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South America: Crypto and Blockchain News Roundup, 18th to 24th May 2018

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South America: Crypto and Blockchain News Roundup, 18th to 24th May 2018

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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

Regulator sees Bitcoin regulation as premature: Brazil’s securities authority CVM is now viewing cryptocurrency regulation as premature, according to latest reports by BN Americas. According to the regulator, the number of transactions is still low and the authorities will look into it once it crosses a certain barrier.

Brazil’s love-hate relationship with cryptocurrencies is evident as trading was banned back in January but the ban was subsequently lifted.

Argentina

Bank ditches SWIFT for Bitcoin on international payments: An Argentinian bank becomes one of the world’s first banks to announce that it is dropping the SWIFT system in favor of Bitcoin transfer for international remittances.

Banco Masventas (BMV) has been looking into the cryptocurrency scene for some time and has teamed up with local cryptocurrency fintech startup Bitex to set up a service that will make things safer and practical according to the bank’s statement.

One of the biggest developments is that the bank’s Bitcoin preference will remove the need for SWIFT, a clearing network that has seen various security issues and fraudulent activities around the world in recent years. The BMV’s alternative will have the option to send money to 50 countries and the payment timeframe is reduced to 24 hours.

According to the BMVbank’s Chief Marketing Officer Manuel Beaudroit: “The customers will ask the bank to do an international payment, and the bank uses Bitex as a provider. For the customer, it’s transparent, they don’t touch, they don’t see the Bitcoin. We are a provider for them, and they are not touching Bitcoin.”

The successful working of this platform will usher in a revolution around the world in international payments and will reduce the monopoly of the SWIFT system and US Dollar.

Chile

Central bank considering crypto regulations: The Chilean Central Bank’s president Mario Marcel has announced that he is in favor of developing a regulatory apparatus for monitoring cryptocurrencies and their trading.

Marcel said this statement in a forum recently held by the Chile’s Finance Commission of Deputies. He indicated that the development of this apparatus is necessary to regulate and monitor cryptocurrencies in the country.

Right now, cryptocurrency trading is largely unregulated in the South American country and aren’t recognized by the government as a legal tender.

Venezuela

Petro given boost after President Maduro’s win: Venezuela’s controversial cryptocurrency Petro was handed a big boost as its leading advocate and founder President Nicholas Maduro won the presidential campaign and retained his seat. The move will keep him in power for the next six years which is seen as enough time to deploy Maduro’s brainchild, the Petro cryptocurrency.

The 55-year-old won the election with a controversial 67.17% of the total vote and the election was marred by irregularities but Petro will see increased focus in the near future as the president sees the currency as a solution to Venezuela’s dangerous hyperinflation figures that are seeing thousands fleeing the country.

The Petro is also widely seen as a move by Russia to circumnavigate US sanctions on these two nations. The American government banned the trading of Petro and since then, the currency’s progress has gathered steam with Russia toying with the idea of using the cryptocurrency to pay for oil.

 

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