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Major Brazilian Bank Brodesco Joins R3 Corda-Powered Global Trade Finance Network

Prominent Brazlian bank Banco Bradesco has become the latest institution to join R3’s Marco Polo international blockchain network for trade finance. Prominent Brazlian bank, Banco Bradesco, has become the latest institution to join R3’s Marco Polo blockchain network for trade finance, according to a press release shared with Cointelegraph on May 14. Banco Bradesco is among Brazil’s leading banks, with total assets worth $338.2 billion and a market capitalization of $49.1 billion, the press release states. The Marco Polo network implements R3’s Corda enterprise blockchain technology together with a distributed trade finance platform from TradeIX. It is designed to provide greater cost and time efficiencies — as well as transparency — to commercial banks’ traditional and structured trade finance solutions. As reported, the network counts major global banks such as BNP Paribas, ING and Sumitomo Mitsui Banking Corporation as members. Other high-profile members include Standard Chartered B..

Brazilian Police Arrest Suspect for Money Laundering With Bitcoin

Brazilian police have arrested a man for operating a clandestine drug laboratory and money laundering using the leading cryptocurrency bitcoin. Brazilian police have arrested a man for operating a clandestine drug laboratory and using the leading cryptocurrency bitcoin (BTC) to launder the proceeds, Cointelegraph Brasil reported on April 24. The State Department of Drug Trafficking (Denarc) in Porto Alegre, Rio Grande do Sul, reportedly located a clandestine bitcoin mining laboratory in a small house while chasing a suspected drug trafficker on April 23. The report says the discovery is "something considered unusual in Rio Grande do Sul." At the site, law enforcement officials found 25 digital currency mining machines, which ran 24 hours a day, as well as "sophisticated" software and hardware, with an estimated value of more than 250,000 reals ($63,000). According to the police, the person who claimed to be responsible for the equipment argued that “he rented the space and was mining ..

Brazilian Court Rules Santander to Return $350,000 to Crypto Exchange Mercado...

A São Paulo court has dismissed the appeal made by Banco Santander against crypto exchange Mercado Bitcoin. The Court of Justice in the Brazilian state of São Paulo has dismissed the appeal made by Banco Santander against cryptocurrency exchange Mercado Bitcoin, and ruled that the bank should return funds to the company, local crypto media CriptomoedasFacil reports on March 8. Previously, the bank reportedly closed the exchange’s account, claiming that its activity was incompatible with its policy and froze the funds. According to the article, the Brazilian exchange took action through the courts against the closing of its account, claiming that the freeze of its funds was unjustified. Per the report, the funds to be returned amount to R$1,350,733 (equivalent to nearly $350,000). The March 6 ruling on official government portal Impresa Oficial further specifies that the appeal has been dismissed by unanimous vote. The report further explains that the exchange already won the case, wit..

Report: Brazilian Bank Bradesco Closes Accounts of Local Crypto Exchange and...

One of the largest Brazilian banks, Bradesco, will close the accounts of cryptocurrency exchange Bitblue and its owners. One of the largest Brazilian banks, Bradesco, has notified crypto exchange Bitblue that its banking accounts will be closed late February, local crypto outlet Portal do Bitcoin reported on Feb. 13. As the outlet has learned from unnamed industry insiders, Bitblue will face the closure of its accounts in Bradesco on Feb. 26. Moreover, the decision extends to the private accounts of Bitblue owners. Edisio Pereira, CEO of Bitblue, told Portal do Bitcoin that the company has previously had accounts in four other financial institutions; therefore, Bitblue will not appeal against the bank’s actions. However, its co-founders and partners — whose names are not specified — will definitely appeal, as the move can affect their reputation, Pereira added. The local Association of Crypto and Blockchain (ABCB) has already reported the case to the Brazilian Administrative Council f..

Brazilian Bank To Issue Stablecoin Using The Ethereum Blockchain 

The Ethereum network has been struggling to stay up to standard for a while now. With the rise of competing blockchains and the fall in the price of cryptocurrencies in the market, it’s been difficult for Ethereum to stay relevant. Recently, the Tron blockchain had an increase in the number of migrations and analysts believed that people from the EOS and Ethereum blockchain were migrating to Tron hence the increase. It’s Not Over Until It’s Over Even as the market suffers greatly, all hope is not lost yet. There are those who still believe in Ethereum as the top platform for smart contracts and decentralized applications. Recently, a state-owned Brazilian Bank announced that it is making plans to issue a stablecoin on the Ethereum blockchain. This token will be pegged to the national currency. The Brazilian National Social Development Bank is going to launch a pilot in January 2019. The name of the token is BNDES. It will be backed one unit to one unit by the Brazilian Real and it wo..

