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South America: Crypto and Blockchain News Roundup, 19th to 25th October 2018

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South America: Crypto and Blockchain News Roundup, 19th to 25th October 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

SMS cryptocurrency trading service opens in Brazil: Brazilians can now trade in cryptocurrencies without an internet connection as SMS-based service CoinText has started in the country. The new service doesn’t require WiFi or cellular data and users can use it with simple offline SMS commands. The platform also automatically generates a wallet for each user once he/she receives funds.

While Brazil is increasing its footprint on the cryptocurrency world, offline services mean that people can now trade and manage cryptocurrencies with extremely limited connectivity on the go.

Venezuela

Government lists 6 crypto exchanges for Petro trading: The Venezuelan authorities have listed six cryptocurrency exchanges for trading Petro, the state cryptocurrency of Venezuela. While the move was announced amid huge government hype, the number is much fewer than the initial 16 announced by President Nicolas Maduro.

The exchanges – Cave, Blockchain, Bancar, Antwerp, Afx trade and Criptolago – are relatively unknown, further affecting the credibility of the announcement. It is reported that initially, many exchanges were willing to list Petro but pulled out after the US government sanctioned the cryptocurrency.

Petro itself is still in infancy as it was deemed untransferable recently despite an overbearing attitude of the government to adopt it. It was also rejected by oil importing India as a means of payment for crude oil.

While the government is continuing to push forward the cryptocurrency in full force, even requiring passport applicants to pay in Petro, it remains to be seen whether these efforts will be fruitful for the government.

Colombia

Crypto trading reaching new heights: Cryptocurrency trading is reaching new heights in Colombia as it breaks into the local market amid developments in commerce, education and overseas investment. Trading volume on popular P2P Bitcoin buying and selling platform Localbitcoins.com has now reached a record BTC 350 despite Bitcoin’s price stagnation in recent times.

Apart from Bitcoin, Dash is eagerly trying to set up shop in the country as well as other parts of the continent. While the Colombian government is still working on setting up new laws for crypto regulation amid some blowback from the banking circles, the newly-elected president Ivan Duque is reportedly favorable towards the cause of cryptocurrencies in the country. Even football icon James Rodriguez has entered the industry and is reportedly looking to launch his own coin.

President petitioned to create favorable atmosphere for crypto: Newly-elected president Ivan Duque has been petitioned by a top cryptocurrency exchange to help restart its trading activities after it was forced to close operations earlier this year.

Buda exchange, one of the largest cryptocurrency exchanges in the region, had its accounts frozen by financial authorities in June and has pushed many traders to use P2P trading platforms like Localbitcoins instead. While Buda’s loss has been Localbitcoins’s gain, the exchange is still considered an easier way to purchase cryptocurrencies.

President Duque himself is being seen as a pro-cryptocurrency figure in the country and has promised tax exemption to the tech sector as well. It remains to be seen, however, what he is going to do regarding the operations of cryptocurrency exchanges in the country but many are hopeful it will be the dawn of a new era for cryptocurrencies in Colombia.

 

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