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South America: Crypto and Blockchain News Roundup, 7th to 13th December 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.

Venezuela

Government starts converting pension payments to Petro: The government of Venezuela has started converting pensioners’ payment to state cryptocurrency Petro, away from the national currency Bolivar without taking them on board. The move is part of latest measures by the Nicolas Maduro-led government to power through Petro cryptocurrency into the national fold.

According to local daily Caracas Chronicles, the country’s pensioners were notified of the move only after the funds were converted. The government’s message indicated that the funds were now in the state’s cryptocurrency for savings purposes.

According to the local publication, originally, bolivars were sent to the pensioners but the government unilaterally converted them into the allegedly oil-backed cryptocurrency.

The Venezuelan government has been trying to push for Petro adoption for months despite serious issues regarding its operation, circulation and government’s control on the affairs. Other countries and trading partners including India and Russia have also refrained from using the cryptocurrency for international payments.

Brazil

Blockchain Academy co-founder optimistic about crypto regulation: Rosine Kadamani, the co-founder of the Blockchain Academy based in Sao Paulo, has expressed optimistic views regarding the future of cryptocurrency regulation in the country.

Speaking with the local media, Kadamani said, “It is not possible to predict how this will happen in the short and medium term, as we have many variants in this process, but I can assure you that the technicians who are currently meeting (from the government and from the crypto ecosystem) are immensely qualified and very knowledgeable well the subject. The good seeds were planted, so I have a very positive view on the future of this relationship.”

Kadamani further predicted that 2019 might be a difficult year for cryptocurrencies but eventually, positive things can be expected from the industry overall in the future.

Exchange in $35 million transfer blunder: A local cryptocurrency exchange based in Brazil accidentally sent USD 35 million to a user who only requested a withdrawal of USD 127. The exchange in question is Bitcambio and the news was broken by local news outlet Portal do Bitcoin.

According to the news, the user Kaique Nunes soon received frantic calls from the exchange’s support to send back the extra USD 34.473 million.

According to Rodrigo Souza, an administrator at the exchange: “People, the mistake really happened. Kaique will be reimbursed for all the costs he has to go to the notary’s office to solve this shit. The note is already being canceled.”

Chile

Chile court says banks can ban crypto exchanges: Top Chilean court has finally ruled in favor of the state-owned Banco Estado and has declared that banks have the authority to shut down banking accounts as they see fit. The ruling overturns earlier decision by a lower court that forced the bank to open the accounts during the trial itself.

The affected cryptocurrency exchange, Orionx, had filed the complaint earlier this year when Banco Estado closed its account without prior warning. The court cited the bank’s concerns regarding its ability to monitor transactions and identities of cryptocurrency traders the reason behind this decision.

The ruling said: “These characteristics and elements determine, therefore, the current impossibility for the Bank to comply with the aforementioned obligations, since it prevents it from knowing in depth the financial activities related to cryptocurrencies developed by the appellant, the most relevant characteristics of its operations, the foundations on which these are supported and, finally, if their amounts are excessive or not.”

It is yet to be seen how the cryptocurrency market will react to the ban.

 

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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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