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


Government advised to buy crypto to resolve currency crisis: CoinDesk’s advisory board chairman Michael J Casey has advised the Argentinian government to buy Bitcoin to address financial challenges presenting the country.

The country has been in an economic crisis for the past 30 years and tried a number of solutions of conventional nature to overcome this issue. According to Casey, an out-of-the-box solution like cryptocurrencies is needed to overcome the circular challenges that are present in the fiat model of today.

While it may be a radical move, Argentina must try to look for innovative solutions, according to the adviser.


Brazilian Association of CryptoEconomics launched: The Brazilian Association of Cryptoeconomics (ABCCripto) was launched in the country with several members of the Brazilian cryptocurrency scene signing up as pioneering members.

Among the new members, notable names include Luiz Roberto Calado, founder of exchange Bitcoin Market, Natália Garcia, Legal Director at Foxbit and vice president of ABCripto and other members of the community.

Blockchain community holds election through blockchain: The Brazilian Association of Fintech (ABFintech) will hold elections for a new board of directors on 9 October with the help of blockchain technology.

Foxbit, a Brazilian cryptocurrency broker, is about to write an important chapter in its history by moving for a blockchain-based voting system. The election will use the system of OriginalMy, a Brazilian startup specializing in digital signatures and certification of documents through blockchain technology.

Brazilian MPs in talks for creation of parliamentary block for the promotion of crypto: The rising popularity of cryptocurrencies in the country is showing as several members of the Brazilian parliament have started the creation of a Joint Parliamentary Block for Blockchain and Digital Assets.

The current chair of the Science and Technology Commission is responsible for the initiative and has the support of Brazilian Association of Cryptomoedas and Blockchain (ABCB). The parliamentarians are hopeful they can promote the vital industry in the country.

Presidential candidate will implement digital government: A Brazilian presidential candidate has said that he will digitize the governance of the country and focus on blockchain-based applications.

João Amoedo, the candidate of the Novo Party, has said that blockchain technology can become a part of the system that will make public offices more efficient. He also supports mass applications of the Internet of Things initiative.


Petro to be affected by new oil deals: The state cryptocurrency of the Venezuelan government Petro may be hit by new ventures by the government to increase oil production in the country.

While the country itself is still struggling to adopt the new digital currency created by the state, it is still guaranteed by the government to be backed by a barrel of oil each. But once the oil production goes up, theoretically, the price of the Petro will be affected.

The move comes after several loopholes were found in the creation and operation of Petro cryptocurrency in the country. The initial affidavit by the government said that it was linked to oil barrels but investigations showed that lack of investments meant that it wasn’t possible to do so. The 5 billion barrels of oil that were supposedly allocated for Petro itself will take a hit because more oil is being drilled and there is no way to tell where exactly the oil backing Petro is.


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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.


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.


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.


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, 24th to 30th 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.


Crypto jacking incidents becoming more common: The Argentinian online community is experiencing increased software and malware attacks resulting in cryptojacking and other cryptocurrency-related cyber crimes.

More than 55% of the online community suffered malware attacks in the country and while most were related to personal identity theft and data theft, increased instances of cryptojacking are being reported as well.

More than 160 million malware attacks were recorded by Kaspersky anti-virus lab throughout Latin America. While the number of cryptocurrency-related attacks weren’t clear, they are clearly on the rise based on the reported user incidents.


Crypto investment platform hacked, data of 264,000 users leaked: Popular Brazilian cryptocurrency investment platform Atlas was hacked earlier this week, leaking user information. The parent company repeatedly made reassurances that funds were safe.

The security breach was first announced by a Youtube channel Investimentos Digitais (Digital Investments). All in all, there are 14,500 records regarding leaked user balance data. Overall, there are around USD 39 million worth of BTC deposited on the platform.

According to a popular Brazilian crypto blog Portal do Bitcoin, users have come forward, claiming that the data is real. Atlas acknowledged the situation and said:

“We would like to point out that this wasn’t a Bitcoin theft or a violation of our accounts in the exchanges. However, our customer base was exposed. At the time of the incident, we took immediate steps to protect the database and [the] passwords and private keys are encrypted.”

