Category Archives: Brazil cryptocurrency news

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Brazilian Expert Says Blockchain Can Help People Live Longer

Brazilian Expert Says Blockchain Can Help People Live Longer

Blockchain technology has made its mark on several industries such as banking, AI, IoT, and education. But perhaps the industry that will potentially yield the most significant benefit from the technology is healthcare, where the ecosystem of medical data storage and retrieval promises to transform the industry and, consequently, the speed of diagnosis and technological advancement.

Ailtom Nascimento, executive VP of private Brazilian software provider Stefanini, elaborated on the subject in an interview:

“The current scenario involves a digital culture, verticalization of health services and adoption of technologies that effectively propose a cultural and digital transformation, which can aggregate and allow an efficient journey, with greater proximity between doctors and patients. It is important to know and follow the patient’s journey, even before he arrives at a care unit so that he can access information quickly and provide quality care based on concise information.”

The net result of higher data visibility and reliability its accelerated retrieval means quicker discovery of illnesses and hence more effective treatment delivery. This drastic improvement in an industry where every second matter mean the blockchain technology is essentially prolonging the lives of the patients and dramatically increasing their probability of being successfully treated.  

This is the reason why a host of hospitals and healthcare institutes are investing in cutting-edge technology while ensuring that all professionals have full access to technology. Philips is one of such examples who has invested heavily in the integration of new technologies in the healthcare industry. For instance last year, Mark Hennessy, a leading researcher at Philips Research, described how the company is developing a “verifiable data system” which protects the data from any tampering and hides the identity of the patients from unauthorized people to avoid any malpractice.

He revealed how the blockchain-based system uses data anonymization, data request, and request handling to pull this off. All of these developments spell exciting times for all the stakeholders in the medical industry and hopefully bid for a better provision of healthcare for the patients.

 

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Brazilian Crypto Expert Rejects Tulip Bubble Comparison

Brazilian Crypto Expert Rejects Tulip Bubble Comparison

Brazilian Bitcoin pioneer Samuel Maurer has claimed that Bitcoin cannot be compared to the Tulip bubble. Maurer regards this debate as an “outdated matter”, believing that even if the most seasoned economists want to draw analogies, there is no similarity between the Bitcoin and a tulip bubble.

Usually, in mainstream media and economic expert’s circles, Bitcoin is compared to the bubble described by the Tulip mania of the 1600s. A Tulip bubble is a term of economics that is used to describe an economic bubble. Those who are skeptical of the high volatility in the price of Bitcoin have been known to use this term to describe the digital asset

In an article he authored to present the justification of his claims, Maurer explains that upon analyzing the cost/price ratio in assets, one can see the differences between the two.

He added that a certain cost is associated with the Bitcoin creation, electric energy, equipment and the difficulties associated with mining. The high cost of Bitcoin attracts the miners, as it leads huge to profits. However, as the price goes high, the cost of mining also increases. Hence, the cost would always be tied to its price. Sometimes, the price might be lower than the cost of production, pushing miners not to sell until the price goes higher.

He maintained that the low price of Bitcoin in 2018 and then a brief recovery in 2019 proves the health and liquidity of the market. Therefore, it is incorrect to compare it with the Tulip bubble.

Maurer concluded that crypto-coins are completely different in nature and technology from any other commodity. Hence, due to their novelty, they should not be compared with any other commodity or investment, suggesting they instead be treated as an upmarket.

Maurer is a renowned analyst at the Bitcoin Banco Group based in Brazil. He is considered among the first in Latin America to support cryptocurrency-related businesses and invested a lot in it.

 

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Brazilian Crypto Holders Seek Physical Vaults for Storing Their Digital Assets

Brazilian Crypto Holders Seek Physical Vaults for Storing Their Digital Assets

For some Brazilian whales and cryptocurrency investors, the best defense against crypto theft is not just a secure password, but an actual vault.

To secure their digital assets, Brazilian residents have turned towards private companies that offer secure vaults for storage of their assets. Once a dead industry, the rising theft of cryptocurrencies has forced holders to shift their assets to cold storages and place them inside the safes.

Several companies are offering their services for vulnerable cryptocurrency investors in the country. Some of the features seem to come from a Mission Impossible movie. The vaults are kept secure through seven armored and reinforced steel doors. The doors themselves can only be accessed through a combination of biometrics of authorized persons only. There are palm scanners that read up to an immense 5 million individual points on the hand and then inspects the blood flow through infrared waves.

Packages may range from less than $50 to hundreds of dollars per month depending on the type of service. The packages seem to have a pretty steep price, but crypto thieves are becoming more daring in order to get their hands on cryptocurrencies. On 29 December last year, the owner of KriptoBR’s home was raided by dacoits who took away 150 units of Ledger Nano S and 35 Trezor Model T. KriptoBR is the official vendor of the hardware wallets in Brazil.

While normally stealing cryptos require knowledge of computer systems in order to hack, the thieves are now turning towards traditional methods of extorting money. This includes kidnapping and torturing known cryptocurrency holders until they give in and hand over their private keys.

Early last December, a group had called upon a known Bitcoin investor to visit and give a lecture on cryptocurrencies. That was a ruse and they drugged and beat him nearly to death in order to steal his Bitcoin.

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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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Mitsubishi UFJ Signs MoU with Brazil Bank for Ripple-Based International Payments

Japanese banking corporation Mitsubishi UFJ Financial Group (MUFJ) Inc has announced that it has struck a partnership with Brazilian bank Banco Bradesco for a new Ripple-based cross-border payments system.

According to an official press release from the Japanese bank, the new partnership will be based in Brazil itself with the local subsidiary of the bank Banco MUFJ Brasil involved in the partnership with Banco Bradesco.

MUFJ has recently invested a lot in cryptocurrency and blockchain-based systems, including being a party to a blockchain-based syndicated loan organized by Spanish bank BBVA. Now MUFJ has reiterated its confidence in the Ripple’s XRP cryptocurrency after joining its payments steering group back in March 2017.

According to the press release: “The new payment system… will assist the banks as they work toward commercializing a high-speed, transparent and traceable cross-border payments solution between Japan and Brazil.”

While Ripple has been criticized for its centralized approach and other issues, it is gaining traction for the last few months and has seen the price of XRP shoot up significantly from early year’s lows. Various other banks are also in talks with Ripple for adopting its token in cross-border payments systems but nothing concrete has yet been achieved.

Brazil, on the other hand, is seeing increased activity in the blockchain and cryptocurrency sector as the new president Jair Bolsanaro has announced support for the sector. While the financial regulators are running a tight ship when it comes to making regulations, so far, overreach has been largely avoided.

 

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