South America: Crypto and Blockchain News Roundup 22 – 28 December 2018

BitcoinNews
- Dec 30th 12:00 pm

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

Exchanges Looking for Mergers/Acquisitions due to the low price index of Bitcoin: Brazilian exchanges that mushroomed during the cryptocurrency boom of 2017 are looking for mergers and acquisitions with other exchanges to keep afloat due to the falling Bitcoin price index. Even though the number of investors in the cryptocurrency scene is more than the number of stock market investors in the country, the 79+ exchanges operating in the sector is quite a lot and are thus feeling the pressure.

Top executives from two big exchanges operating in the South American country – CEO of Braziliex , Luiz Calado and the Legal Director of Foxbit , Natalia Garcia, share this opinion. They believe that exchanges are rethinking their business models, considering layoffs and other cost-cutting measures. According to Garcia: “There is a lot of brokerage for sale or in search of mergers.”

Cryptocurrency exchanges are also looking for mergers to be in compliance with the newer and tougher trading laws being enacted in the country.

Crypto Awards Ceremony to Recognize Best Blockchain and Cryptocurrency Companies in the Country: A new event being organized by Criptomoedas Facil will give out awards to the best-performing cryptocurrency startups and businesses operating in the country. The competing categories will include best cryptocurrency exchange, best encryption (apart from Bitcoin), most innovative Brazilian startup and the best YouTube channel from the sector.

The winners will be selected in two stages. The first stage will include a popular vote by the Brazilian community and they can vote here . One vote can be cast for each category. Top five in each category will then be shortlisted for a more technical assessment by a specialist jury. The final announcement of the prizes will be made in the 2nd annual CriptoFacil event to be held on 23rd March 2019.

Federal Revenue Service Participating in Bitcoin and Cryptocurrency-related Event at Stanford: The Brazilian Federal Revenue Service’s (RFB) representatives will take part in a blockchain conference being organized at Stanford University, California in 2019 . Their goal will be to present the government’s initiatives for reducing money laundering efforts through cryptocurrencies.

The RFB is also working on several blockchain applications for this purpose. The panel discussion will be spearheaded by Ronald Cesar Thompson, General Coordinator of Information Technology at the RFB. It will provide valuable insight into how cryptocurrency regulations are shaping up across the world in addition to the US.

Central Bank of Brazil Wants to Reduce Debts through Distributed Ledger Technology: To remove debt-related issues, the Bacen (Central Bank of Brazil) is looking to use blockchain technology . Brazil already has one of the highest interest rates in the world with the rate rising to as much as 35% in the country due to rampant inflation statistics.

Bacen is now working on 12 projects shortlisted from 79 initiatives to help reduce this considerable debt trap in the country with blockchain and Artificial Intelligence playing a big role in the proceedings.

Venezuela

Country Sees Biggest Spike in Trading Volumes on Localbitcoins.com: The worsening humanitarian crisis brewing in the South American country is seeing bitcoin trading volumes increase on Localbitcoins.com with an 11 percent rise witnessed this week alone, according to data from the world’s biggest P2P bitcoin buying/selling website.

The data is far from encouraging for the local Venezuelans as inflation reached a record 1 million% in the country. Inflation in the US alone is just 2.2 percent itself.

Argentina

Country Gets 8 New Bitcoin ATMs in 2018: Despite the government’s promises of thousands of new Bitcoin ATMs in the country, Argentina could only get 8 new ones during the outgoing calendar year . This is a sizable improvement but not at the level the government claimed it was going to be in the country. The country is now one of the fastest growing bitcoin ATM destinations in the continent.

Three new machines are expected to be installed in January of next year bringing the total number of Bitcoin ATMs to 11. However, the government has promised thousands of new Bitcoin ATMs in the country to bring it out of inflation in the near future .

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