New security measures were also announced by Atlas within a short time to protect user funds.

Architect launches Bitcoin hostel in Rio: A cryptocurrency-themed hostel was announced by Alessandro Santos, an engineer and architect from Paraty, a city located 260 km away from Sao Paulo.

The hostel announced last week as Hostel Bitcoin and booked for its inaugural day. Santos says that the hostel’s services including breakfast, tours and lodging can be paid in cryptocurrencies. Right now, only Bitcoin is available but soon, the hostel will also accept Ripple and Monero.

Government sends crypto exchanges questionnaires: The Brazilian government has sent top cryptocurrency exchanges operating in the country a series of questionnaires.

The 14-point questionnaire was sent through the government’s contract forms throughout the last two weeks. Some received it earlier and some later. The document was sent by the Finance Deparment of the government and signed by prosecutor Ana Paula Bez Batti.

While it is illegal to share the questionnaire, a copy was obtained by Portal do Bitcoin and the questions mostly revolved around operations of the crypto exchanges.


P2P Bitcoin trading spikes in Chile: Chile saw a massive spike in trading volumes in P2P cryptocurrency trading platforms like LocalBitcoins recently following regional trend accelerated by spiraling local currencies.

It is believed the fears of hyperinflation like in neighboring country Venezuela are still present in the country, reminiscent of its own period of inflation back in the 1970s and 1980s. These are pushing people to adopt cryptocurrencies to cushion any effects of hyperinflation in the local currencies.


Petro crypto nowhere to be found: Petro, the state cryptocurrency, is facing difficulties in adoption in the country as the current system braces for its deployment. Shops, banks and retailers are nowhere close to adopting it.

President Nicholas Maduro, an avid supporter of the state cryptocurrency, added to the confusion by saying salaries, pensions and the like will now be pegged to the cryptocurrency. Experts believe that the Bolivar-Petro tether is now workable.

The president also ordered the banks to adopt cryptocurrencies  in the country, creating another economic crisis in the country.


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Cryptocurrency News Roundup 17-24 August 2018

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. Next up is South America.


Bitcoin ATMs in Argentina Rising: Argentina’s cryptocurrency revolution is becoming clearly evident as more and more Bitcoin ATMs are being installed across the country.

Recently, Matias Goldenhorn, the Director of Latin America at Athena Bitcoin, an American Bitcoin company announced a move for the installation of a number of new Bitcoin ATMs across the country. Athena Bitcoin’s new Bitcoin ATMs include a new one in Buenos Aires, the capital of Argentina. More than 4000 ATMs are expected to be installed in the country in the near future.

Argentina’s Largest Mining Farm in the Works: The biggest cryptocurrency mining farm in the country is being planned as the cryptocurrency scene expands its presence in the region. After Canada, Iceland, and the USA, now miners are looking towards Patagonia, a resource-rich area in Argentina to set up mining farms.

A mining company named Bit Patagonia has announced its plans to set up the biggest mining farm in the country, in the region. The project is said to be a conglomerate of some of the biggest mining names in the world and aimed at testing the waters in the country.


E-Commerce Accepting Cryptocurrencies on the Rise: Local Chileans are surprised by the announcement made by CryptoMKT, a local cryptocurrency exchange, and payment company Flow. The post stated a while ago that more than 5,000 stores across Chile now accept cryptocurrencies.

One such user thought it was a hoax until she decided to research more into it. She found that right now, the stores are accepting Bitcoin, Ethereum, and Stellar Lumens as payment through a website called Cryptocompra. The website offers free sign up for businesses for integrating cryptocurrencies on e-commerce platforms using plugins, according to a blog post by the user.

The crypto options also come with a lesser fee structure as compared to the fiat peso option for the sellers, thus providing a stiff competition to the fiat circles.


Venezuela Becomes Second Largest Cryptocurrency Market for Dash: Dash, a cryptocurrency known for its privacy has announced that Venezuela has become the second largest market for the cryptocurrency in the world.

