Preferring Digital Payments: A recent survey shows that Brazilians are increasingly willing to migrate to digital payments alternative. The tendency was highest among all the surveyed countries including Germany, United Kingdom, Netherlands, France, Australia, and the United States.

According to the survey by SalesForce, 9400 people were interviewed in these eight countries regarding different aspects of the digital consumer experience. 75% of Brazilians preferred allowing their preferences and personal data for a better consumer experience. 70% of them were willing to make purchases online through company websites while 52% made purchases through social media. In addition, 35% of the responders wanted a customized digital channel for offers based on their browsing activity.

Cryptocurrencies especially Bitcoin are slow in being adapted into the spectrum because of people’s reliance on the fiat currency model that has physical bank notes. With the progressive mindset, Brazilians will be more likely to adopt cryptocurrency payment solutions in the future according to the survey.

Graffiti Artist Accepting Payment in Bitcoin: Famed graffiti artist Cris Rodriguez has announced that he is now accepting Bitcoin payment for his works. The artist recently received the Art Brazil award for his exhibition where 52 artists and their 208 works were on display.

Rodriguez announced the acceptance of Bitcoin after an advice from a friend who was a cryptocurrency enthusiast. The celebrated painter who has his works exhibited in more than 30 countries is now accepting Bitcoin directly for his artworks in addition to sales at art galleries.

Brazilian Analyst Says Bitcoin could Rise 100% by the end of the Year: Brazilian cryptocurrency analyst Rodrigo Cohen has claimed that Bitcoin’s price could reach almost $13,000 by the end of the current calendar year.

Cohen pointed out to new Bitcoin ETFs as well as the entry of big players like the New York Stock Exchange, Fidelity, and Blackrock that can appreciate the price of the world’s largest cryptocurrency. However, not all of Cohen’s colleagues share this view with many predicting it between $6,000-$7,000.

Cryptocurrency Exchange Associations Send Proposals to Revenue Office: Top two cryptocurrency exchange associations in the country including ABCripto, and ABCB have forwarded proposals to the Federal Revenue Service for public consultation purposes. 

The proposals include several recommendations including lowering the cap of the minimum transaction reported to the revenue service as well as relaxation of other rules to benefit the cryptocurrency industry.

Sao Paulo Event to Showcase Switzerland’s Ethereum Dapps: A November 26 event will see specialists from Crypto Valley, Switzerland showcase their Ethereum-based dapps in the city.

The event will take place from 7-10 pm in the city and will have six lectures for six dapps already operating in the European country that are ready to use. The event is part of a bigger initiative called Blockchain on Tour.

Venezuela

Parliament Approves Crypto Bill to Help Tackle Financial Restrictions: The top legislative body of the country, the Constituent National Assembly has passed a bill of cryptocurrency regulation to combat financial sanctions imposed on the country by the US and its allies.

The law proposed by the current President Nicholas Maduro consists of 64 articles and five transitory positions. It legalizes Petro, the state cryptocurrency project of the regime within the country as well as amendments to current anti-money laundering laws. Under the new legislation, cryptocurrency exchanges are allowed to carry out foreign operations using Petro.

While Petro was officially launched by the government last month, it still struggles with adoption by trading partners, and the public because of various technical issues.

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Brazil Crypto Exchange Associations Send Proposals to Revenue Office

Brazil’s Cryptocurrency Exchange Associations ABCripto (Brazilian Association of Cryptoeconomics) and Brazilians Association for Cryptocurrencies and Blockchain (ABCB) have forwarded proposals to the Federal Revenue Service of Brazil (RFB) for public consultation.

The move comes after the RFB enacted several new moves to account for monthly cryptocurrency transactions by exchanges and demanded control of these assets to avoid tax evasion in these platforms.

The purpose behind Brazil’s top regulator’s latest moves is to allow cross information of income tax of individuals and businesses operating in the cryptocurrency sector. RFB wants to have a concerted insight into the whole process and calculate the capital gains of the investors and traders through their buy and sell orders.

According to the Yurie Lira, the exchange association’s focal person, “The entire community has been struggling to understand the demand for Revenue and to position itself in a unified way. We seek to consolidate a single drafting model of the normative act to be presented to RFB.”

One of the most contentious decisions both ABCB and ABCripto are looking to overturn include Article 5 of the new rules that suggest all transactions more than BRL 10,000 (USD 2,620)be reported to the RFB. The exchange associations are looking to have it raised to BRL 35,000 which is in line with the article 170 and 179 of the Brazilian constitution.

According to the proposals: “In addition to the quest for equal treatment of the cryptocurrency sector we also took care to provide clarification regarding the condition of the cryptocurrency market…”

Other changes desired by the exchange unions can be read in detail in the new proposal. The proposals may be necessary to save the Bitcoin market in the country according to a joint statement by these two associations.

 

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South America: Crypto and Blockchain News Roundup, 2nd to 8th November 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.

Brazil

Pharma company launches digital innovation challenge: Pfizer, one of the largest pharmaceutical companies in the world, has announced a new entrepreneurship competition. The Pfizer Challenge aims to stimulate innovation in two categories: medical innovation and tech innovation.

Participants can register themselves for the challenge on the official Pfizer Brazil website and the event itself will take place on 4 December 2018. Blockchain startups are looking towards the tech category.

Since Pfizer is interested in the developments of blockchain technology, developers and has already announced two partnerships in DLT including one with Aimeds, an AI company and another with Genentech that uses Quorum based on Ethereum to keep fake medicines out of medical supply chains.

Tax regulator publishes draft on crypto taxation: Federal financial regulator Federal Revenue of Brazil (RFB) has published a draft on cryptocurrency taxation in the country.

In the draft paper, available on the RFB website, the monetary authority has declared that it is the duty of the cryptocurrency exchanges to send detailed reports of all cryptocurrency operations on a monthly basis to the regulator. They will even have to reveal the amount and number of transactions as well as identity of customers themselves.

All legal entities investing in cryptocurrencies in foreign exchanges are also obliged to report all transactions per month. For those who fail to report their trade, there will be a fine of up to BRL 1,500 (USD 400). The RFB could charge 3% of transactions as a fine too.

The hard-hitting measure by the regulator is not yet approved by the government but cryptocurrency advocates including the Brazilian Blockchain and Cryptocurrency Association (ABCB) may oppose these measures.

Sao Paulo restaurant to accept Bitcoin: A Sao Paulo restaurant named Casa de Porco Bar has announced that it will be accepting Bitcoin payments in a partnership with CoinWISE cryptocurrency payments platform.

According to the restaurant chef Jefferson Rueda, “Our idea is to make cryptocurrencies commonplace just like any other form of payment and thereby increase their global currency position.”

The service is easy to use and will bring many benefits to cryptocurrency holders in the city.

Ronaldinho announces new crypto in partnership with Usain Bolt: Two of the biggest names in sports Usain Bolt and Ronaldinho Gaucho have joined hands to launch a cryptocurrency asset in the market called the Champion Coin.

Other prominent personalities added to the project include Didier Drogba, Akshay Kumar and David Trezeguet. The project is based around global hygiene company Champion Shave. The aim is to tokenize the expansion of the company and record the sale of the first 100% recycled shaver on DLT.

Venezuela

Government authorizes first payment with Petro: The Venezuelan government is moving forward with the use of the controversial cryptocurrency Petro and has ordered the first sentence payment using the state-owned token.

Venezuela’s top court ordered that moral damages in a work-related case be paid in Petro or equivalent to the victim who was injured by an Agriculture Ministry Institute employee.

 

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