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.

Argentina

Bitcoin adoption reaching record levels: Bitcoin adoption in the country is reaching record levels due to rampant inflation and struggling fiat economy.

A recent research by Dior Research shows that the country’s inflation statistics passed the barrier of 50% per month for the first time in two years, which is also the benchmark for hyperinflation. According to the research, inflation spiked from 13% to 40% despite the cash reserves remaining stable which is not considered a good sign. The most recent increase in inflation was experienced between July 2017 and September 2018.

It is believed that increasing fiat inflation will propel more and more users towards bitcoin and other cryptocurrencies.

Venezuela

Government announces Petro adoption for international trade: Hyperinflation-struck Venezuela is doubling down on its use of the Petro cryptocurrency by announcing that the national cryptocurrency will be used for international transactions starting from 1 October.

According to the pro-Petro president Nicholas Maduro: “On October 1, the petro will enter the streets to become a means for commodity exchange, purchase and convertible currency for the whole world.”

Venezuela became the first country to launch a national cryptocurrency a few months back but has largely struggled to find international acceptance of the initiative.

Brazil

Brazil crypto circles welcome decision to allow crypto investment: The Brazilian Securities and Exchange Commission (CVM) recently allowed investment funds to make indirect investments into cryptocurrencies, paving the way for legalization of altcoins in the country.

According to the “instruction 555”, the funds can now be invested indirectly into crypto-related assets and their derivatives in third jurisdictions provided the assets are regulated in the foreign markets.

The Brazilian Association of Cryptomoedas and Blockchain (ABCB) praised the decision and said that it will open a new path for gradual acceptance of cryptocurrencies. ABCripto also praised the decision and termed it an essential step in the institutionalization of Bitcoin and other cryptocurrencies.

Realtors show that over 20 apartments purchased through Bitcoin in Brazil: Tecnisa, an innovative real estate company that has been accepting Bitcoin as payment for real estate sale and purchase, has announced that over 22 apartments totaling hundreds of thousands of dollars have been sold using Bitcoin as a payment method.

According to chief marketing officer Romeo Busarello, the sale or purchase in Bitcoin reached record highs when the market reached its peak in December 2017. One unit was sold by the company worth USD 280,000 and that is one of the cheapest sold, according to Busarello. All in all, 16 other apartments have also been sold with Bitcoin.

Various real estate companies are now also offering Bitcoin as a payment method for real estate projects. Overall, 22 apartments have been sold by two companies alone.

Brazilian registers birth on Decred blockchain: Brazil performed the first known case of registering a child birth on blockchain. The blockchain used for the project belongs to the Decred cryptocurrency.

Edson Neto, a Bitcoin pioneer from Brazil who has been an advocate since 2015, decided to use the power of the blockchain technology to record the birth of a child. Little Maria Julia became the first person to have their birth recorded on the blockchain.

The reason why it was recorded on the blockchain was that the local records office was closed on the day of her birth and Neto thought that this outdated system could easily be replaced by the immutability of the blockchain technology.

According to Neto, “As a technology enthusiast, my goal was to show people the other side of application of the technology, which goes far beyond crypto-coins. Even the registration and authenticity of documents is just one of many tools that exist and will exist.”

 

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