Category Archives: South America cryptocurrency news

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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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South America: Crypto and Blockchain News Roundup, 26th October to 1st 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

Uber of Brazilian aviation accepts Bitcoin as payment: A local ride-hailing service for helicopters and planes in Brazil called Flapper is now accepting Bitcoin as payment.

Through a partnership with payment company Warp Exchange, the “Uber of Brazilian aviation” is now looking to accept as much as USD 100,000 in cryptocurrency payments in 2018 alone. Warp exchange has been helping merchants accept cryptocurrencies in the country.

Flapper itself has been around for two years and over 145 aircraft are registered on it. The service is mos popular in Sao Paulo and is currently expanding its operations and adding new payment methods, including cryptocurrencies.

Revenue watchdog to tighten crypto trading: The Federal Internal Revenue Service of Brazil has decided to tighten supervision of cryptocurrency holders and traders in the country.

According to the new rules being enforced by the agency, traders and holders will be required to report a monthly statement with all the trades being executed during that timeframe. While this move is being termed high-handed by the local crypto community, the regulator hasn’t yet set a deadline for this latest order to be executed and public consultation opened on it.

No exchange has been notified of this latest move by the government as well. Reports say the authorities believe that cryptocurrency traders are evading taxes and that is why this move is being pursued.

Exchange association announces price index: The Brazilian Association of Cryptoeconomics (ABCripto) has announced the launch of a new price index system in the country to calculate the “real price” of cryptocurrencies. Most of the major cryptocurrency exchanges are in the association and it is believed that the index will eventually become a trend, something that is missing from the Brazilian market these days.

According to the president of ABCripto: “As for the index, its objective is to develop and apply a calculation methodology that results in the reference price of the performance and volume of the Bitcoin unit in reals over time. To do this, ABCripto’s proposal is to use information from the main companies that trade the BTC / BRL pair on its platforms and make the index and its history available for public use.”

Banks reopen crypto exchange accounts to avoid fines: Two banks in the country are now reopening cryptocurrency exchange accounts after they were ordered by local authorities to do so or face fines.

Banco do Brasil and Santandar Brasil banks had frozen the accounts of exchange Bitcoin Max for a while now and the Federal District court eventually came to the exchange’s aid. The court ordered the banks to reopen the accounts in a preliminary ruling or face a fine up to BRL 20,000 (USD 5,400). All frozen funds were also ordered to be made available again.

While the case is still in the courts, it is still an initial victory for the exchange that had a sizeable portion of its funds blocked by these two banks.

Venezuela

Government starts selling Petro but buyers get bonds instead of crypto: The Venezuelan government has announced that its flagship cryptocurrency Petro is now available for purchase for the public, but issues remain. The cryptocurrency investors are only getting paper bonds or certificates from the government and right now there is no evidence at all that the cryptocurrency even exists.

While Venezuelan officials and a Chinese delegate made a public show of buying the state cryptocurrency, they were given a host of login details including name, signature and fingerprints which makes no sense for a cryptocurrency. The move falls in line for a theory that Petro itself cannot be transferred at the moment.

Colombia

Dash conference held: Privacy-focused cryptocurrency Dash has recently held a cryptocurrency conference in the country especially aimed at educating users for the Dash platform. The event was attended by over 132 participants and was it was almost entirely in Spanish, the local language there.

Dash is looking to increase usage and appeal in South America as the continent embraces cryptocurrencies for a variety of reasons including inflation.

 

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South America: Crypto and Blockchain News Roundup, 19th to 25th October 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

SMS cryptocurrency trading service opens in Brazil: Brazilians can now trade in cryptocurrencies without an internet connection as SMS-based service CoinText has started in the country. The new service doesn’t require WiFi or cellular data and users can use it with simple offline SMS commands. The platform also automatically generates a wallet for each user once he/she receives funds.

While Brazil is increasing its footprint on the cryptocurrency world, offline services mean that people can now trade and manage cryptocurrencies with extremely limited connectivity on the go.

