South America: Crypto and Blockchain News Roundup, 7th to 13th December 2018

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South America: Crypto and Blockchain News Roundup, 7th to 13th December 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.


Government starts converting pension payments to Petro: The government of Venezuela has started converting pensioners’ payment to state cryptocurrency Petro, away from the national currency Bolivar without taking them on board. The move is part of latest measures by the Nicolas Maduro-led government to power through Petro cryptocurrency into the national fold.

According to local daily Caracas Chronicles, the country’s pensioners were notified of the move only after the funds were converted. The government’s message indicated that the funds were now in the state’s cryptocurrency for savings purposes.

According to the local publication, originally, bolivars were sent to the pensioners but the government unilaterally converted them into the allegedly oil-backed cryptocurrency.

The Venezuelan government has been trying to push for Petro adoption for months despite serious issues regarding its operation, circulation and government’s control on the affairs. Other countries and trading partners including India and Russia have also refrained from using the cryptocurrency for international payments.


Blockchain Academy co-founder optimistic about crypto regulation: Rosine Kadamani, the co-founder of the Blockchain Academy based in Sao Paulo, has expressed optimistic views regarding the future of cryptocurrency regulation in the country.

Speaking with the local media, Kadamani said, “It is not possible to predict how this will happen in the short and medium term, as we have many variants in this process, but I can assure you that the technicians who are currently meeting (from the government and from the crypto ecosystem) are immensely qualified and very knowledgeable well the subject. The good seeds were planted, so I have a very positive view on the future of this relationship.”

Kadamani further predicted that 2019 might be a difficult year for cryptocurrencies but eventually, positive things can be expected from the industry overall in the future.

Exchange in $35 million transfer blunder: A local cryptocurrency exchange based in Brazil accidentally sent USD 35 million to a user who only requested a withdrawal of USD 127. The exchange in question is Bitcambio and the news was broken by local news outlet Portal do Bitcoin.

According to the news, the user Kaique Nunes soon received frantic calls from the exchange’s support to send back the extra USD 34.473 million.

According to Rodrigo Souza, an administrator at the exchange: “People, the mistake really happened. Kaique will be reimbursed for all the costs he has to go to the notary’s office to solve this shit. The note is already being canceled.”


Chile court says banks can ban crypto exchanges: Top Chilean court has finally ruled in favor of the state-owned Banco Estado and has declared that banks have the authority to shut down banking accounts as they see fit. The ruling overturns earlier decision by a lower court that forced the bank to open the accounts during the trial itself.

The affected cryptocurrency exchange, Orionx, had filed the complaint earlier this year when Banco Estado closed its account without prior warning. The court cited the bank’s concerns regarding its ability to monitor transactions and identities of cryptocurrency traders the reason behind this decision.

The ruling said: “These characteristics and elements determine, therefore, the current impossibility for the Bank to comply with the aforementioned obligations, since it prevents it from knowing in depth the financial activities related to cryptocurrencies developed by the appellant, the most relevant characteristics of its operations, the foundations on which these are supported and, finally, if their amounts are excessive or not.”

It is yet to be seen how the cryptocurrency market will react to the ban.


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