South America: Crypto and Blockchain News Roundup, 28th September to 4th October 2018

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South America: Crypto and Blockchain News Roundup, 28th September to 4th 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.


Local blockchain academy to offer courses in Europe: A Brazilian blockchain academy is now offering two Ethereum blockchain courses in Portugal after considerable success in the home country itself. Brazil and Portugal share a common language and the Portuguese public will look to benefit from the entry of the first such academy in the country.

The two offered courses are Ethereum for Business and Ethereum for Developers. Both of the courses start in November this year and are reserved for entrepreneurs, software developers and professionals who are interested in learning the new technology. The courses cover a wide range of subjects include blockchain technology’s introduction and understanding, smart contracts, decentralized applications (Dapps) and other aspects of the popular technology.

The courses will be covered by blockchain specialist Solange Gueiros, the first woman in Brazil to publish a smart contract on the Ethereum blockchain.

Government demands exchanges to answer questionnaire or face heavy fine: The Brazilian government’s Administrative Council for Economic Defence (CADE) has announced the cryptocurrency exchanges have until 19 October to answer a detailed questionnaire dispatched to them or face fines up to USD 25,000.

While the questionnaire had been in discussion for some time, it is only now that it has been delivered to the exchanges. According to Brazilian Bitcoin website Portal do Bitcoin, the questionnaire was demanded after the local cryptocurrency association Brazilian Association of Cryptocurrency and Blockchain (ABCB) asked for a government probe into cryptocurrency projects.

The questionnaire has a wide-ranging set of questions including the exchanges’ operations, any harassment done by banking channels and security standards implemented in the system.

According to CADE notes:

“In accordance with art. 40 of the Law 12,529 / 2011, the refusal, omission or unjustified delay of the requested information or documents constitutes an offense punishable by a daily fine of BRL 5,000.00 (five thousand reais) [about USD 1,270], and may be increased by up to twenty (20) times, if necessary to ensure its effectiveness, because of the economic situation of the offender.”


Cryptocurrency exchange pleads President for help: Popular crypto exchange Buda has directly asked the Colombian president to help in an open letter. The current president Ivan Duque was requested to reopen bank accounts connected to the exchange.

The open letter read:

“This letter, Mr President, is very kindly and vehemently ask for your intervention in this great problem in order to reopen our bank accounts. We do not ask for special treatment or exceptions. We only ask to have access to basic services, like any entrepreneur who starts with an idea that can have a positive impact on society.”

Three Colombian big banks are creating problems for cryptocurrency exchanges including BBVA, BanColombia and Davivienda. The president is yet to respond on the matter.


Petro cryptocurrency to start sale in November: Venezuelan president Nicolás Maduro has announced that the sale of the national cryptocurrency Petro will start from November of this year. The move comes despite several technological issues associated with the cryptocurrency that are constantly being highlighted in the crypto circles.

While Maduro also stressed that trading of Petro was also to start in six major cryptocurrency exchanges from 1 October, the exchanges weren’t pointed out by name and even websites like CoinMarketCap haven’t listed it as well. Maduro has also ordered that all oil purchases from other countries should now be made in Petro only.

Petro’s latest white paper states that the currency is backed 50% by oil, 20% by gold, 20 % by iron and 10% by diamonds. However, there is no concrete way to be sure that this is indeed the case as the government is coy about its plans for the cryptocurrency.


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