South America: Crypto and Blockchain News Roundup, 8th to 14th June 2018

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South America: Crypto and Blockchain News Roundup, 8th to 14th June 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.


Major bus companies start accepting Bitcoin payments: Two big bus companies have started accepting payments in Bitcoin in a first for the country according. Both of these companies are game changers in the industry as one has the largest fleet of buses while the other is considered the most modern service in the country.

Brasil Sul and Viacao Garcia have started accepting payment in Bitcoin from 6 June. The payment option is available on their websites. According to one:

“The group opted, initially, to use Bitcoin (BTC), the most popular virtual currency on the market today… [and] by July, two other cryptocurrencies will be accepted: Bitcoin Cash and Litecoin.”

ABCB wants banks to service crypto firms again: To fight the onslaught of banks against cryptocurrencies, Brazilian crypto association ABCB has announced that it is going to pressurize banks to start accepting cryptocurrency exchange accounts again.

Banks in Brazil have resorted to closing cryptocurrency exchange accounts in the past and if they continue to do so, ABCB is going to take action in this regard to protect the interests of the crypto community. Recently, ABCB has petitioned the Brazilian Council for Economic Defense to stop banks from exercising this option. The president of ABCB even went as far calling this an “abusive practice” by the banks.

Further meetings with the central bank representatives and securities exchange commission are also planned to further the cause of cryptocurrencies.


G20 proposes unified regulation: The G20 is calling for global regulations for cryptocurrencies and crypto startups.

The G20 proposed these regulations after the members expressed concern because of hacking and other criminal activities that were taking place presumably because of lack of regulations.


Banks to be confronted by exchange over closure of crypto accounts: Colombia is going to be yet another battleground in the crypto world as popular South American cryptocurrency exchange Buda is set to pursue three banks that shuttered its accounts without prior notice according to latest reports by Bloomberg.

Buda is buoyant after it won an initial case in Chile against closure of its accounts in the country and would look to have a similar decision across the border in Colombia.

A Buda director said, “There are mixed messages coming from the financial sector on innovation. The Colombian government promotes innovation and development, but when it comes down to it, they block what they don’t understand and are putting the brakes on financial technology.”


Six major banks sued by crypto exchange: Chile is facing yet another crypto legal battles as a local exchange has filed a lawsuit against six big banks in the country that are reportedly abusing power and quashing its business.

Orionx, the exchange in question, filed this latest lawsuit in the country’s competition court named Court for the Defense of Free Competition (TDLC) according to reports by Diario Financiero. The six banks are Bancoestado, Banco de Chile, Banco Bice, Itaú Corpbanca, Santander and Scotiabank.

According to Orionx’s attorney: “The demand before the TDLC is based on the fact that the defendant banks, abusing a dominant position and with sufficient market power, excluded Orionx from the market of digital payments that was achieved through the refusal of sale and exclusive practices”.

The banks are supposedly on the back foot as they lost similar cases against other cryptocurrency exchanges in the recent past.


Bitcoin trading increases as inflation hits record 14,000%: Bitcoin trading in Venezuela is reaching record numbers as the Bolivar is now inflating at a massive 14,000%. The news came after the International Monetary Fund (IMF) and its data mapper showed that the country is likely to face five-digit inflation rates in this current calendar year.

Newly re-elected president Nicholas Maduro is reportedly planning on a currency overhaul in June that will remove three zeros from the currency but the move might be late as public confidence on the currency is at an all-time low.

Cryptocurrency ‘hodling’ and trading is becoming a new means of survival for those who are electing to stay in the country according to Wired. With its fiat currency in tatters, cryptocurrencies offer a much more stable alternative that will help re-ignite economic growth and development in the country.


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