Ryan Taylor, CEO of Dash Core Group said:

“Earlier this year, Venezuela became our number two market even ahead of China and Russia, which are of course huge into cryptocurrency right now.”

The economic crisis in the country is forcing many Venezuelans to turn to cryptocurrency to circumnavigate the high levels of hyperinflation prevalent since the last few years. Cryptocurrencies other than state-run Petro are banned in the country.

President Announces Move to Tie Cryptocurrency to Bolivar: The President of Venezuela Nicholas Maduro has announced new devaluing measures for the national fiat currency, the bolivar and announced that the new state-run Petro cryptocurrency is pegged to the bolivar now. 

The widely criticised cryptocurrency was launched last year by the Maduro administration but the country is facing difficulties in gaining more acceptance for it, both domestically and abroad.

Bitcoin Venezuela Founder Sees Rejection of Petro: The Venezuelan state cryptocurrency Petro could be in for an early demise as it is reportedly being rejected in favor of more popular cryptocurrencies like Bitcoin and Dash.

Randy Brito, the founder of Bitcoin Venezuela believes that the rejection of Petro is being experienced because of a lack of trust in the government regarding the new initiative. According to him:

“People don’t trust the government here on anything to do with economics or currency management because they have proven to be so bad. The Petro is not backed by anything, there is no way to back a digital currency to a physical asset like a barrel of oil without having to trust a third party. Here, the third party is the government, so I don’t think anyone that understands this concept believes that they are telling the truth.”

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South America: Crypto and Blockchain News Roundup, 10th to 16th 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.


Presidential candidate pledges to legalize crypto if elected: Brazilian presidential elections are coming up and a presidential candidate has pledged to legalize cryptocurrency in the country if he gets elected.

Brazil remains a country that doesn’t recognize cryptocurrencies like Bitcoin as actual currencies that can be legally used to settle payments. Jao Amoedo, the Presidential hopeful has said that national currency will remain in its official status but Bitcoin could be accommodated as a foreign currency role like the US Dollar and thus break away from the financial setup dominated by the USA.

While the government doesn’t recognize Bitcoin as an actual currency, it hasn’t stopped Brazilians from investing a lot in it. In 2017 alone, more than USD 2.4 billion in Bitcoin transactions occurred in Brazil alone.

Brazil officials and crypto community debate future crypto regulations: In a new meeting called in by the Chamber of Deputies, representatives of the Brazilian government debated on possible cryptocurrency and blockchain regulations.

The discussion was held publicly in the Getulio Vargas Foundation’s Applied Information Technology Center in Sao Paulo. Different mindsets and opinions were heard in the hearing but the topic was somehow neglected overall. The Brazilian cryptocurrency community is one of the largest in South America and needs new regulation for the recognition of cryptocurrencies as assets or currencies.


Argentinian political theorist working on blockchain-based voting systems: A video game developer-turned political theorist from Argentina, Santiago Siri, is working on a new blockchain-based voting system that could make things transparent and effective.

While the democratic system is widely adopted around the world, it is under threat by a new set of powers that are trying to undermine it. The powers include meddling of foreign powers in elections.

Siri’s non-profit startup called Democracy.Earth believes blockchain to be the solution for ensuring transparency in elections.


Thousands of businesses now accept crypto payments: A new partnership between cryptocurrency exchange Crypto MKT and means that over 5,000 stores across Chile now accept cryptocurrency payments.

The deal was signed between these two service companies allows cryptocurrency payments to be added to payment types on’s online payments platform. Store owners will receive money in fiat money and the transaction rates are some of the lowest in the country.

According to an official translation: “There is a guarantee fund that allows the payment is not affected by large increases or decreases in the price of Bitcoin, Ethereum and Stellar. This gives tranquility and security to the client.”


Petro set to become official currency alongside bolivar: State-owned oil-backed cryptocurrency is set to become officially recognized in Venezuela after President Nicholas Maduro made an announcement confirming its official status will start on Monday next week.