Venezuela

Government lists 6 crypto exchanges for Petro trading: The Venezuelan authorities have listed six cryptocurrency exchanges for trading Petro, the state cryptocurrency of Venezuela. While the move was announced amid huge government hype, the number is much fewer than the initial 16 announced by President Nicolas Maduro.

The exchanges – Cave, Blockchain, Bancar, Antwerp, Afx trade and Criptolago – are relatively unknown, further affecting the credibility of the announcement. It is reported that initially, many exchanges were willing to list Petro but pulled out after the US government sanctioned the cryptocurrency.

Petro itself is still in infancy as it was deemed untransferable recently despite an overbearing attitude of the government to adopt it. It was also rejected by oil importing India as a means of payment for crude oil.

While the government is continuing to push forward the cryptocurrency in full force, even requiring passport applicants to pay in Petro, it remains to be seen whether these efforts will be fruitful for the government.

Colombia

Crypto trading reaching new heights: Cryptocurrency trading is reaching new heights in Colombia as it breaks into the local market amid developments in commerce, education and overseas investment. Trading volume on popular P2P Bitcoin buying and selling platform Localbitcoins.com has now reached a record BTC 350 despite Bitcoin’s price stagnation in recent times.

Apart from Bitcoin, Dash is eagerly trying to set up shop in the country as well as other parts of the continent. While the Colombian government is still working on setting up new laws for crypto regulation amid some blowback from the banking circles, the newly-elected president Ivan Duque is reportedly favorable towards the cause of cryptocurrencies in the country. Even football icon James Rodriguez has entered the industry and is reportedly looking to launch his own coin.

President petitioned to create favorable atmosphere for crypto: Newly-elected president Ivan Duque has been petitioned by a top cryptocurrency exchange to help restart its trading activities after it was forced to close operations earlier this year.

Buda exchange, one of the largest cryptocurrency exchanges in the region, had its accounts frozen by financial authorities in June and has pushed many traders to use P2P trading platforms like Localbitcoins instead. While Buda’s loss has been Localbitcoins’s gain, the exchange is still considered an easier way to purchase cryptocurrencies.

President Duque himself is being seen as a pro-cryptocurrency figure in the country and has promised tax exemption to the tech sector as well. It remains to be seen, however, what he is going to do regarding the operations of cryptocurrency exchanges in the country but many are hopeful it will be the dawn of a new era for cryptocurrencies in Colombia.

 

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South America: Crypto and Blockchain News Roundup 12-18 October 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

Presidential Candidate Fernando Haddad Announces His Government Plans on Blockchain: Brazilian presidential candidate Fernando Haddad has announced that he has released his future plans for the government on blockchain to combat fake news and propaganda against him. The move came after a notorious campaign was launched against him which is in contradiction to what he has promised in his plan.

Haddad’s plan was launched on Decred’s blockchain system in partnership with Brazilian company OriginalMy earlier this week. The release was a success and showcases Haddad’s ability to forward a progressive approach towards blockchain innovation. Haddad’s rival far-right candidate, Jair Bolsanaro is also interested in blockchain technology and both have promised to help promote the industry in the South American country.

Brazilian Specialist Says USD Tether’s Decrease in Prices Will Impact Cryptocurrencies Significantly: Brazilian Bitcoin specialist Paulo Boghosian believes that cryptocurrencies will be affected by the recent drop in prices of the USD Tether.

Boghosian believes that actions of the Tether company and liquidity issues are worrying signs and will result in massive issues for the industry if not resolved. However, he did point out that other stablecoin options are also available including TrueUSD, Gemini, Pax and USDC and they will help maintain enough competition to help it not become a short-term problem. However, if Tether is facing an insolvency issue, then the alternatives may not be of much help.

Boghosian is a lecturer at the Blockchain Academy and currently teaches an investment course there.

State Deputy Defends Blockchain and Wants Government to Be More Decentralized: State deputy from Rio Grande do Sul, Fabio Ostermann is one of many cryptocurrency-advocating government representatives in Brazil according to a latest interview.

Ostermann was of the opinion that decentralization and blockchain applications will go a long way in ensuring the distributed nature of democracy in the country. He also stated that he will advocate for the industry in the state legislature.

