South America: Crypto and Blockchain News Roundup, 4th to 10th May 2018

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South America: Crypto and Blockchain News Roundup, 4th to 10th 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.


Crypto Conference VI Bitconf held in Brazil: A cryptocurrency conference VI Bitconf in the Brazilian city of Sao Paulo saw a huge number of crypto enthusiasts, panels and top industry leaders participate according to local Bitcoin news outlet Portal do Bitcoin. Among them was Bitcoin Cash (BCH) proponent Roger Ver who runs the controversial site He took the opportunity to make big claims about the future of the volatile Bitcoin fork, even going as far as to say that BCH was the real Bitcoin and not BTC itself, and will soon surpass it.

He also lambasted the government-issued Petro coin from Venezuela. He said: “I would be very skeptical about anything that comes from governments, even more so from the government of Venezuela.”

How many Brazilians actually use crypto? According to an extensive survey of more than 29,000 people in 8 of the largest cryptocurrency markets in the world USA, UK, Germany, Brazil, Japan, South Korea, China and India, Brazil, many statistics were found.

Brazil scored 61% in crypto awareness, 39% in crypto knowledge, 5% in crypto buying intention and 6% in overall numbers of people in ownership of coins. The survey shows Brazil is up there with the very best when it comes to adopting cryptocurrencies.


Entrepreneur constructs large Bitcoin bunkers: Argentine Entrepreneur Wences Caseres is the CEO of Xapo and has constructed a network of underground vaults around the world for the sole purpose of storing Bitcoin private keys according to a piece from Moneyweb.

The security method focuses on encrypted computer services along with layers of electronic and physical safeguards to protect the precious Bitcoin of clients. The process of retrieving BTC from these vaults may take up to two days. Xapo first identifies the client’s identity before undergoing an arduous process of facilitating transactions manually from multiple vault locations. Verification from at least three vaults is needed before the transaction can take place.

More than USD 10 billion worth of Bitcoin is stored in these vaults which is close to 7% of the global supply according to recent estimates. Xapo has major backers in the form of LinkedIn co-founder Reid Hoffman and former wall street bigwig Mike Novogratz. It is registered in the US.

Bitcoin challenging Argentina’s cash-only reputation: Argentina still heavily relies on its fiat cash economy despite a wave of interest in cryptocurrencies and Bitcoin in particular. Over 2,000 Bitcoin ATMs are slated to open in the South American nation. Owing to recent unreliability of the value of its local currency, Argentina is proving to be a fertile ground for the adoption of cryptocurrencies.


Venezuela and Palestinian authority approve millionaire Petro fund: The governments of Palestine and Venezuela have agreed to adopt Petro at state levels in some capacity, according to latest news regarding the first national cryptocurrency in the world. Despite recent setbacks with Russia, the Venezuelan government is relying heavily on Petro as a game-changer for an economy blighted by US sanctions.

In addition to Petro, the Palestinian and Venezuelan governments have agreed on a series of measures to improve relations and engage in increased economic cooperation.

Crypto youth bank announced: President Nicholas Maduro, a chief proponent of the Petro state cryptocurrency has recently announced a new project for young people in the country that will provide banking facilities to them. He also earmarked 20 million Petro tokens for the new project.

The move will raise funds from young people and help them get access to good jobs and education.

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