South America: Crypto and Blockchain News Roundup, 27th March to 5th April 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.


Venezuela may pay Russia with Petro cryptocurrency for automotive parts: Venezuela has recently launched its own cryptocurrency Petro and the state may use the new cryptocurrency to pay Russia for automotive parts and components according to Venezuelan minister for foreign trade Vielma Mora.

As quoted by the AVN new agency:

“[The issues of cooperation] include the purchases of automotive parts and components, of tires and batteries, as well as assembling of these vehicles in our country and the forms of payment, in which we include the payments with the use of Petro.

He also went on to claim that Russia is also considering accepting payment in Petro for different goods including steel, aluminium, flowers, coffee and cacao. The response from Russia has been lukewarm but the Venezuelan government has high hopes for its new currency that it claims is backed by its sizeable oil reserves.

Crypto rating sites flay Petro: Cryptocurrency and ICO rating sites have painted a dark picture for the future of Petro as a cryptocurrency. Major coin rating websites like,, Cryptorated and ICOreview have either slammed the project or not even bothered to review it at all. The currency may have actually gained momentum after US government banned the new cryptocurrency but according to the coin rating websites, there is little reason to back the first full-fledged state-backed cryptocurrency.


Three cryptocurrency exchanges banned by Chilean state bank: Three major cryptocurrency exchanges operating in Chile Buda, Orionx and Cruptomkt have been banned by the Chilean central bank Banco del Estado de Chile. Previously, these exchanges were also banned by Itaú Unibanco Holding S.A. of Brazil and The Bank of Nova Scotia (Scotiabank of Canada). The three cryptocurrency exchanges have expressed resentment at this move but have claimed that their funds are fully secure and there is no “insolvency risk” as to say.

After the ban, the future of cryptocurrency and cryptocurrency trading operating from Chile is uncertain as the bank is being very demanding. Santiago-based CryptoMKT, one of the exchanges that was banned, was of the opinion“Cryptocurrency startups in Chile aren’t going to close because of the barriers being put up by the banks. CryptoMKT commercial manager Daniel Dupré told BNamericas. “There are [payment-processing] alternatives, which we didn’t look into previously because they have an associated cost.”


First cryptocurrency in Latin America launched: A young team of developers and crypto enthusiasts have launched ApperCoin, the first cryptocurrency to have come from Latin American states. The platform and its coin reportedly allows individuals and stores to easily exchange different currencies directly with their smartphones.

The cryptocurrency is now available for daily use in more than 45 stores in Venado Tuerto, a small city in Santa Fe, Argentina with a population of around 70,000 people. The team is also reportedly working on expanding the influence of the new cryptocurrency to San Nicolas in Buenos Aires province that housed the capital before 2019. Some stores are also offering substantial discounts up to 50% if customers pay through the new cryptocurrency.


Brazil’s central bank president says cryptocurrencies need to be monitored: According to a previous statement by Ilan Goldfajn, the president of Brazil’s central bank, cryptocurrencies are unstable therefore they need to be monitored and their system be put on high alert. Brazil’s cryptocurrency trading sector is gathering steam but so far no tough regulations have been placed on Bitcoin traders and blockchain businesses.

Brazil-based users download Android mining malware more than 100,000 times: Cybercriminals are now using Android apps to use smartphone computing power for mining purposes, according to the latest research by anti-malware firm Kaspersky Lab. While the apps did provide legitimate functions, they secretly used a part of the CPU power to mine cryptocurrency Monero. Most of the affected userbase was from Brazil and VPN apps that are very popular among Brazilians were the main culprit behind this illegal mining activity. Other more obvious efforts included games that sucked up the computing power of hundreds of thousands of these smartphones.


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