Category Archives: Brazil

Auto Added by WPeMatico

Brazil registers its first birth certificate on the blockchain

Brazil Records First-Ever Blockchain Birth Certificate

Brazil registers its first birth certificate on the blockchain

Brazil, the fifth most populated country in the world, has made history by issuing its first birth certificate using blockchain technology, a significant step towards recording vital public statistics.

According to reports, Álvaro de Medeiros was the first baby to have his birth certificate issued without the need of any notary or a registry office. GrowTech, which strives towards a high-end tech world, in partnership with IBM, has used blockchain technology to record birth certificates, using its Notary ledger platform which provides virtual notary services.

The parents were invited by the hospital to test this technology to record birth certificates. The father, highlighting the convenience of this technology stated that the registration process was time-saving as it only took about five minutes. Conventionally, it would take days for the manual registration process of birth to be done by the registry offices. Simultaneously, the transparency and efficiency in the recording of these essential documents also increase.

IBM’s blockchain leader in Latin America, Carlos Rischioto said that the registration process involves three main steps. First, the hospital is required to make a “live birth statement”. After this, the Ledger platform of the blockchain technology is used to create a digital identity of the newborn. In the last step, the essential and relevant information is sent to the notary to finalize it.

This is not the first time essential public records have been stored using blockchain technology. As previously reported on BitcoinNews.com, many people are choosing to record their sacred matrimony on a decentralized ledger. Thus, it is evident that companies are striving towards the digitization of maintaining public records, in which blockchain has a major role to play.

 

BitcoinNews.com is committed to unbiased news and upholding journalistic codes of ethics. For more information please read our Editorial Policy here.

Follow BitcoinNews.com on Twitter: @bitcoinnewscom
Telegram Alerts from BitcoinNews.com: https://t.me/bconews

Image Courtesy: Pixabay

The post Brazil Records First-Ever Blockchain Birth Certificate appeared first on BitcoinNews.com.

Could Land Registry on Blockchain End Ownership Dispute Woes?

Could Land Registry on Blockchain End Ownership Dispute Woes?

In today’s world, nothing screams louder about transparency, trust, and immutability than the blockchain. Perhaps these qualities may now be considered more of a cliché on the internet, they still hold true when it comes to using the technology as irrefutable proof of ownership.

The blockchain is now an inspiring landmark in estate management, as it is increasingly being adopted as a platform for land registry, property ownership records, as well as a secure, trusted property sales and management system, thereby eliminating distrust flaws in the sector.

A great number of blockchain startups are addressing one of the direst situations in estate management – land disputes. Broadly speaking, the lack of proper deed-titling afflicts a host of physical asset classes such as lands, houses, and cars – a problem thought to be worth about USD 20 trillion globally. The good news is with blockchain-enabled registry hope could be restored to billions of people whose property may at some point become casualties of bad socio-economic infrastructure.

Although many government policies and institutions such as the United Nations have made attempts to provide lasting solutions to stem the tides of corruption and disputes in land claims, the fact of the matter remains: policies are instituted by humans and they can thwart or manipulate them for personal advantages. This makes such systems rather unreliable despite sunken huge investments.

A developing world perversion

For most people living in developing countries, proof of land ownership can be a real pain, as these geographical locations are continuously taunted by poor economic conditions, and the land registry sector isn’t left out. Numerous cases of land disputes involving ownership claims with only word-of-mouth historical accounts to back them have led to several social degradative vices as well as continuous tension on land acquisition and property security.

Just some days back, a land-related crises led to the deaths of nine people in India, when a claim to a deed purchased two years ago resulted into a shootout.

Sonbhadra: Casualties reported after firing between two groups over a land dispute in Ghorawal today; District Magistrate Ankit Kumar Agarwal says, “We can’t tell exact numbers as of now. 9 persons brought to District Hospital. Some are injured & some are dead.” pic.twitter.com/QDeL1QylFK

— ANI UP (@ANINewsUP) July 17, 2019

In India, land disputes are mostly attributed to conflicting laws and with the majority of cases ending up in court:

“Land disputes account for the largest set of cases in Indian courts – 25% of all cases decided by the Supreme Court involved land disputes, of which 30% were related to acquisition; and surveys suggest that 66% of all civil cases in India are related to land or property disputes.”