Prosecutors Believe Lack of Regulations May Make Cryptocurrencies a Means for Money Laundering: According to the Public Prosecutor’s Office (MP), the absence of rules of cryptocurrencies means that cryptocurrencies can be used for illegal money laundering activities.

Rodrigo De Gandis, a prosecutor said at an event organized by the Brazilian Federation of Banks – FEBRABAN:

“We do not know the proper way they are processed, how they are used. There is a legal limbo in terms of regulation, the bodies have not understood how the matter should be regulated. But for the Federal Public Prosecutor’s Office, crypto-coins are vehicles and tools for money laundering,”

The Brazilian judiciary has already sought information on cryptocurrencies and battle lines may be drawn between cryptocurrency exchanges and banks regarding regulations.

Argentina

Argentina Posts Record Bitcoin Trading Figures Amidst Hyperinflation: Bitcoin trading volumes soared high in Argentina and other parts of South America as inflation rears its ugly head again.

Argentina especially is embracing Bitcoin more openly because the government’s attitude towards the cryptocurrencies is overall positive. Bitcoin ATMs are being opened across the country and many merchants are accepting payments in Bitcoin.

Chile

39% Chileans Have Heard of Cryptocurrencies: A recent study in Chile concludes that almost 39% of the country’s populace has heard of cryptocurrencies. The study was conducted by a group of Chilean researchers who are identifying the impact of cryptocurrencies on the populace.

Cryptocurrency adoption and knowledge is especially associated with the younger generation as 43% of the 18-34 demographic have heard of cryptocurrencies. High resource class (75%) is also leading on the front rather than lower resource groups (25%).

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Venezuelan Government Mandates Passport Fees Be Paid in Petro

The Venezuelan government is pushing forward its national cryptocurrency Petro at full speed and has now announced that its passport fees can only by paid through it. The announcement was made by Vice President Delcy Rodriguez in a press conference earlier this week despite consistent operational issues in the working of Petro that are dogging its development and mass adoption.

Rodriguez claimed that the enforcement will take place before the official launch of the cryptocurrency by the government which is slated for November. The cost of each passport application is also being floated around by the government with a new passport expected to cost 2 Petros and an extension expected to cost 1 Petro. Venezuelans living abroad will have to pay in USD for passport services including USD 200 for a new passport and USD 100 for an extension, according to Rodriguez.

Even setting aside Petro’s troubles, the cost of each passport is still significant as the minimum monthly wage is 25% of the cost of the passport fee in Petro according to the currency exchange rate. The Venezuelan government is eager to attract foreign capital in Petro and enforce its mass adoption but even then it will have to face problems because in its current status, Petro cannot even be transferred from one person’s wallet to another.

In addition to the passport fee rules, the Vice President also announced the creation of a new migration police force to enforce migration policies. Petro payments for passports appear to reflect the government’s attempt to enforce its strict migration policy and promote the national cryptocurrency simultaneously. However, the token’s developers need to solve critical issues with the currency before any of these decisions can be enforced.

 

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South America: Crypto and Blockchain News Roundup, 31st August to 6th September 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

First educational center integrating blockchain to verify professional certification: Impacta group based in Brazil has announced the integration of a first blockchain-based educational certification verification program in the country.

The blockchain which is the creation of a Dubai-based startup called Educhain is being widely used in Dubai already but this is the first overseas application of the technology.

According to Marcelo Botelho, Operating Director at Impacta: “Each issued digital certificate gives rise to a single authentication code with the open badge pattern – in addition to a hash code in the blockchain network.”

The certification of the courses can be shared through social media networks and even in the signature of emails.

Mining farm catches fire: A Brazilian crypto mining farm caught fire in the southern part of the country. The farm had almost 70 GPUs installed for mining purposes and was in the process of another expansion.

While there were no human losses reported in the incident, the entire mining operation’s valuable equipment was lost to the fire. Safety issues are often reported, yet neglected in mining operations around the world.

Blockchain investment increasing in Brazil: A recent study by the Brazilian Association of Software Companies (ABES) shows that the blockchain industry is growing steadily in the country along with other parts of the expanded IT industry.

