South America: Crypto and Blockchain News Roundup 16th to 22nd February 2019

South America

Welcome to another weekly blockchain news roundup from around the world. Here we present to you all the latest Bitcoin news continent by continent and country by country.

Brazil

Banco Do Brasil Receives Authorization from the Courts to Close Atlas Quantum Account: Brazilian courts have ruled in favor of the second largest bank of Brazil, Banco do Brasil, and have authorized them to close the cryptocurrency company, Atlas Quantum’s account.

This came as a result of the Administrative Council of Economic Defense (CADE) responding to a lawsuit filed by the ABCB (Brazilian Association of Cryptoeconomics and Blockchain), pleading Atlas’ case against the closure of their accounts on the basis of “lack of regulation in the cryptocurrency operations.” The judge, Gustavo Coube de Carvalho, also ordered Atlas to pay  BRL 5 thousand for administrative costs, but the crypto company has decided to appeal the decision again.

Brazilian Investor Just Accidentally Bought Bitcoin at USD 20,000: A Brazilian trader recently made headlines for “accidentally” buying bitcoin at a massive loss, as he bought 0.0047 BTC for 340 Brazilian reals (~USD 91), whereas it was worth less than USD 15 on other exchanges. This means that he lost a whopping USD 19,400 for the total transaction while he placed his order on the local exchange TemBTC.

The trader’s unexpectedly large market order “cleaned” the platform’s thinly-traded order book, and after that, some bitcoins were also bought for USD 10,000, USD 16,000, and USD 13,000 before peaking at USD 19,000. The order exhibited a clear lack of knowledge from the trader when working with larger market orders as the trader paid a bitcoin’s all-time high price on Brazilian exchanges, which was previously recorded at USD 18,900 in December 2017.

Argentina

Argentina Accepts Bitcoin Payment for Goods Sold to Paraguay: In a historic transaction, the two South American neighbors, Argentina and Paraguay, employed Bitcoin to pay for an export deal between the countries. In the transaction, Bitcoin was used as the means to process payment, where at the end the exporter received Argentine pesos or dollars and the buyer paid in local currency.

The transaction offered a critical advantage of speed, where the payment was settled within an hour and avoided typical delays that can linger up to three days.

Latin America’s Largest Investment Bank Launches Security Token: While Brazilian cryptocurrency banks have seen their fair share of problems, finally some good news comes their way as BTG Pactual, Latin America’s largest standalone investment bank announced the launch of its security token ReitBZ. The bank plans to raise up to USD 15 million in its token sales, which will be backed by distressed real estate assets in Brazil.

The ReitBZ token will use blockchain technology, and the investors can buy it through ETH or Winklevoss twins’ Gemini Dollar. According to the bank, investors would get yearly returns of 15-20 percent, and BTG will also be providing market-making services for the token to offer sufficient liquidity. ReitBZ’s initial sale period will last for ~90 days and the money collected will be reinvested into the portfolio.

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