This brings to question whether algorithmic governance – where code is law – could play a significant role in reducing the number of land-disputes that make it to court, with technologies such as smart contracts easing trades among parties, thereby instituting transparency and disintermediation of trust. However, for the already existing cases of land disputes, without prior legal documents backing up claims, judgments are more likely to be based on emotion rather than fact and truth.

In general, systemic fault-lines within government structures make it rather impossible to implement efficient land administration. In other words, “many constitutive and regulative institutions suffer from massive functional deficits” and, therefore, constitute fundamental cracks to theoretically foolproof land administration policies. And that’s just a part of the problem – policies lacking sufficient empirical infrastructures.

Unwitting victims

About a year ago, a report by Reuters reflects the dire situation of land ownership in Kenya, where;

“Two-thirds of Kenya’s land is customarily owned by communities without formal title deeds, making it easy for corrupt individuals to sell or lease the land without the communities’ knowledge.”

A Kenyan victim of double ownership of a piece of land Joseph Njuguna shared his story with Reuters of how he had been displaced of his alleged rights to a piece of land he purchased more than half a decade back and was suddenly overthrown by another citizen whose claim wasn’t backed either by any document. He told the news outlet:

“I asked for the title and he couldn’t produce it. But he still claimed the plot was his.”

Another story told by Humphrey Kitala a Kenyan who bought half an acre for USD 30,000 through what seemed to be a legitimate estate management agency, only to discover a month later that he was a victim of double ownership – with title deeds on both ends.

In Ghana, the situation might be worse. It was reportedly disclosed by the land commission that “more than 80% of landowners lack title 60 years after independence”, with land ownership loosely held by oral agreements.

In a more elaborate view, with two-thirds of lands in Africa owned communally, the exposure to land-related fraud is inevitable as a cross-section of the population is void of title deeds. And in the case where one exists, authenticity is an accompanying problem in most cases.

In other countries like Brazil where disparate history books exist for land registry and the situation is further complicated with about 3,400 private firms who check and register land ownership, further plunging the hideous system into a downward spiral of double allocation.

Blockchain land registry to dissolve land disputes

Situations such as those of Njuguna and Humphrey as well as the “corrupt cartels [who] often make entire files disappear so that they can illegally acquire and transfer lucrative plots, from public forests to school playgrounds” have inspired startups and real estate firms like Land Layby to adopt blockchain technology to seamlessly address the fraudulent acts involved in land registry.

In Ghana, Bitland seems to be doing a pretty good job in confronting the woes of land disputes and aims to “unlock trillions of dollars in locked capital”.

In June, Cyrela Brazil Realty, a giant in the real estate business in the country opted for blockchain-based land registry. Meanwhile, In Georgia, developments towards blockchain-based land registry have been ongoing for a while now, and it seems the adopters tout the abilities of the blockchain to allow them to cut the cost of property rights registration, aid in real-time auditing of the registry, as well as add a layer of security to the registry data.

With other parts of the world explore opportunities of blockchain-based land registry at a fast pace, it only seems logical for developing nations of the world to adopt what works when it comes to land registry, and there’s no denying the fact that blockchain is position to revolutionize the estate industry with credibility based on its immutability and trust infrastructure. Sometime last year, the UK’s HM Land Registry launched a project based on the distributed ledger technology to revolutionize the process of land registration in the company, to hopefully gain faster, simpler and cheaper land registration process.

Having blockchain-based solution isn’t enough, and alone it becomes inoperable. It requires adoption, integration and adequate understanding of the working parts.

 

BitcoinNews.com is committed to unbiased news and upholding journalistic codes of ethics. For more information please read our Editorial Policy here.

Follow BitcoinNews.com on Twitter: @bitcoinnewscom
Telegram Alerts from BitcoinNews.com: https://t.me/bconews

Image Courtesy: Unsplash

The post Could Land Registry on Blockchain End Ownership Dispute Woes? appeared first on BitcoinNews.com.

South America: Crypto and Blockchain News Roundup 24th to 30th June, 2019

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.

South America

Brazil

Bitcoin Pioneer recommends buying bitcoin: Brazilian bitcoin entrepreneur and the founder of Nox Bitcoin João Paulo Oliveira has advocated buying of Bitcoin for some time and he has once again urged the public to invest in the cryptocurrency.

