Brazilian banks that have denied service to cryptocurrency companies are now being scrutinized by local authorities, according to a recent report by Cointelegraph Brazil. On May 20, the Administrative Council for Economic Defense, or CADE, voted to reopen the case against local lenders who reportedly refuse to work with cryptocurrency firms. The lawsuit was originally filed in 2018 by Associação Brasileira de Criptoativos e Blockchain, or ABCB, a Sao Paulo-based blockchain non-profit, after Banco do Brasil closed the account of crypto exchange Atlas citing an “administrative decision.” The bill mentions a number of other major Brazilian banks, namely Santander, Itau …

In a recent trend survey made by DMEXCO and presented at an event in Cologne, Germany, it was determined that although the world is currently suffering economically, the digital economy may greatly benefit after the COVID-19 pandemic. According to the survey, the COVID-19 crisis will accelerate the rhythm of digital transformation. One of the benefits of an advancing digital transformation is that it can lead to new solutions, unlocking inconceivable possibilities. This is especially true in digital services provided by governments, as the potential for innovation within the sector is vast. With that in mind, Brazil instituted its Digital Government …

Bitcoin’s year-to-date performance compared to the Brazilian Real coupled with the country’s financial woes may help drive demand towards the cryptocurrency. According to a new report released May 11 by Delphi Digital titled “The State of Bitcoin”, Brazil’s central bank lowering its interest rates to 3% and the fact the Real had lost 30% of its value relative to the U.S. dollar could drive away investors “who find the risk-reward tradeoff no longer attractive” in certain local markets. Delphi Digital speculated that this potential exodus could lead to a greater push towards Bitcoin (BTC) in Brazil: “This is not to …

A $5 million online heist in Brazil targeting Spanish multinational financial institution, Banco Santander was thwarted after the funds were seized with local over-the-counter (OTC) crypto exchanges. The perpetrators immediately moved to convert the stolen funds into Bitcoin (BTC), however, the cash triggered many of the bank accounts of the exchanges to be frozen upon receipt, according to local press The Bitcoin Portal. The media outlet claims to have obtained internal documents from Santander detailing an investigation into the incident, revealing that the institution is uncertain as to exactly how the funds were stolen. $5 mln stolen from Banco Santander …

COVID-19 continues to wreak havoc, with United States meat producers being the latest victims of the pandemic in a “cascading series of events,” including shutting down of the food service sector, universities and school lunch programs, all likely to impact millions of Americans. Meat processing plants around the U.S., which emerged as the world’s epicenter of the pandemic, have seen huge outbreaks of COVID-19, as the virus has spread quickly among workers crammed in close quarters, often without recommended protective gear. “After the outbreak was announced in the U.S., we never stopped working,” a meatpacking employee said. He continued: “I …

Four of Brazil’s financial regulatory institutions are collaborating to build a streamlined blockchain-based data-sharing platform to perform background checks on political representatives and corporations. The platform, dubbed PIER, was developed by Brazil’s central bank Banco Central do Brasil (BCB). The platform saw initial participation from the BCB, the Brazilian private insurance superintendent, and the local securities regulator to inform its database. Brazil’s social security supervisor is set to soon participate in the program too. The Brazilian government is also contemplating incorporating data collected by the country’s judiciary, trade boards, and international financial bodies into the PIER system. Brazilian regulators use …

Open-source payments network, Celo (cGLD), announced on March 31 that it had awarded $700,000 in developer grant funding to 16 startups looking to build on the Celo network. Cointelegraph spoke to Xochitl Cazador, the head of ecosystem growth at cLabs — the company behind Celo — to discuss what they look for from grant applicants, and Celo’s plans for 2020. Celo provides grant funding to 16 startups Cazador states that the most important criteria applicants are assessed on is whether they “support Celo’s mission of building an open financial system that creates conditions of prosperity for all.” In addition to …

Brazilian crypto exchange XDEX, which is owned by the largest stock broker in Latin America, announced the end of its activities. The company announced its closure on March 31: "Today, we announce that XDEX is starting the process of closing its activities. Market projection, competition and few regulatory advances reduced the opportunities found at the beginning of the project and were the basis for this difficult decision." Take some time The company offered non-custodial exposure to cryptocurrencies, so customers have up to 30 days from the day of the announcement to close their positions and fully withdraw their balance in …

The President of the Brazilian Banking Federation, Murilo Portugal, has argued that cryptocurrencies are not really currencies at all. Portugal was speaking in a debate about the 'Impact of the Digital Revolution on the Financial System' at the non-profit think tank, the Fernando Henrique Cardoso Foundation. The debate examined the impact of new technologies on financial services, including blockchain, cryptocurrency, big data, artificial intelligence and fintech. Portugal argued that “cryptocurrencies do not fulfill any of the classic functions of the currency" and said they are not a unit of account, or a means of exchange, or a store of value. …

Cryptocurrency exchange Binance has rolled out peer-to-peer (P2P) crypto trading with five new Latin American fiat currencies. Users of the Binance P2P trading platform can now buy and sell cryptocurrency directly with Brazilian real (BRL), Argentine peso (ARS), Colombian peso (COP), Mexican peso (MXN) and Peruvian sol (PEN). Supported cryptocurrencies include Bitcoin (BTC), Ether (ETH), Tether (USDT), Binance Coin (BNB) and Binance USD (BUSD). The platform has zero transaction fees and uses an escrow service to protect user funds. Latin American region active in crypto trading Binance CEO Changpeng Zhao — also known as CZ — said that Latin America …

Chinese e-commerce giant Alibaba has registered a blockchain-based system patent in Brazil under the category of "insurance," "financial business" and "monetary business,” according to the March 10th edition of the Industrial Property Magazine (NPI). As reported by the NPI, the name of the mechanism is “Ant Unicorn.” Regarding the financial solution, the patent covers real estate services, credit card payment systems, invoice processing and the strengthening of security to process transactions. The report does not specify whether the initiative will be implemented in Brazil. Ant Unicorn technology to be present in the currency trading Below are the specifications of the …

André Figer, vice president of one of the largest sporting career management companies in Brazil, has his eyes firmly set on tokenizing soccer players. The well-known entrepreneur told Cointelegraph Brazil that blockchain technology and athlete tokenization has the potential to transform the management of sport worldwide. The Figer Group has been involved in many significant moves in the soccer world, including the move by midfielder Giovanni to Barcelona, the purchase of Robinho by Real Madrid as well as the midfielder Júnior Urso for Guangzhou R&F of China. Tokenization can support younger players Figer said he is supporting the launch of …