The official dealing in the state cryptocurrency will start when state-owned oil giant Petroleos de Venezuela (PDVSA) will start using cryptocurrency transactions for payment. Petro will not be the sole national currency anymore and the system will be made to incorporate the additional Petro cryptocurrency in a gradual manner.

Hyperinflation causing further increase in Bitcoin trading: Venezuela’s spiraling inflation issues are producing considerable surges in Bitcoin trading activities in the country.

With IMF recently stating that Venezuela may reach as much as 1 million per cent inflation by December, more and more people are turning to cryptocurrencies, especially Bitcoin to circumnavigate inflation’s vicious cycle. Bitcoin price itself is doubling in 18 days as a result as well.

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South America: Crypto and Blockchain News Roundup, 3rd to 9th 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.


G20 crypto regulations in Argentina could spell blockchain revolution: The crypto regulations being devised by G20 countries after a meeting in March in the Argentinian capital of Buenos Aires could mean serious development for the blockchain space.

The G20 study group has since engaged in intensive studies to know more about Bitcoin, cryptocurrencies and other fintech innovations introduced in the blockchain space. The main purpose of the study is to devise regulations that will ensure transparency of the new space and not stifle the innovation and economic growth resulting from blockchain development.

Argentina is already one of the most progressive places in the world when it comes to blockchain technology and is looking to adopt common-sense regulations that will help the rapidly expanding industry.


Government aims to finance villas for homeless with Petro: Venezuelan authorities are looking to counter ways to end the homeless epidemic in the country with the help of its national cryptocurrency, the Petro, according to latest reports.

While the Petro has found limited success outside the country, President Nicholas Maduro’s government is promoting it restlessly and is determined to implement it within the country. It is also planning to merge it with the local Bolivar fiat currency, something that hasn’t been done anywhere else in the world.

According to Telesur news outlet, the villas for the homeless will be built under the La Gran Mision Venezuela Housing Project and it offers a decent, cost-effective solution to the deserving families. It is yet to be seen how the cryptocurrency will be used to pay the contractors and laborers as it is still in its infancy.

JP Morgan CEO advises Venezuelans against HODL Bitcoin to avoid inflation: In an unsurprising move, the CEO of JP Morgan, Jamie Dimon, has advised the Venezuelan people not to hodl Bitcoin in an effort to avoid the effects of hyperinflation. He had previously called Bitcoin a “scam” and said that he had no “interest in it”, according to a Bloomberg publication on 5 August.

Now a part of the reason behind the critique of the biggest cryptocurrency in the world is its volatility. While Bitcoin price tanked recently, resulting in huge losses for investors, in Venezuela, mathematically, the currency can still protect them from hyperinflation, which is around 18,000% at this time.

Coinbase transfers halted in Venezuela: Several Coinbase users reported that they had lost the ability to withdraw or send cryptocurrencies from their accounts, prompting debates whether this was a result of the latest round of US sanctions on the embattled country.

Disabling transfer of cryptocurrencies would mean that Coinbase is being forced to comply with the Trump administration’s latest ban on trading Venezuelan assets.


200,000 routers hacked in Brazil in latest cryptojacking episode: Around 200,000 routers were reportedly hacked by illegal miners to mine XMR cryptocurrency.

The hack especially targeted MikroTik routers that are popular in the country, using them to create a massive botnet network for mining purposes. A patch for this vulnerability was issued by the manufacturers back in April but many of the non-updated devices were still present and this caused a vulnerability in their connectivity that was preyed upon by the hackers.

All MicroTik users are advised to get the latest patch from the company to avoid such cryptojacking episodes in the future.

Bitcoin can become legal form of payment, says Brazilian presidential candidate: A candidate for Presidency João Amoêdo has said that Bitcoin can eventually be considered as a legal form of payment in the South American country.

Amoêdo is the candidate of the Partido NOVO or The New Party that is running on a platform of fintech revolution and integration of blockchain for better governance in the country. In a recent interview with The Bitcoin Portal, Amoêdo outlined his vision for blockchain development in the country.


