Cryptocurrency News Roundup 17-24 August 2018

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Crypto-Funded Youth Bank Announced by Venezuelan President

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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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