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
G20 crypto regulations in Argentina could spell blockchain revolution: The crypto regulations being devised by G20 countries after a meeting in March in the Argentinian capital of Buenos Aires could mean serious development for the blockchain space.
The G20 study group has since engaged in intensive studies to know more about Bitcoin, cryptocurrencies and other fintech innovations introduced in the blockchain space. The main purpose of the study is to devise regulations that will ensure transparency of the new space and not stifle the innovation and economic growth resulting from blockchain development.
Argentina is already one of the most progressive places in the world when it comes to blockchain technology and is looking to adopt common-sense regulations that will help the rapidly expanding industry.
Venezuela
Government aims to finance villas for homeless with Petro: Venezuelan authorities are looking to counter ways to end the homeless epidemic in the country with the help of its national cryptocurrency, the Petro, according to latest reports.
While the Petro has found limited success outside the country, President Nicholas Maduro’s government is promoting it restlessly and is determined to implement it within the country. It is also planning to merge it with the local Bolivar fiat currency, something that hasn’t been done anywhere else in the world.
According to Telesur news outlet, the villas for the homeless will be built under the La Gran Mision Venezuela Housing Project and it offers a decent, cost-effective solution to the deserving families. It is yet to be seen how the cryptocurrency will be used to pay the contractors and laborers as it is still in its infancy.
JP Morgan CEO advises Venezuelans against HODL Bitcoin to avoid inflation: In an unsurprising move, the CEO of JP Morgan, Jamie Dimon, has advised the Venezuelan people not to hodl Bitcoin in an effort to avoid the effects of hyperinflation. He had previously called Bitcoin a “scam” and said that he had no “interest in it”, according to a Bloomberg publication on 5 August.
Now a part of the reason behind the critique of the biggest cryptocurrency in the world is its volatility. While Bitcoin price tanked recently, resulting in huge losses for investors, in Venezuela, mathematically, the currency can still protect them from hyperinflation, which is around 18,000% at this time.
Coinbase transfers halted in Venezuela: Several Coinbase users reported that they had lost the ability to withdraw or send cryptocurrencies from their accounts, prompting debates whether this was a result of the latest round of US sanctions on the embattled country.
Disabling transfer of cryptocurrencies would mean that Coinbase is being forced to comply with the Trump administration’s latest ban on trading Venezuelan assets.
Brazil
200,000 routers hacked in Brazil in latest cryptojacking episode: Around 200,000 routers were reportedly hacked by illegal miners to mine XMR cryptocurrency.
The hack especially targeted MikroTik routers that are popular in the country, using them to create a massive botnet network for mining purposes. A patch for this vulnerability was issued by the manufacturers back in April but many of the non-updated devices were still present and this caused a vulnerability in their connectivity that was preyed upon by the hackers.
All MicroTik users are advised to get the latest patch from the company to avoid such cryptojacking episodes in the future.
Bitcoin can become legal form of payment, says Brazilian presidential candidate: A candidate for Presidency João Amoêdo has said that Bitcoin can eventually be considered as a legal form of payment in the South American country.
Amoêdo is the candidate of the Partido NOVO or The New Party that is running on a platform of fintech revolution and integration of blockchain for better governance in the country. In a recent interview with The Bitcoin Portal, Amoêdo outlined his vision for blockchain development in the country.
Peru
Cryptocurrency trading showing positive development in Peru: Peru is joining the rest of the South American countries by showing positive growth in crypto trading volumes according to figures released by Localbitcoins.com.
An increase of up to 50% was witnessed in the trading volume, with transactions up to BTC 106 being carried out in the country despite the presence of an extremely bearish market. Latin America is often touted as a crypto-friendly destination in the world.
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