He said:

“I believe that this can be a revolutionary infrastructure, which can inject even more money in criptveconomy, allowing for more high of the Bitcoin”

Overall, the Brazilian crypto comment is upbeat about Bitcoin and its future. The number of Bitcoin investors and traders are increasing in the country and the legislature itself is expected to pass comprehensive bitcoin legislation for legalizing the new class of assets in the country.

Local bitcoin enthusiast shortlisted UN project: A Brazilian bitcoin enthusiast Barbara Schorchit has been shortlisted by the UN Climate panel for a blockchain-based project from South America and the Caribbean.

Schorchit along with two other partners under the patronage of federal deputy Iracema Portella are close to winning the UN-sponsored competition.

According to Portella:

“We need to support the new talent so that these young people really can give your contribution in the battle for the preservation of nature and better living conditions for all people around the world,”

Seven winners of these projects will receive 15,000 USD to invest in their individual projects as well as other incentives. Brazil is at the epicenter of climate change with its rainforests under attack and some experts believe blockchain technology can help the country in its fight against climate change.

Analyst Fausto Barba believes bitcoin will reach 330,000 USD in the future: According to technical analyst Fausto Barba, bitcoin’s price index has the potential to reach more than $330,000 in the near future in the current bull market.

Predictions are being made all across the market with some predicting as much as 1 million USD per BTC while others predicting a more modest 40,000 USD per BTC.

But, according to Barba:

“(The current high cycle) is the one who carries the pinnacle of euphoria and can take the Bitcoin achieve US $330 thousand, which configures a valuation of more than 3,500%,”

While an immediate bounce to this figure seems insane but in the long run, the target is within reach as Bitcoin’s popularity increases and mainstream adoption promoted.

Senate debates cryptocurrencies in Brazil: A much awaited debate in the Brazilian parliament was to be held in the Senate Brazil Federal last week.

This hearing’s witnesses included representatives from Ministry of Economy, Brazilian Securities Commission (CVM), Internal Revenue of Brazil and local cryptocurrency exchange associations including Brazilian Association of Criptoeconomy (ABCrypto) and Brazilian Association of Cryptocurrencies and Blockchain (ABCB).

It is expect that the government agencies will ask the senators to take it slow while the exchange associations will ask the government to fully embrace crypto and not lag behind the rest of the world.

Venezuela

Russia cooling military intervention fears in Venezuela and interest in Petro: The Russian government is scaling back its military deployment in the country after the latest danger to the government seems to have passed.

The Russian government is also cooling off its interest in the national cryptocurrency Petro as the Venezuelan government is barely to stable enough to promote a coin project of this magnitude in the country. For now, Russia will roll back and observe the quest for the national oil backed cryptocurrency and will only sponsor a foray if things dramatically change for Petro.

BitcoinNews.com is committed to unbiased news and upholding journalistic codes of ethics. For more information please read our Editorial Policy here.

Follow BitcoinNews.com on Twitter: @bitcoinnewscom

Telegram Alerts from BitcoinNews.com: https://t.me/bconews

Image Courtesy:

The post South America: Crypto and Blockchain News Roundup 24th to 30th June, 2019 appeared first on BitcoinNews.com.

Brazil Announces Blockchain Regulatory Sandbox

Brazil Announces Blockchain Regulatory Sandbox

Four financial authorities in Brazil have co-announced a new blockchain regulatory sandbox in the South American country, with a long-term intent to adapt new regulations to manage the rise and development of fintech and other related products such as crypto.

The new regulatory sandbox has now appeared after much expectation following the earlier announcement by the Financial Supervision Counsel of Brazil on the regulation of crypto in line with money laundering laws, and an order two weeks ago on the commissioning of a committee for crypto regulation.

Blockchain development can now be freely tested within this safe environment, to be overseen by Brazil’s Ministry of Finance, the Central Bank of Brazil, the Securities Commission, and the Superintendent of Private Insurance. Together, they hope to understand better the concepts and implementation of blockchain within this sandbox, while allowing for new ideas in fintech.

The initiative is mainly driven by an increase in commercial activity, especially with emerging tech, said the regulators:

“The use of innovative technologies as distributed ledger technology, blockchain, robo-advisors and artificial intelligence has allowed the rise of new business models, reflecting a bigger offer and reach.”