Cryptocurrency trading showing positive development in Peru: Peru is joining the rest of the South American countries by showing positive growth in crypto trading volumes according to figures released by

An increase of up to 50% was witnessed in the trading volume, with transactions up to BTC 106 being carried out in the country despite the presence of an extremely bearish market. Latin America is often touted as a crypto-friendly destination in the world.


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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.


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.


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.


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.


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, 20th to 26th July 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.


Football legend Ronaldinho launches own crypto: Brazilian football legend Ronaldinho has joined Neymar, Messi and James Rodriguez in launching another soccer cryptocurrency that will attract investment from the sports community.

The Ronaldinho Soccer Coin (RSC) as the coin is called, is launched on the NEO blockchain platform which is widely known as the Chinese Ethereum. Through this coin project, the football icon aims to launch his own football academy and host amateur and league matches around the world and promote new players and the sport itself.

Ronaldinho said regarding the coin:

Ever since I thought of retiring, I started to think about my life after retirement. I wish to contribute to the world as much as I can.”

Ronaldinho has partnered with the World Soccer Coin company based in Malta and 350 million tokens are up for grabs as of now. The move follows an increasing interest by the footballing community in crypto as the Premier League team Wolverhampton Wanderers announced the first major deal with cryptocurrency exchange platform CoinDeal.

Avast cybersecurity company releases crypto user survey: A new user survey by antivirus company Avast shows the latest trends in cryptocurrency investment in Brazil with as much as 30% Brazilians interested in investing in the cryptocurrency.

The Avast survey showed that cryptocurrency interest is increasing in Brazil due to the lucrative nature of the coin market. A total of 1,900 Brazilians were interviewed randomly in the study and a large number of them (84%) admitted that they had at least heard of cryptocurrencies and how they operated.

But on the downside, most of the Brazilians only knew about Bitcoin among major cryptocurrencies. Some also have no clue about how blockchains work and how they can be used for Dapps and other initiatives. Nevertheless, as the coin market becomes more popular, cryptocurrency education will be mainstreamed and more people will come to know about its working in the future.

Bitcoin trader sees passport frozen after criticizing tax laws: A Brazilian Bitcoin pioneer and trader’s passport has been frozen after he slammed the government’s tax service including two leading officials in a video statement on Youtube.

Daniel Alvas Fraga, a well-known libertarian and Bitcoin trader, was previously hit by a lawsuit by two tax auditors from the country, Marcio Oliveira Damasceno and Mario Pereira de Pinho Filho, who accused him of libel and slander in a previous video in which he slammed the organization. The case was registered back in 2015 and now the government has taken action against his Brazilian nationality.

Now his official passport has been suspended by the government so that he won’t get away without facing consequences, according to Portal do Bitcoin. The news outlet reported:

“It was further determined, by court order, that his voter’s title, any Internet service contracted by him or in which he was in any a beneficiary, should be suspended, in addition to suspending and preventing the renewal of his driver’s license.”

Fraga is yet to respond to these moves by the government.


Cryptocurrency-tied bolivar to be launched in August: Venezuela’s president Nicholas Maduro, a chief proponent of national cryptocurrency Petro, has said that the weak national currency bolivar will be redenominated in the future and tied to the cryptocurrency, according to latest statements on the Venezuelan National Television.

Maduro said:

“The new bolivar will be issued on August 20 and will be tied to the petro [cryptocurrency]… We will also knock five zeros off the bolivar.”

Venezuela launched the state-owned cryptocurrency Petro this year but its use has so far been limited due to reluctance by other countries and public alike to adopt it.

Dash making inroads in Venezuela’s troubled economy: Popular secrecy-centric cryptocurrency Dash is making inroads into the Venezuelan economy that is struck by poverty and hyperinflation.

Dash is one of the three cryptocurrencies being used in Venezuela, the others being Bitcoin and Nano. While Bitcoin is the most widely used cryptocurrency, Dash is now being accepted in over 522 domestic stores across the country.