According to the study’s projections, investments in the blockchain-based products will reach USD 9.2 billion by 2021, a ten-fold increase from USD 945 invested in 2017. The projection for 2018 is set at USD 2.1 billion.

The study ranks the US as the top blockchain market but the fastest growth figures will be recorded in Latin America and Japan.

Renault, Eurofarma use Brazilian blockchain to monitor garbage disposal: A Green platform launched by a Brazilian startup is being used by big names like Renault and Eurofarma to help track garbage disposal activities.

The company donates the software to any municipality with more than 500,000 inhabitants.

Argentina

Startup sells virtual land for $120,000: A recent blockchain initiative in Argentina sells virtual land to decentralized inhabitants for a shared living.

The unusual proposal is one of the unorthodox applications of blockchain technology in the world and is viewed by the political scientists as part of a decentralization process called Uberization of the assets.

Number of Bitcoin ATMs increasing in the country: The number of Bitcoin ATMs in Argentina is increasing at a rapid pace as the latest figures show. The country is facing remarkable growth in the region outperforming conventionally strong markets like Brazil.

In 2017 alone, 200 ATMs were installed across the country and the number is likely to increase manifold in the future. A CEO of a Bitcoin ATM company says that a total of 4,000 ATMs may be installed across the nation in the next few years.

Venezuela

Government confirms Petro doesn’t yet exist: An announcement by the Venezuelan government says that Petro is still in development and is not yet available for exchange and general use despite assurances by the President that it will be adopted by banks and the public alike.

While clouds of uncertainty and reports of corruption were present behind the scenes in the creation of the state cryptocurrency, the government always maintained that Petro was a solid cryptocurrency and was forcing banks to adopt it. The latest statement pours cold water into the application of the currency in the near future and raises doubt about the whole process.

 

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South America: Crypto and Blockchain News Roundup, 27th July to 2nd August 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

Exchange wins case against bank that closed its account: Brazilian cryptocurrency exchange Walltime has won a recent court battle against local fiat bank Caixa Economica Federal that chose to freeze its accounts with more than USD 200,000 in funds.

According to local Bitcoin website Portal do Bitcoin, Walltime won a preliminary injunction against its funds meaning that while the case isn’t finally decided, the exchange has now access to its funds in the interim period.

Walltime’s lawyer, Graziele Brandao said:

“Given that the nature of Walltime’s activity requires an open bank account in as many institutions as possible to facilitate 24/7 negotiations, Walltime suffered a lot of damage in that period.”

According to Brandao, the losses amount to much more than then quarter of a million dollars worth present in the bank at the time. It also lost some users because they weren’t able to withdraw and receive transactions through the bank.

The move follows a regional trend that involves banks illegally cracking down on exchanges and then exchanges winning cases in courts or temporarily getting their funds back as the case drags on.

Argentina

Government launches blockchain for public services: The government of Argentina has announced that it will have its own distributed ledger or DLT that will help provide service for various government agencies.

The blockchain will be called the Federal Blockchain of Argentina and is in development stages right now. The developers will help ensure that the platform is used to improve public processes and standardize private applications of the tech as well. There will be 15 stages of implementation overall.

OneCoin Ponzi postpones going public: The developers of OneCoin, a probable Ponzi coin scheme, have announced that they will be looking to push the release of their coin ahead in time due to issues faced by the company right now.

Back in 2017, the ROIs of the company crashed dramatically thus resulting in loss of coins and investment that had previously kept the organization afloat.

Venezuela

Government to peg local currency with Petro and reduce hyperinflation: The Venezuelan government is on yet another bold move as the embattled state decided to peg its Bolivar fiat currency to its fiat national cryptocurrency that is supposedly backed by oil. It has also decided to remove five zeros from the Bolivar that is suffering from hyperinflation.

Speaking to the nation Nicholas Maduro, the president of Venezuela said:

“The economic re-conversion will start on August 20 definitively with the circulation and issuance of the new Sovereign Bolivar.”

Venezuela’s considerable problems in the economy are well known and it will take a lot of effort and austerity from the government to solve the current issues. Petro has been seen as a viable alternative that can solve these problems and circumnavigate the heavy sanctions placed on it by the United States.

