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.

Brazil

Expert predicts Bitcoin will fall before going on bull run: With the Bitcoin price index reaching record low levels for over a year during the last few weeks, one Brazilian cryptocurrency trading expert has predicted that the Bitcoin bears will continue their run before future price consolidation.

Courtnay Guimaraes, a partner at trading company Idea Partners, believes that 2018 was largely a bear market and it will probably continue till the end of the current year because of various challenges to the sector. But despite the short-term negative outlook, Guimaraes believes that the cryptocurrency market will come out stronger than ever.

Study points out challenges for Bitcoin adoption in Brazil: According to a recent study conducted by the International Data Corporation (IDC), Brazil is still struggling to adopt blockchain technology and its applications in different sectors.

The survey revealed that a majority of Brazilian companies aren’t working with the decentralized technology and many do not intend to develop such technologies in the near future. Only a paltry 4% of the companies have made some progress in the sector according to the IDC survey while cloud applications have had 80% success rates in recent times.

While the results may not be that encouraging for the blockchain sector, this waiting position when it comes to innovation and advancement is quite common in the Brazilian sector. If the blockchain adoption becomes universal, then the local Brazilian startup should quicken the pace of adoption as well.

Athlete looking to compete in Tokyo 2020 Olympics after Bitcoin sponsorship: A Brazilian athlete looking to compete in the 2020 Summer Olympics to be held in Tokyo has successfully received sponsorship in BTC by a cryptocurrency exchange.

3xbit, a Brazilian exchange, sponsored Mikhail Luiz, a karate national champion in the 75 kg category to realize his dream. Some less popular sports are not funded properly by the government and athletes are forced to get their own sponsorships from companies to train. Luiz will become the first athlete to be sponsored with a Bitcoin exchange to compete in the Olympics.

CVM plans decentralized system of unique IDs for crypto investors: The Brazilian Securities and Exchange Commission (CVM) is looking to create a single database of the country’s cryptocurrency investors using a decentralized approach.

According to the news broken by Valor Economico, the top regulatory authority is planning to integrate the data with the Central Bank (BC) and Superintendent of Private Insurance. The project will use Microsoft Azure for the purpose. A partnership with the Institute of Technology and Society of Rio (ITS Rio) has already been signed by the regulator.

Argentina

Bitcoin ATMs plan hits snag: An ambitious plan by the government to open thousands of cryptocurrency ATMs across the country has been postponed by the government.

Two ATM companies including Odyssey group and Athena Bitcoin had announced several hundred new Bitcoin ATMs in the country but now their ambitious plans are postponed due to the interference of the central bank’s local market partners.

Cryptocurrency ATMs are likely to bring an alternative investment opportunity for Argentinians to circumnavigate rampant inflation but their lack of presence in the country may prove to be a challenge.

Venezuela

Crypto bill approved for validating Petro and its circulation: A new bill has been passed by the Venezuelan Constituent Assembly that validates the status of Petro and its regulation.

The new law with its 64 articles and five transitory positions proposed by the president himself is now officially recognized as a unit of commercial exchange.

 

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