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

Presidential candidate pledges to legalize crypto if elected: Brazilian presidential elections are coming up and a presidential candidate has pledged to legalize cryptocurrency in the country if he gets elected.

Brazil remains a country that doesn’t recognize cryptocurrencies like Bitcoin as actual currencies that can be legally used to settle payments. Jao Amoedo, the Presidential hopeful has said that national currency will remain in its official status but Bitcoin could be accommodated as a foreign currency role like the US Dollar and thus break away from the financial setup dominated by the USA.

While the government doesn’t recognize Bitcoin as an actual currency, it hasn’t stopped Brazilians from investing a lot in it. In 2017 alone, more than USD 2.4 billion in Bitcoin transactions occurred in Brazil alone.

Brazil officials and crypto community debate future crypto regulations: In a new meeting called in by the Chamber of Deputies, representatives of the Brazilian government debated on possible cryptocurrency and blockchain regulations.

The discussion was held publicly in the Getulio Vargas Foundation’s Applied Information Technology Center in Sao Paulo. Different mindsets and opinions were heard in the hearing but the topic was somehow neglected overall. The Brazilian cryptocurrency community is one of the largest in South America and needs new regulation for the recognition of cryptocurrencies as assets or currencies.

Argentina

Argentinian political theorist working on blockchain-based voting systems: A video game developer-turned political theorist from Argentina, Santiago Siri, is working on a new blockchain-based voting system that could make things transparent and effective.

While the democratic system is widely adopted around the world, it is under threat by a new set of powers that are trying to undermine it. The powers include meddling of foreign powers in elections.

Siri’s non-profit startup called Democracy.Earth believes blockchain to be the solution for ensuring transparency in elections.

Chile

Thousands of businesses now accept crypto payments: A new partnership between cryptocurrency exchange Crypto MKT and Flow.cl means that over 5,000 stores across Chile now accept cryptocurrency payments.

The deal was signed between these two service companies allows cryptocurrency payments to be added to payment types on Flow.cl’s online payments platform. Store owners will receive money in fiat money and the transaction rates are some of the lowest in the country.

According to an official translation: “There is a guarantee fund that allows the payment is not affected by large increases or decreases in the price of Bitcoin, Ethereum and Stellar. This gives tranquility and security to the client.”

Venezuela

Petro set to become official currency alongside bolivar: State-owned oil-backed cryptocurrency is set to become officially recognized in Venezuela after President Nicholas Maduro made an announcement confirming its official status will start on Monday next week.

The official dealing in the state cryptocurrency will start when state-owned oil giant Petroleos de Venezuela (PDVSA) will start using cryptocurrency transactions for payment. Petro will not be the sole national currency anymore and the system will be made to incorporate the additional Petro cryptocurrency in a gradual manner.

Hyperinflation causing further increase in Bitcoin trading: Venezuela’s spiraling inflation issues are producing considerable surges in Bitcoin trading activities in the country.

With IMF recently stating that Venezuela may reach as much as 1 million per cent inflation by December, more and more people are turning to cryptocurrencies, especially Bitcoin to circumnavigate inflation’s vicious cycle. Bitcoin price itself is doubling in 18 days as a result as well.

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