South America

Welcome to another weekly blockchain news roundup from around the world. Here we present to you all the latest Bitcoin news continent by continent and country by country.

Brazil

Trading Volume on Brazilian Exchanges Increases 500% After Recent Appreciation of Bitcoin: Bitcoin’s sudden rise above USD 5000 has seen an unprecedented level of appreciation in cryptocurrency’s trade volume and investors’ interest in Brazil. On the three Brazilian exchanges, transaction volume increased by a whopping 500%, rising from 200 BTC to over 1700 BTC.

On BitcoinTrade, the valuation of trading went from BRL 3 million to BRL 17 million within the first two days of April. Similarly, for Bitcoin Banco group, the start of April saw record-breaking transactions, BRL 33.5 million in just 24 hours, making the company maintain a 24-hour SAC.

ABCripto and ABCB Join Forces to Carry out Mapping of the Bitcoin Industry in Brazil: The Brazilian Association of Cryptoeconomics (ABCripto) and the Brazilian Association of Crypto and Blockchain (ABCB) have joined hands, in collaboration with Grant Thornton Brasil, to map the entire Bitcoin and cryptocurrency industry in Brazil. The launch event for the research will officially be held on 10 April, at the Developer & E-Commerce Hub, São Paulo.

Fernando Furlan, president of ABCB, explained that they aim to create an X-ray of the market to reduce the regulatory problems in the sector since crypto activities currently do not have any specific regulations in Brazil.

Federal Revenue to Publish Strict Rules for Bitcoin in Brazil: The Federal Revenue of Brazil (RFB) will implement normative instructions until 15 April, which will introduce strict rules for Bitcoin and cryptocurrency trading platforms in the country. The document was first presented at the end of 2018 and afterwards went through a period of public consultation in compliance with Brazilian legislation.

This is not good news for the market since the rules will add complexities for the users and exchanges in the market. After the implementation, there will be a deadline for the adoption of new regulations for the market entities, and non-compliance will lead to possible penalties by the Federal Revenue.

Pakistan Piles on Pressure for Bitcoin Regulation Implementation in Brazil: Brazil has been struggling with the Financial Action Task Force (GAFIT / FAFT) regulations, and a recent move by Pakistan can exert even more pressure on the Brazilian financial institutions. FAFT has greylisted Pakistan, and in a bid to undo that and reduce the cases of money laundering and terrorist funding, it has recently announced a series of rules that will regulate crypto operations in the country. Now a similar response will be expected from Brazil, which was even expelled from the group due to the inconsistencies with the FAFT rules.

Among them is the requirement of “detailed implementation for effective regulation and supervision of virtual asset of service providers”, which needs to be adopted not only by Brazil but by all members of the G20.

Venezuela

Broke Venezuelans Turn to Crypto Bartering: In the wake of hyperinflation and nose-diving Venezuelan economy, many inhabitants are now turning towards crypto bartering to ease their woes. Bizarrely, Venezuelans are using crypto tokens as food bartering tools called the nano or the rail block. It is a zero-fee method of transferring value almost instantly, which was distributed among the people for free.

They only need to resolve the “captchas”, which are similar to the tests consisting of images or letters on the internet, to claim free tokens hosted on so-called “faucets”. An increasing number of people are now chasing these captchas, which is seen as a way to store value and protection from hyperinflation.

Argentina

Tim Draper Urges Argentina’s President to Legalize Bitcoin to Improve Economy: Crypto bull Tim Draper has advised the President of Argentina to legalise Bitcoin in the country to improve the struggling economy. The American venture capitalist met with the Argentine president Mauricio Macri on 20 March and urged him to consider the prospects of legalising the currency and the blockchain technology while iterating its benefits for their economy given the devaluing Argentine peso (ARS).

He went as far as proposing a bet, challenging the President that if Peso is valued more than Bitcoin, he will double his investment in the country. But if Bitcoin goes higher than peso, they would have to declare it as a national currency.

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