The Treasury’s secretary also said that the use of blockchain in Brazilian financial markets could open the doorways for crypto and even fundraising models like token offerings. The country reportedly holds the most crypto owners in Latin America, while holding 5th place globally. It has been estimated that 8% of Brazilians will own some digital asset by the end of the year.

 

BitcoinNews is committed to unbiased news and upholding journalistic codes of ethics. For more information please read our Editorial Policy here.

Follow BitcoinNews on Twitter: @bitcoinnewscom

Telegram Alerts from BitcoinNews: https://t.me/bconews

Image Courtesy: Pixabay

The post Brazil Announces Blockchain Regulatory Sandbox appeared first on BitcoinNews.com.

Brazil’s President Bolsonaro and Central Bank Clearly Differ on Crypto Adoption

Brazil's President Bolsonaro and Central Bank Clearly Differ on Crypto Adoption (1)

Brazil’s cryptocurrency uptake may not have been helped by the country’s new president Jair Bolsonaro who seems to know absolutely nothing about crypto. But his head of banking clearly does.

“I don’t know. Is it a coin?” Brazil’s new leader recently asked, when Bitcoin was put to him. However, his administration has taken up previous president Michel Miguel Elias Temer’s lead, who, when in office, had proposed a cryptocurrency which could be used by Brazil’s unbanked indigenous population.

Although Temer was officially Brazil’s most unpopular president whose term presided over corruption, his proposed so-dubbed BNDES token seemed like a step in the right direction. On taking up his new office, far right winger President Bolsonara made his views crystal clear:

“We are cutting expenses. We were about to use 40 million Reales to teach natives to use bitcoin.”

That project, brainchild of the National Indian Foundation (Funai) and the Fluminese Federal University, was vetoed by Brazil’s Ministry of Human Rights, Family, and Women in January,

Roberto Campos, the Central Bank of Brazil’s number one has clearly, unlike Bolsorano, spent some time at least investigating cryptocurrencies and their functions, also commenting in a letter to the Brazilian Senate to suggest that this future market could well include blockchain and digital assets at some level:

One of the contributions I hope to bring to the Central Bank is to prepare the institution for the future market, where technologies advance exponentially, generating more rapid transformations.”

Earlier this month, the President of the Chamber of Deputies of Brazil issued an order to establish a commission that would study cryptocurrency regulation in the country. Last May, the Brazilian Internal Revenue Service put up new tax rules for crypto, which makes it mandatory to report transactions worth over BRL 30,000 (USD 7,600) every month.

 

BitcoinNews is committed to unbiased news and upholding journalistic codes of ethics. For more information please read our Editorial Policy here.

Follow BitcoinNews on Twitter: @bitcoinnewscom

Telegram Alerts from BitcoinNews: https://t.me/bconews

Image Courtesy: Pixabay

The post Brazil’s President Bolsonaro and Central Bank Clearly Differ on Crypto Adoption appeared first on BitcoinNews.com.

South America: Crypto and Blockchain News Roundup 10th to 16 June, 2019

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.

South America

Brazil

Brazilian Deputy David Miranda Receives Death and Ransom Threats: According to reports, Brazil’s Socialism and Liberty Party’s Deputy, David Miranda, has received significant threats after his partner and journalist Glenn Greenwald revealed the talks between Justice Minister Sérgio Moro and prosecutor Deltan Dallagnol.

He received the threats via an email, threatening to “blow up the deputy’s mother’s head” while asking for $ 10,000 in Bitcoins as blackmail to avoid such a calamity. The Federal Police of Brazil has been notified and is currently looking to hunt down the proponents.

Federal Deputy Eduardo Cury proposes a joint discussion of projects to regulate Bitcoin in Brazil: Federal Deputy, Eduardo Cury, has filed an application to the Chamber of Deputies asking for the unification of two bills aimed at regulating crypto-coins in Brazil.

The bills 2060/2019 and 2303/2015 were proposed by Federal Deputy Aureo Ribeiro (SD -RJ) and look to regulate virtual currencies to ensure transparency of transactions while reducing the possibilities of frauds and illegalities. Cury proposed that the joint approval of the propositions will “speed up the legislative process” as the content is very similar. Cury’s application has been submitted to plenary and still needs to be approved.