Dash’s popularity is linked to an increased market campaigning in the country including monthly conferences, seminars and other mass contacts.

Venezuelan inflation to hit 1 million per cent, forcing people to buy crypto: More bad news from Venezuela shows that the hyperinflation in the country could reach 1 million per cent at the end of the current year according to latest reports from International Monetary Fund (IMF).

The South American country’s condition is already critical as it is suffering from four digit inflation right now but the latest report shows just how bad the state of things is expected to be in the South American country in the near future. The IMF released a comprehensive report on Latin America including some of its better performing neighbors like Chile and Peru.

According to the report:

“We are projecting a surge in inflation to 1,000,000 per cent by end-2018 to signal that the situation in Venezuela is similar to that in Germany in 1923 or Zimbabwe in the late 2000s.”

These reports are extremely discouraging but will contribute to a rise in demand for cryptocurrencies in the country to help avoid inflation.


Central Bank of Chile mastering Bitcoin to fight depreciating petro: The Central Bank of Argentina, Banco Central de la Republica Argentina (BCRA), is studying Bitcoin enthusiastically, according to latest reports from the South American bank.

A list of books are being asked by the Central Bank, including ‘Mastering Bitcoin: Programming the Open Blockchain 2nd Edition’ and ‘Blockchain Basics A Non-Technical Introduction in 25 steps’.

These books are expected to help the Central Banking Institute to understand the intricate working of blockchains and cryptocurrencies, thus paving the way for common sense regulations and reform.

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South America: Crypto and Blockchain News Roundup, 5th to 12th July 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.


Ronaldinho launches own crypto: Brazilian football icon Ronaldinho is joining the cryptocurrency bandwagon by launching his own cryptocurrency project, according to latest reports from Brazil.

Rather than just promising a cryptocurrency, Ronaldinho is aiming to launch a football ecosystem including football academies, holding professional and amateur matches around the world, building and operating a sports betting platform and marketplace and developing VR stadiums around the world.

The project is definitely an ambitious initiative by the smiling Brazilian who was the star of the World Cup in 2002. The coin he is launching is being touted as Ronaldinho Soccer Coin (RSC). The project will reportedly be based on the Ethereum blockchain and will be executed via a partnership with World Soccer Coin, a Malta-based blockchain startup. Ronaldinho has also Tweeted about the particular project.


Crypto mining consumes more electricity than Chile amid UN Calls for reducing carbon footprint: According to latest reports from Digiconomist, the total energy being used by cryptocurrency mining has now surpassed the total consumption of the whole of Chile. The total amount of power being used in the last 12 months has been around 13.66 TWh to 71.62 TWh.

The amount of energy used by cryptocurrencies has seen a steady increase in recent years despite mining companies announcing more efficient mining equipment. The UN has already called for reducing the carbon footprint of cryptocurrency mining around the world but historically, mining companies have only operated in areas with cheap electricity.


Universities offering blockchain courses: Argentinian universities, along with those in Spain and Venezuela, are now offering courses in cryptocurrencies and blockchain.

While cryptocurrency training and courses are nothing new in other parts of the world especially Asia, Argentina is seeing a rapid advance towards cryptocurrency adoption. The new courses in Spanish offer training in Bitcoin, Ethereum and blockchain programming.


Crypto helping people survive in Venezuela: The Venezuelan public suffering from crushing debt is now using cryptocurrencies like Bitcoin to aid survival.

Hyperinflation is rampant in this part of the world despite the country having one of the largest reserves of oil in the world. The trading volume in the country also keeps hitting record highs despite a government ban on trading. All of this means cryptocurrencies are still going strong in the country and are helping the people avoid hyperinflation and put food on the table.

The Bitcoin Magazine did a series of reports on how Bitcoin and other cryptocurrencies are helping people survive. The example included anonymous accounts from people who used cryptocurrency trading and holding to cancel out the effects of hyperinflation in the country.

One Alias Hector said:

“We were almost running out of food some days ago; it was common for that to happen every six or seven days after getting paid. With the 3 Nano (around USD 8) we were able to buy food for the whole week and that’s only something to be very happy about, something that doesn’t happen very often.”