Chile

5,000 merchants now accept crypto payments in Chile: Bitcoin and cryptocurrency penetration in Chile is encouraging, as local payment company Flow and its new partnership with Cryptomkt exchange allow customers to pay for daily goods and services with cryptocurrencies.

The move is especially encouraging in the country as it comes in the backdrop of a Court of Appeals order that ruled banks banning exchanges accounts illegal. Flow is an integrated platform for the solution of transactions. It has more than 20,000 active customers and offers services in several mainstream online payment gateways including WebPay, and OnePay.

 

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South America: Crypto and Blockchain News Roundup, 8th to 14th June 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

Major bus companies start accepting Bitcoin payments: Two big bus companies have started accepting payments in Bitcoin in a first for the country according. Both of these companies are game changers in the industry as one has the largest fleet of buses while the other is considered the most modern service in the country.

Brasil Sul and Viacao Garcia have started accepting payment in Bitcoin from 6 June. The payment option is available on their websites. According to one:

“The group opted, initially, to use Bitcoin (BTC), the most popular virtual currency on the market today… [and] by July, two other cryptocurrencies will be accepted: Bitcoin Cash and Litecoin.”

ABCB wants banks to service crypto firms again: To fight the onslaught of banks against cryptocurrencies, Brazilian crypto association ABCB has announced that it is going to pressurize banks to start accepting cryptocurrency exchange accounts again.

Banks in Brazil have resorted to closing cryptocurrency exchange accounts in the past and if they continue to do so, ABCB is going to take action in this regard to protect the interests of the crypto community. Recently, ABCB has petitioned the Brazilian Council for Economic Defense to stop banks from exercising this option. The president of ABCB even went as far calling this an “abusive practice” by the banks.

Further meetings with the central bank representatives and securities exchange commission are also planned to further the cause of cryptocurrencies.

Argentina

G20 proposes unified regulation: The G20 is calling for global regulations for cryptocurrencies and crypto startups.

The G20 proposed these regulations after the members expressed concern because of hacking and other criminal activities that were taking place presumably because of lack of regulations.

Colombia

Banks to be confronted by exchange over closure of crypto accounts: Colombia is going to be yet another battleground in the crypto world as popular South American cryptocurrency exchange Buda is set to pursue three banks that shuttered its accounts without prior notice according to latest reports by Bloomberg.

Buda is buoyant after it won an initial case in Chile against closure of its accounts in the country and would look to have a similar decision across the border in Colombia.

A Buda director said, “There are mixed messages coming from the financial sector on innovation. The Colombian government promotes innovation and development, but when it comes down to it, they block what they don’t understand and are putting the brakes on financial technology.”

Chile

Six major banks sued by crypto exchange: Chile is facing yet another crypto legal battles as a local exchange has filed a lawsuit against six big banks in the country that are reportedly abusing power and quashing its business.

Orionx, the exchange in question, filed this latest lawsuit in the country’s competition court named Court for the Defense of Free Competition (TDLC) according to reports by Diario Financiero. The six banks are Bancoestado, Banco de Chile, Banco Bice, Itaú Corpbanca, Santander and Scotiabank.

According to Orionx’s attorney: “The demand before the TDLC is based on the fact that the defendant banks, abusing a dominant position and with sufficient market power, excluded Orionx from the market of digital payments that was achieved through the refusal of sale and exclusive practices”.

The banks are supposedly on the back foot as they lost similar cases against other cryptocurrency exchanges in the recent past.

Venezuela

Bitcoin trading increases as inflation hits record 14,000%: Bitcoin trading in Venezuela is reaching record numbers as the Bolivar is now inflating at a massive 14,000%. The news came after the International Monetary Fund (IMF) and its data mapper showed that the country is likely to face five-digit inflation rates in this current calendar year.

Newly re-elected president Nicholas Maduro is reportedly planning on a currency overhaul in June that will remove three zeros from the currency but the move might be late as public confidence on the currency is at an all-time low.

Cryptocurrency ‘hodling’ and trading is becoming a new means of survival for those who are electing to stay in the country according to Wired. With its fiat currency in tatters, cryptocurrencies offer a much more stable alternative that will help re-ignite economic growth and development in the country.

