Major government and financial authorities in Brazil have teamed up to develop a regulatory sandbox model targeting new technologies such as blockchain, Cointelegraph Brazil reports on June 13. The new regulatory initiative brings together the Central Bank of Brazil, the Securities and Exchange Commission (CVM), the Superintendence of Private Insurance (SUSEP), and the Ministry of Economy’s Special Secretariat for Finance in order to adapt to the digital transformation affecting the financial, capital and insurance sectors in Brazil. Revealed by the CVM, the project implies that emerging technologies such as blockchain, robotics and artificial intelligence have enabled the establishment of new …

Blockchain software consortium R3 revealed that it is developing a blockchain platform in Brazil with banks Bradesco, Itau and B3, Cointelegraph Brazil reported on June 12. The R3 Consortium — which is composed of large banks and technology companies — announced during the CIAB Febraban event in São Paulo that it is currently collaborating with Brazilian banks. During the event, R3 executives claimed that the consortium partnered with Itau and Bradesco banks to build a blockchain-enabled platform for foreign trade and insurance. The consortium — which recently opened an office in the country — further noted that the Brazilian stock …

CIP, a facilitator of Brazilian banking and financial infrastructure, has officially launched its blockchain ID platform via a partnership with IBM using Hyperledger Fabric, Cointelegraph Brazil reported on June 12. The identity solution, dubbed “Device ID,” will see participation from nine banks, and is reportedly integrated into Brazil’s domestic clearing system, the Brazilian Payment System (SPB). Its aim is to authenticate and verify digital signatures using mobile devices, ostensibly to guard against financial crime and unauthorized use of the financial system. “Brazilian banks have been studying blockchain technology applications for a long time, but they weren't all together. So we …

The Brazilian government will consider a draft bill that requires all units of local public administrations to promote new technologies such as blockchain, Cointelegraph Brazil reports on June 11. The new bill, PL 3443/2019, was filed by a group of ten federal officials from different political parties and states with the lower house of the National Congress of Brazil, Chamber of Deputies, on June 11. As specified in the title of the document, the proposed draft bill provides the “Digital Provision of Public Services in Public Administration — Digital Government.” If approved, the draft bill will require both federal and …

The vice president of Brazil's biggest bank, Bradesco, revealed that major local banks will introduce a unique blockchain platform on June 12, Cointelegraph Brazil reports on June 11. Bradesco VP Mauricio Minas has delivered a speech devoted to the role of blockchain in the global financial system, speaking at major Latin American banking and fintech event CIAB Febraban on June 11. The Bradesco VP unveiled the plans of local banking institutions to soon adopt an unnamed blockchain-powered solution, adding that a number of Brazilian banks have been developing applications using distributed ledger technology (DLT). Speaking at the event, Minas expressed …

Ripple, the firm behind third-biggest crypto by market cap XRP, has launched a Brazilian office with the aim to expand across Latin America, Cointelegraph Brazil reports on June 10. According to the report, the official announcement will be made at CIAB Febraban, a major fintech and banking event that will place in São Paulo from June 11 to June 13. The new office will be reportedly led by Luiz Antonio Sacco, former CEO at the Brazilian subsidiary of The Warranty Group, a global warranty solution provider. Having joined Ripple in March 2019, Sacco stated that the company intends to bring …

Microsoft has registered a suite of applications in Brazil that are designed to improve efficiency in the agriculture sector, according to an exclusive report by Cointelegraph Brazil on June 6. The technology, known as FarmBeats, uses blockchain, drones, IoT, artificial intelligence and big data to improve productivity. It has already been rolled out on farms in the United States, India, New Zealand and Kenya, achieving a 30% reduction in water consumption. Ranveer Chandra, the scientist who created FarmBeats, recently said that the agriculture sector had been left behind by the benefits big data, AI and blockchain can bring — even …

The president of Brazil, Jair Bolsonaro, has stated that he does not know what bitcoin (BTC) is, and endorsed the suspension of a project that would create a crypto for indigenous people to use, Cointelegraph Brazil reported on June 4. Bolsonaro supported the Minister of Women, Family and Human Rights, Damares Alves in the termination of a project worth 44.9 million Brazilian reals ($11.5 million) between the National Indian Foundation (FUNAI) and the Federal Fluminense University (UFF), which promoted the creation of a cryptocurrency for indigenous people to use. Bolsonaro delivered his comments during an interview with Ratinho's SBT show …

A Sao Paulo court has blocked funds in bank accounts linked to Grupo Bitcoin Banco — with 726,630 reals (about $188,000 at press time) frozen, Cointelegraph Brazil reported on June 5. Two people, along with one company, have accused GBB of engaging in abusive practices after they were unable to make conversions back into reals or withdraw funds to their bank accounts because of a temporary suspension on transactions. The trio claimed they have a total 726,630 reals on GBB’s platform and urged a judge at the Court of Justice of the State of Sao Paulo to take urgent guardianship …

A Brazilian state-owned bank is reportedly funding a documentary film through its own ether-based stablecoin, Cointelegraph Brazil reports on June 3. Brazil’s National Bank for Economic and Social Development (BNDES) will finance the production of a documentary in collaboration with local cinema producer Elo Company, whose movie “The Boy and the World” by Alê Abreu was nominated for an Oscar in 2016. According to the report, the funding for the project will be carried out through the national bank’s own cryptocurrency, BNDES token, a Brazilian real (BRL)-backed stablecoin that has been under development since 2018. BNDES’ stablecoin has reportedly had …

The President of the Chamber of Deputies of Brazil has ordered to establish a commission to consider cryptocurrency regulation in the country, Cointelegraph Brasil reported on May 31. The Chamber of Deputies of Brazil is a federal legislative body and the lower house of the National Congress of Brazil, and consists of representatives of the states elected every four years. The Chamber discusses and approves proposals for economic and social areas such as education, health, transport, and housing. On May 30, the President of the Chamber of Deputies, Deputy Rodrigo Maia has requested the creation of a special commission to …

Brazillian police have arrested ten people suspected of operating a cryptocurrency pyramid scheme worth 850 million reals ($210 million), local news media outlets including Correido Do Povo reported on May 21. As part of Operation Egypto, a swoop dedicated to unearthing unsanctioned financial schemes, Brazil’s tax agency joined police in orchestrating a crackdown on the figures behind Indeal, who they say amassed funds from 55,000 investors. They lured victims with the promise of a 15% payout in the first month after investment in the crypto scheme. In total, the investigation involved inspection of 13 individuals and five legal entities. “The …