Category Archives: bitcoin in South America

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Cuba’s New Wi-Fi Regulations Could Open Doors For Bitcoin

wi-fi, cuba, bitcoin, cryptocurrency

With Cuba’s announcement that it will be legalizing private Wi-Fi networks, this could spell some major changes for a country whose cryptocurrency profile is currently akin to the dark ages.

Even without private Wi-Fi, Cuba is starting from ground zero, and the only way is up in terms of formulating some kind of environment to attract cryptocurrency trading in the future.

The government’s announcement that for the first time routers will be permitted to be imported in from elsewhere is a significant change from having to smuggle equipment into the country. However, the state censors will still be vigilant and when it comes to crypto, a marathon lies ahead for ICOs and new startups.

With a Bitcoin analysis tool setting Cuba on number 236 out of 249 countries by crypto-related activity safety, they emerge with a frightening 0.8/10 safety rank, clearly indicating the distance traveled; not very far.

Under these new plans the state’s telecommunications company, ETECSA will still be requiring citizens wanting to plug into the state infrastructure using Wi-Fi to have a permit to do so. Cuba is so far behind countries like the US that until 2013, the internet was only available at hot spots for tourists, although this is gradually improving at least allowing some access to mobile internet, possibly to aid tourism, which is still a necessary cross to bear for the state due to much-needed revenue.

Unlike many South American nations which have been able to grab on to cryptocurrency and make it work for them in some difficult economic circumstances, tight controls in Cuba have not afforded this luxury.

Cuba has a very long way to go on the crypto march but the new legislation may just be the beginning.

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South America: Crypto and Blockchain News Roundup, 14th to 20th 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.

Argentina

Bitcoin adoption reaching record levels: Bitcoin adoption in the country is reaching record levels due to rampant inflation and struggling fiat economy.

A recent research by Dior Research shows that the country’s inflation statistics passed the barrier of 50% per month for the first time in two years, which is also the benchmark for hyperinflation. According to the research, inflation spiked from 13% to 40% despite the cash reserves remaining stable which is not considered a good sign. The most recent increase in inflation was experienced between July 2017 and September 2018.

It is believed that increasing fiat inflation will propel more and more users towards bitcoin and other cryptocurrencies.

Venezuela

Government announces Petro adoption for international trade: Hyperinflation-struck Venezuela is doubling down on its use of the Petro cryptocurrency by announcing that the national cryptocurrency will be used for international transactions starting from 1 October.

According to the pro-Petro president Nicholas Maduro: “On October 1, the petro will enter the streets to become a means for commodity exchange, purchase and convertible currency for the whole world.”

Venezuela became the first country to launch a national cryptocurrency a few months back but has largely struggled to find international acceptance of the initiative.

Brazil

Brazil crypto circles welcome decision to allow crypto investment: The Brazilian Securities and Exchange Commission (CVM) recently allowed investment funds to make indirect investments into cryptocurrencies, paving the way for legalization of altcoins in the country.

According to the “instruction 555”, the funds can now be invested indirectly into crypto-related assets and their derivatives in third jurisdictions provided the assets are regulated in the foreign markets.

The Brazilian Association of Cryptomoedas and Blockchain (ABCB) praised the decision and said that it will open a new path for gradual acceptance of cryptocurrencies. ABCripto also praised the decision and termed it an essential step in the institutionalization of Bitcoin and other cryptocurrencies.

Realtors show that over 20 apartments purchased through Bitcoin in Brazil: Tecnisa, an innovative real estate company that has been accepting Bitcoin as payment for real estate sale and purchase, has announced that over 22 apartments totaling hundreds of thousands of dollars have been sold using Bitcoin as a payment method.

According to chief marketing officer Romeo Busarello, the sale or purchase in Bitcoin reached record highs when the market reached its peak in December 2017. One unit was sold by the company worth USD 280,000 and that is one of the cheapest sold, according to Busarello. All in all, 16 other apartments have also been sold with Bitcoin.

Various real estate companies are now also offering Bitcoin as a payment method for real estate projects. Overall, 22 apartments have been sold by two companies alone.

Brazilian registers birth on Decred blockchain: Brazil performed the first known case of registering a child birth on blockchain. The blockchain used for the project belongs to the Decred cryptocurrency.

Edson Neto, a Bitcoin pioneer from Brazil who has been an advocate since 2015, decided to use the power of the blockchain technology to record the birth of a child. Little Maria Julia became the first person to have their birth recorded on the blockchain.

The reason why it was recorded on the blockchain was that the local records office was closed on the day of her birth and Neto thought that this outdated system could easily be replaced by the immutability of the blockchain technology.

According to Neto, “As a technology enthusiast, my goal was to show people the other side of application of the technology, which goes far beyond crypto-coins. Even the registration and authenticity of documents is just one of many tools that exist and will exist.”

 

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