 

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South America: Crypto and Blockchain News Roundup, 1st to 7th June 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.

Venezuela

Police attempt to steal $15,000 in Bitcoin from Bitcoin miner: Venezuela’s police has continued its crackdown against cryptocurrency traders and miners with one miner reporting that the local police tried to steal USD 15,000 worth of cryptocurrencies from him, according to local news.

Venezuela is in the midst of an economic crisis right now with the total outstanding foreign debt hovering around USD 141 billion according to latest figures by Moody’s Investor Service. The government has virtually been in default since last November with inflation hitting record levels around 13,000%, rendering the local currency worthless.

Many Venezuelans see cryptocurrencies as a means of survival against the crushing inflation and mining is gaining popularity but the government under President Nicholas Maduro is banking on its cryptocurrency Petro and is bent on eliminating the competition from the local market to increase the appeal of the currency.

According to Bloomberg, a Venezuelan businessman reported that the police raided his house and tried to extort USD 15,000 from him, threatening to take away all of his mining equipment and the mined cryptocurrencies with them. Eventually, the Venezuelan had to gather his belongings and make way to the Colombian border.

Government bans import of crypto miners: The Venezuelan customs has reportedly outlawed ASICs and GPU mining equipment and is confiscating everything it can fin,d according to latest reports from the beleaguered South American nation.

Cryptocurrencies have been banned in the restive country following the government’s audacious decision to launch its own oil-backed state cryptocurrency Petromoneda. While Petro has failed to gain international recognition, other cryptocurrencies are being adopted by local populace but the government is now fighting back and initiating sweeping crackdowns.

Brazil

Exchange banned in China enters Brazil: Huobi cryptocurrency exchange has opened a new office in Sao Paulo with an intention to enter this big Brazilian market, according to Coindesk. The move marks one of many new entrants to the local market as the cryptocurrency boom engulfs the biggest South American nation.

Huobi was officially founded in China but once the cryptocurrency trading was completely banned by the Chinese government, Huobi moved to other parts of the world, with Brazil a realistic target. Other cryptocurrency exchanges may also open their offices in the country following government bans in other parts of the world.

Argentina

Bitcoin non-profits creating awareness on crypto: After the government announced an intention to open thousands of crypto ATMs across the country, two Bitcoin non-profits are engaging in a mass campaign to spread knowledge about cryptocurrencies, according to CoinTelegraph reports.

The two non-profits, Bitcoin Argentina and Bitcoin Americana, are touring the rural areas of the country to spread knowledge of cryptocurrencies and their incredible usefulness among the larger population that may have missed the crypto revolution due to remote locations.

According to local news source Infobae, the movement has been christened as “Bitcoineta” by both the startups, which means “Bitcoin van” in Spanish, because their movement involves a Bitmobile of sorts touring each village and spreading information. The ‘Bitmobile’ is equipped with a projector and other multimedia to help in the presentations to the local populace.

The Bitcoin movement has been greeted with enthusiasm across the country as it battles chronic inflation. Investing in cryptocurrencies is seen as a way to conserve the value of money in the hands of Argentinians like other areas experiencing hyperinflation.

Argentina declared top destination for tourists aiming to pay in Bitcoin: Software developer turned traveler Felix Weiss has toured the world with only Bitcoin in his wallet and has rated Argentina among other countries as one of the top places for tourists who are willing to use popular cryptocurrencies like Bitcoin and Ether.

Some airlines have started accepting payment in cryptocurrencies. Shopping has especially become easier as more and more businesses start accepting cryptocurrencies, according to Weiss.

A Bitcoin ATM is often seen as a last resort and Argentina is close to becoming a leader in Bitcoin ATMs shortly with over 30,000 machines planned.

 

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South America: Crypto and Blockchain News Roundup, 25th to 31st May 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.

Chile

Bank reopens account of crypto exchange: A Chilean bank reopened the accounts of cryptocurrency exchanges following a court ruling in their favor. The accounts were suspended after the three major banks in the South American country stopped handling crypto exchange accounts of users and the top three exchanges, including Buda.com and cryptomkt, appealed to Chile’s Tribunal for the Defense of Free Competition (TDLC) and got a ruling in their favor.