Febraban and CIP announce national blockchain for the financial sector: Febraban (Brazilian Federation of Banks) and CIP (Interbank Payment Chamber) announced the launch of the Blockchain Network of the National Financial System (RBSFN) during the CIAB Febraban event in São Paulo.

As per the statements, this initiative will look to enhance the sharing of information between partner institutions while offering better data protection from the first access. RBSFN employs IBM’s Hyperledger Fabric technology already used by several banking institutions such as JP Morgan, Itaú, Banco do Brasil, Bradesco, and the state bank Caixa Econômica. Advertised as the “Device ID”, the project was first introduced in February last year and is now being implemented after rigorous validation by all the involved parties.

Brazilian associations affirm that IRS can review IN details related to crypto: Brazilian Association of Cryptotomes and Blockchain (ABCB) and Brazilian Association of Cryptoactive (ABCripto) recently met with the Federal Revenue (RFB) to discuss the contents of the Normative Instruction (IN) 1,888/2019. According to reports, IRS has committed to “evaluate provisions of the Normative Instruction”, although the exact items under discussion are still unclear.  The meeting didn’t lead to any changes in the IN, but according to the president of ABCB, it was “very positive” as it successfully conveyed the “the seriousness of the sector” in this matter.

Federal deputies propose a bill to legally force the use of blockchain in Brazil’s public service: Federal Deputy of NOVO, Tiago Mitraud along with four other members, have filed a bill in the Chamber of Deputies (PL) that would make the use of blockchain in Federal Government applications mandatory.

The proposal asks for the integration of blockchain into public services along with the establishment of guidelines to create a “Digital Government”.  If implemented, it would make Brazil the first country to legally require the usage of Blockchain technology within the state organs.

Venezuela

Can Blockchain Help Rebuild Venezuela?: Last month, 4000+ experts from public and private spheres gathered in NYC for the annual flagship event, Blockchain Week, to focus on pulling Venezuela out of the economic and political crisis using Blockchain. These experts pointed out 4 four fields where Blockchain could be effective, namely humanitarian aid, digital identity, data transfer, and e-government.

For humanitarian aid, the estimated cost of rebuilding the economy is $15 billion a year, which could be transferred using cryptocurrency to ensure transparency. Similarly, the crisis of lack of identity documents for Venezuelan migrants can be solved using Blockchain-based ID applications. Data on the 3.5 million Venezuelan migrants, with 60% of them having irregular legal status, can be collected using stand-alone or digital identity blockchain tools to create a secure regional database. And lastly, the problem of alleged corruption in the elections can be resolved using blockchain based e-government and voter registration similar to the model of Estonia.

BitcoinNews is committed to unbiased news and upholding journalistic codes of ethics. For more information please read our Editorial Policy here.

Follow BitcoinNews on Twitter: @bitcoinnewscom

Telegram Alerts from BitcoinNews: https://t.me/bconews

Image Courtesy:

BitcoinNews is committed to unbiased news and upholding journalistic codes of ethics. For more information please read our Editorial Policy here.

Follow BitcoinNews on Twitter: @bitcoinnewscom

Telegram Alerts from BitcoinNews: https://t.me/bconews

Image Courtesy:

The post South America: Crypto and Blockchain News Roundup 10th to 16 June, 2019 appeared first on BitcoinNews.com.

Ripple Opens Brazil Office

Blockchain and cryptocurrency project Ripple has established itself in Latin America with the opening of its new office in Brazil, as reported by Cointelegraph Brazil today. The official announcement will actually be made tomorrow at a big fintech and banking event in the capital, CIAB Febraban.

The former CEO of Brazil subsidiary of The Warranty Group, Luiz Antonio Sacco, has been named to lead the new office, just three months after joining Ripple.

Sacco has made public the company’s intentions to bring in more clients onto its payment network, RippleNet, starting with Brazil but also spreading its feelers across the entire continent of South America. The network already has its solution adopted by three major Brazilian financial institutions: Santander Brasil, BeeTech Global and Banco Rendimento.

He said [translated]:

 “We are excited to expand our ecosystem in the region and bring more financial institutions connected to RippleNet, which will contribute to the greater efficiency of global payments and, above all, a better experience for its customers. and Ripple has differentiated itself in this sector because it offers proven solutions to solve real problems, opening the way to the rest of the South American continent.”