Brazilian Premier League Soccer Club Launches Crypto ‘Fan Tokens’

Atletico Mineiro, a Brazilian premier league soccer club, is launching its own fan token “GaloCoin” based on Ethereum blockchain. Brazilian premier league soccer club Atletico Mineiro has launched a fan token dubbed “GaloCoin,” Cointelegraph Brazil reports Friday, Dec. 14. The GaloCoin is named after Atletico’s mascot, a rooster (“galo” in Portuguese). It is based on Footcoin — a platform that allows to launch utility tokens on the Ethereum blockchain. The GaloCoin is tied to the national fiat currency exchange rate and is equal to one Brazilian real. Atletico’s token will allow fans to purchase game tickets, official apparel, as well as participate in discount programs. To use the club’s cryptocurrency token, one has to buy at least 50 GaloCoins (equivalent to approximately $13). Utility tokens are steadily increasing in popularity among soccer teams. In September, one of the best-performing French clubs Paris Saint-Germain (PSG) partnered with the blockchain platform Socios.com to l..

Brazilian Tax Regulator Publishes Draft on Cryptocurrency Taxation

The Department of Federal Revenue of Brazil could require individuals and legal entities to send monthly detailed reports on crypto transactions. The Department of Federal Revenue of Brazil (RFB), which administers tax collection in the country, is seeking to receive monthly reports on crypto assets operations, according to a document released by the RFB Tuesday, Oct. 30. In the paper, the RFB has announced that Brazil-based crypto exchanges are now obliged to send them detailed reports on all crypto-related operations on monthly basis. For instance, the companies have to reveal the amounts of transactions and the identity of the customers. Moreover, both legal entities and individuals residing in Brazil are now obliged to report all the transactions they have carried out at foreign crypto exchanges if they surpass $10,000 Brazilian reals ($2,700) per month. The RFB’s draft on crypto taxation also sets a range of fines for those who fail to report their transactions. For the delay of ..

Two Brazilian Banks Reopen Accounts of Local Crypto Exchange to Avoid...

Banco do Brasil and Santander reopen accounts of Brazilian crypto exchange Bitcoin Max following the preliminary court injunction. Two major Brazilian banks have reopened the banking accounts of one of the local crypto exchanges experiencing banking issues recently, local crypto outlet Portal do Bitcoin reports Wednesday, Oct. 31. The preliminary decision to reopen accounts in major banks Banco do Brasil and Santander Brasil for local crypto exchange Bitcoin Max was granted by the Federal District Court. The judge ruled that the mentioned banks failed to notify the exchange of account closure, which was treated as “abusive conduct” violating consumer protection rules. The court then ordered to unlock the accounts within five days. In case of non-compliance with the injunction, Santander Brasil would have to pay up to 5,000 Brazilian reals (about $1,300), and Banco do Brasil — up to 20,000 Brazilian reals (about $5,400). Leonardo Ranna, a lawyer for the crypto exchange, told local medi..

Brazilian Presidential Candidate Uses Blockchain to Publish Government Plan

Brazilian presidential candidate Fernando Haddad has announced his campaign will use blockchain technology to distribute his policy positions and plans for the government. Fernando Haddad, the presidential candidate for the Brazil Workers’ Party, has published his government plan via blockchain, per an announcement published on his website Oct. 14. According to the release, Haddad decided to use blockchain technology for disseminating information about his presidential campaign after a long-term struggle with fake news reports. As information stored on a blockchain cannot be altered or compromised, he decided to store the data on a decentralized platform. The release also notes that Haddad used “free software” in Sao Paulo where he served as mayor from 2013–2017. The software solutions monitored various city projects, including the municipal Master Plan “with the support of users through the internet.” Haddad is not the only presidential candidate to apply the technology. According to..

Largest Brazilian Brokerage to Launch Exchange for Bitcoin and Ethereum

The biggest brokerage firm in Brazil, Grupo XP, is planning to launch a crypto exchange in the coming months. The largest brokerage in Brazil will enter the crypto space by launching an exchange for Bitcoin (BTC) and Ethereum (ETH) in the near future, Bloomberg reported September 21. Chief Executive Officer of Grupo XP Guilherme Benchimol told Bloomberg that the company will launch an exchange called XDEX in the coming months, with around forty employees. Grupo XP is the biggest financial group in Brazil, comprising companies with various business models. XP has reportedly set a goal to have $1 trillion reais ($245 billion) under custody by 2020, which is four times what the company expects to raise by the end of this year. In addition, XP will launch a bank in the next few months. Benchimol said that he “must confess, this is a theme I’d rather didn’t exist, but it does," adding that “we felt obligated to start advancing in this market." He noted that the company is being pushed into..
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