Bancoestado became the first of these three banks to accept the decision and reopened the accounts in the first major win for cryptocurrencies in the country. The other two banks, Unibanc and Itau, are set to appeal the decision of the top court after having their previous appeals rejected by the competition court.

Brazil

Crypto seen as a way to circumnavigate Brazil’s notorious bureaucracy: According to Ruairi Luke McCallan of Hacker Moon, cryptocurrencies and blockchain can help improve social justice and entrepreneurship in Brazil and bypass its notorious red tape that hampers free trade development.

While banks and other financial institutions are looking into the business of adopting blockchain, McCallan sees that cryptocurrencies can help the country improve its free trade through decentralization, as it is seriously affected by lengthy government legislation and over-regulation.

The Brazilian Association of Cryptocurrencies and Blockchain (ABCB) is reportedly in the thick of things but there hasn’t been an overwhelming response from the Brazilian government as of now.

Venezuela

Bitcoin mining gaining momentum in Venezuela as hyperinflation reaches 18,000%: Venezuelans are increasingly looking to Bitcoin and cryptocurrency mining to survive the massive hyperinflation in the country, according to a report by Bloomberg.

The capital city Caracas has become a crypto mining hub according to Daniel Cancel, a resident of the city also into crypto mining, earning more than USD 6 per day. Venezuelans are pooling money into cryptocurrency mining with some combined ventures earning more than USD 1,000 per day, a small fortune in the country considering its hyperinflation statistics.

According to Cancel:

“One key to my mining pals’ success: electricity, while spotty, is basically free, the result of an odd combination of hyperinflation and government-mandated utility price freezes. (It’ll cost you 900,000 bolivars—or about USD 0.90 at the black-market rate—for a coffee, pastry, and juice at a cafe, but you can pay your monthly electricity, water, gas, internet and phone bills for about 300,000 bolivars.).”

The Venezuelan government is also banking a lot on its own cryptocurrency Petro for international trade following heavy US sanctions but it is experiencing a hard time in getting it recognized from the international community.

India rejects Petro to pay for crude oil: The Indian government has rejected using Venezuela’s state cryptocurrency Petro citing cryptocurrencies being outlawed by the national bank. The move comes after the South American country offered discounts of up to 30% if the payments were made in its own cryptocurrency.

The Reserve Bank of India banned the use of cryptocurrency and cryptocurrency exchanges in the country last month following a sweeping measure to protect investors from fraudulent activities.

So far, no country has promised to use the Petro for payment of crude oil, the largest export from Venezuela thus causing problems in the adoption of the cryptocurrency.

One satoshi now more valuable than Bolivar Fuerte: Hyperinflation in Venezuela has gripped the nation; 1 Satoshi is now worth more than 6 Venezuelan Bolivars. A satoshi is the smallest denomination of Bitcoin (0.00000001 BTC) and still it is now more than six times as valuable as the local currency.

The economic crisis in the country is now a national problem with the government at a loss on how to resolve the crisis.

Argentina

Country planning to install 30,000 Bitcoin ATMs: Argentina is now in full grip of the Bitcoin revolution with the country planning on installing more than 30,000 Bitcoin ATMs even as the worldwide Bitcoin ATMs number just over 3,100.

A pre-agreement for 4,000 machines has already been signed. Rising Bitcoin prices and inflation in the country is forcing many to turn to cryptocurrencies for a sound investment.

Columbia

Football superstar James Rodrigues announces JR10 Coin. James Rodriguez, one of the Columbia’s biggest football stars, has announced a new cryptocurrency called JR10 according to latest reports from USA Today.

The football star is not the first sports icon to launch the coin with Floyd Mayweather and Michael Owen also planning on launching their own cryptocurrency. Lionel Messi has also been affiliated with Sirin Labs for a blockchain smartphone.

 

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The post South America: Crypto and Blockchain News Roundup, 25th to 31st May 2018 appeared first on BitcoinNews.com.