In addition to bringing in the benefits of faster and cheaper payments, Ripple has also expressed intentions to collaborate with major local universities in the country to launch educational and training programs. These partners already include the University of São Paulo and Fundação Getúlio Vargas. The latter had already launched a Bitcoin masters program last year, while the former also added a Cryptocurrencies module to its Derivatives course.

The country is among several in the region now moving itself towards some form of blockchain adoption, with the government ordering the establishment of a Committee for Cryptocurrency Regulation back in March.

 

Follow BitcoinNews.com on Twitter: @bitcoinnewscom

Telegram Alerts from BitcoinNews.com: https://t.me/bconews

Want to advertise or get published on BitcoinNews.com? – View our Media Kit PDF here.

Image Courtesy: Pixabay

The post Ripple Opens Brazil Office appeared first on BitcoinNews.com.

South America: Crypto and Blockchain News Roundup 3rd June to 9th June, 2019

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.

South America

Brazil

Two Brazilian crypto active startups make it into the semi-final of the Innovation Awards Latam: In this year’s Innovation Awards Latam, two crypto related Brazilian startups, Uzzo and Z.ro, have made it into the semi-finals out of a total of 1700 startups. The Innovation Awards is an initiative that features startup ideas from different categories such as social impact, retailtech, fintech, health tech, agrotech, and smart cities.

165 startups have made it into the semis and were judged by a panel of 12 experts and investors hailing from different countries. Uzzo is a Fintech responsible for creating free digital accounts by using crypto-currency payment solutions and Z.ro Bank is a Fintech bank resulting from a merger between CoinWISE and BitBlue. The finalists will be announced on the 3rd of July with the awards ceremony taking place on the 26th of August.

Microsoft to launch blockchain applications for agribusiness in Brazil: Microsoft has registered for several technology-based applications in Brazil as part of a program called Microsoft Farmbeats to push for developments in the agricultural fields using blockchain technology.  According to Ranveer Chandra, global chief scientist at Azure and the mind behind the project, the data collected aims to create a more accurate agricultural mapping of the farming landscape.

For example, this would measure the moisture, pH index, temperature, and soil nutrients in each area and would allow a uniform application of water, fertilizers, and pesticides throughout the field. This integration of technology will help increase yields, reduce costs, and cut down the negative environmental impact.

Brazilian Fintech uses blockchain to register loan agreements: REBEL, a Brazilian startup focused on fintech services, will now also offer loan agreements and contract recordings using blockchain, making it the first fintech in Brazil to use blockchain technology for this application.

The technique also allows the personalization of credit profile for each customer using machine learning and Big Data and claims to be an alternative to the status quo style of contract registration and negotiation. The company uses the Ethereum platform and offers its users to be registered forever and while being able to contact at any time reliably..

Visa wants to accelerate Brazilian startups involved with blockchain: The second round of the Visa acceleration program was launched on Monday, 3 June, to foster the startup ecosystem and “to promote entrepreneurship, innovation, and technology.” Visa do Brasil has launched an open call for startups with disruptive ideas which are currently in the growth phase. It has also announced that solutions aimed at improving the customers and end-user experience while enhancing the operational efficiency will be preferred.

Startups interested should also have a focus on “leveraging sales, raising or expanding investments, and fine-tuning strategy for their business operations”. Among the 13 other areas of interest, blockchain features among the top with a focus on high professional grade products, easy scalability, relatively low investment, and an accessible international market.

Venezuela

Venezuela and Russia allegedly discuss exchange agreement involving Petro and Russian rubles: Venezuela and Russia are on the verge of agreeing on a mutual liquidity deal based on rubles (Russian local currency) and the Venezuelan cryptocurrency, Petro.

This is a joint attempt to remove the influence of the US dollar for both of the countries, along with improving the valuation and utility of their local currencies. This is seen as a last-ditch attempt by the Venezuelan government to circumvent the crippling sanctions imposed by the US by seeking help from the Russian government and attempting to restructure their foreign debt. Despite all recent failures and criticism by the experts, the government seems adamant on using Petro, which was first launched in February 2018 to “fight poverty and hyperinflation.”