Petro to help fund 2 million homeless people: The Venezuelan government has said it plans to initiate a fund for the homeless population using the state cryptocurrency called Petro.

The country’s minister for housing Ildemaro Villarroel has said that the project will be initiated in the second quarter and will be financed by the state cryptocurrency and more than 33 companies have already started logistics, financial and technical testing.

Villarroel said:

“Together with the governors, we are reviewing the plans that we will begin in the second quarter, in this second quarter GMVV will have an injection of financial resources, which this year will be protected and established with [the] Petro.”

The Petro cryptocurrency was launched amid great fanfare by the current president Nicholas Maduro but has since then struggled to become a widely accepted cryptocurrency despite efforts by the government.


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Image Courtesy: Bitcoin News

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South America: Crypto and Blockchain News Roundup, 4th to 10th 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.


Crypto Conference VI Bitconf held in Brazil: A cryptocurrency conference VI Bitconf in the Brazilian city of Sao Paulo saw a huge number of crypto enthusiasts, panels and top industry leaders participate according to local Bitcoin news outlet Portal do Bitcoin. Among them was Bitcoin Cash (BCH) proponent Roger Ver who runs the controversial site He took the opportunity to make big claims about the future of the volatile Bitcoin fork, even going as far as to say that BCH was the real Bitcoin and not BTC itself, and will soon surpass it.

He also lambasted the government-issued Petro coin from Venezuela. He said: “I would be very skeptical about anything that comes from governments, even more so from the government of Venezuela.”

How many Brazilians actually use crypto? According to an extensive survey of more than 29,000 people in 8 of the largest cryptocurrency markets in the world USA, UK, Germany, Brazil, Japan, South Korea, China and India, Brazil, many statistics were found.

Brazil scored 61% in crypto awareness, 39% in crypto knowledge, 5% in crypto buying intention and 6% in overall numbers of people in ownership of coins. The survey shows Brazil is up there with the very best when it comes to adopting cryptocurrencies.


Entrepreneur constructs large Bitcoin bunkers: Argentine Entrepreneur Wences Caseres is the CEO of Xapo and has constructed a network of underground vaults around the world for the sole purpose of storing Bitcoin private keys according to a piece from Moneyweb.

The security method focuses on encrypted computer services along with layers of electronic and physical safeguards to protect the precious Bitcoin of clients. The process of retrieving BTC from these vaults may take up to two days. Xapo first identifies the client’s identity before undergoing an arduous process of facilitating transactions manually from multiple vault locations. Verification from at least three vaults is needed before the transaction can take place.

More than USD 10 billion worth of Bitcoin is stored in these vaults which is close to 7% of the global supply according to recent estimates. Xapo has major backers in the form of LinkedIn co-founder Reid Hoffman and former wall street bigwig Mike Novogratz. It is registered in the US.

Bitcoin challenging Argentina’s cash-only reputation: Argentina still heavily relies on its fiat cash economy despite a wave of interest in cryptocurrencies and Bitcoin in particular. Over 2,000 Bitcoin ATMs are slated to open in the South American nation. Owing to recent unreliability of the value of its local currency, Argentina is proving to be a fertile ground for the adoption of cryptocurrencies.


Venezuela and Palestinian authority approve millionaire Petro fund: The governments of Palestine and Venezuela have agreed to adopt Petro at state levels in some capacity, according to latest news regarding the first national cryptocurrency in the world. Despite recent setbacks with Russia, the Venezuelan government is relying heavily on Petro as a game-changer for an economy blighted by US sanctions.

In addition to Petro, the Palestinian and Venezuelan governments have agreed on a series of measures to improve relations and engage in increased economic cooperation.

Crypto youth bank announced: President Nicholas Maduro, a chief proponent of the Petro state cryptocurrency has recently announced a new project for young people in the country that will provide banking facilities to them. He also earmarked 20 million Petro tokens for the new project.

The move will raise funds from young people and help them get access to good jobs and education.

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