Follow BitcoinNews.com on Twitter: @bitcoinnewscom

Telegram Alerts from BitcoinNews.com: https://t.me/bconews

Want to advertise or get published on BitcoinNews.com? – View our Media Kit PDF here.

Image Courtesy:

The post South America: Crypto and Blockchain News Roundup 3rd June to 9th June, 2019 appeared first on BitcoinNews.com.

Brazil Orders Committee for Crypto Regulation

Brazil Orders Committee for Crypto Regulation

report by Cointelegraph Brasil yesterday said that the President of the Chamber of Deputies of Brazil has issued an order to establish a commission that would study cryptocurrency regulation in the country.

A day before the report on 30 May, Deputy Rodrigo Maia requested to create a special commission to deliver its analyses and recommendations on bill 2303/2015, which specifically looks to regulate digital currencies such as Bitcoin in the South American country.

In total, 34 members will make up the commission, as stated by House Rules of Procedure. In the same notice, it also reveals that two projects related to crypto regulation will be presented by Federal Deputy Aureo Ribeiro.

This request follows on from a meeting that took place earlier in the week between the Brazilian Association of Crypto and Blockchain (ABCB) and state authorities from the Attorney General’s Office, the Central Bank of Brazil, the Internal Revenue Service, and the Financial Activities Control Council. At the meeting, ABCB president Fernando Furlan met with state representatives to discuss conditions that would not only recognize cryptocurrency and blockchain in Brazil but also to ensure that applied rules would adhere to the Financial Action Task Force (FATF) guidelines on cryptocurrency.

It is understood that these new FATF rules will be formally presented to G20 leaders in Japan this month, giving a year for companies to adapt to them in 2021.

Last May, the Brazilian Internal Revenue Service put up new tax rules for crypto, which makes it mandatory to report transactions worth over BRL 30,000 (USD 7,600) every month. Details to be reported include the location of transactions, whether they were done domestically, abroad, or peer to peer without the assistance of exchanges.

Follow BitcoinNews.com on Twitter: @BitcoinNewsCom

Telegram Alerts from BitcoinNews.com: https://t.me/bconews

Want to advertise or get published on BitcoinNews.com? – View our Media Kit PDF here.

Image Courtesy: Pixabay

The post Brazil Orders Committee for Crypto Regulation appeared first on BitcoinNews.com.

Stablecoin Offers Way Out for Argentinians as Peso Struggles

Stablecoin Offers Way Out for Argentinians as Peso Struggles

After another economic crisis in Argentina, characterized by the peso’s falling to a record low against the US dollar, some financial analysts and commentators in the region see cryptocurrency as a potential solution.

After a history of inflation and debt defaults by the government, Argentina’s population see banks as a risk with some savers even keeping pesos in cash at home rather than deposit funds with a bank. Cryptocurrency has become more noticeable these days, particularly in the country’s capital Buenos Aires, where blockchain projects are thriving, unhindered by a government which is currently tolerant of the new technology.

It has been suggested that a cryptocurrency stablecoin may be a viable alternative to a struggling peso at some point if the current downturn in the economy kicks in with more vehemence. It could be that the mechanism already exists for creating a stablecoin with companies such as Ripio already adding its own to Dai coin to its exchange and wallet.

Developed by a foundation called MakerDAO, Dai is pegged to the dollar by using smart contracts on the Ethereum blockchain and is also currently being offered by another Argentinian exchange Beinbit. A few other exchanges in the region also offer Dai, the most notable of which is Buenbit. Ripio now has 300,000 users in Argentina, Brazil, and Mexico.

Nadia Alvarez MakerDAO’s business development associate for Latin America suggests that a change of perception by Argentinians needs to take place before a stablecoin could become an effective alternative to the national currency.

“One big problem that we have now is that all the crypto solutions have been for the crypto-nerds, for the techie people,” she said, adding that a stablecoin could offer the advantage of being “totally understandable” to users, rather than a cryptocurrency which fluctuates in value, as does country’s current fiat, the struggling peso.

 

Follow BitcoinNews.com on Twitter: @bitcoinnewscom

Telegram Alerts from BitcoinNews.com: https://t.me/bconews

Want to advertise or get published on BitcoinNews.com? – View our Media Kit PDF here.

Image Courtesy: Pixabay

The post Stablecoin Offers Way Out for Argentinians as Peso Struggles appeared first on BitcoinNews.com.