The Central Bank of Chile (BCC) believes that cryptocurrencies are unable to substitute traditional money, according to an in-depth report on crypto issued Feb. 7. The document, signed by the central bank’s president Mario Marcel, was prepared upon request of the Tribunal de Defensa de la Libre Competencia (TDLC). The TDLC is an independent anti-monopoly institution established to ensure that free competition rules are not violated in Chile. The organization actively participated in a recent legal battle between Latin American crypto exchanges and Chilean banks. As per the BCC, Bitcoin (BTC) and other major cryptocurrencies that were created as alternatives …

Argentinian state public transport card SUBE (Sistema Único de Boleto Electrónico) can now be topped up using Bitcoin (BTC), Cointelegraph in Spanish reported Friday, Feb. 8. Alto Viaje, a platform for adding money to SUBE cards, has partnered with Bitex, which provides blockchain-driven financial services to businesses. As a result of the partnership, the SUBE card can now be funded using BTC, via Alto Viaje’s website. Cointelegraph spoke to Manuel Beaudroit, CMO at Bitex, who said that SUBE — that can be used to travel by train, bus and subway — is used by over seven million people in 37 …

Blockchain tech firm and Bitcoin (BTC) mining manufacturer Bitfury plans to launch several mining facilities in Paraguay, according to a press release published Thursday, Jan. 31. Bitfury has partnered with South Korean peer-to-peer knowledge commons research firm Commons Foundation to launch a series of transaction processing sites that will use Bitfury’s BlockBox AC mobile data centers in Paraguay. The project is part of a larger initiative from Commons, dubbed “Golden Goose,” that aims to “expand cryptocurrency and blockchain innovation in Spanish-speaking countries,” the press release reports. As per the announcement, the mining facilities in Paraguay will account for about 200,000 …

NEM Foundation in Argentina has signed a memorandum of understanding with a local trade union of journalists. The goal of the agreement is to develop a blockchain-powered solution for copyright protection, Cointelegraph in Spanish reported Saturday, Jan. 5. The memorandum signed with CISPREN — the journalists’ trade union of the city of Cordoba in central Argentina — also implies the development of a Proof-of-Concept for the project. CISPREN hopes that blockchain can solve different issues associated with the protection of intellectual property rights, such as content theft, failure to pay royalties and others. CISPREN’s press-secretary German Guismondi told Cointelegraph that …

The Chilean anti-monopoly court has again granted protection to local cryptocurrency exchanges by forcing banks to keep their accounts open, financial news outlet Diario Financiero reported Jan. 2. According to a recent statement from Buda.com — one of the crypto exchanges affected by previously upheld banking restrictions — the anit-monopoly court known as the Tribunal de Defensa de la Libre Competencia (TDLC) has held a poll, and most of its members voted in favor of the crypto firms. The next few hearings are scheduled for February, when the TDLC will hear the testimony of both parties. The hearings will be …

The Chilean General Treasury of the Republic (TGR), which oversees tax collection in the country, has launched a blockchain platform to process payments, according to a press release published Dec. 19. TGR — a dependent institution under the Ministry of Finance — reportedly first met with the Digital Government Division of the Ministry General Secretariat of the Presidency of Chile to discuss the pilot in October, 2018. At that time, officials announced they would create a blockchain platform to connect citizens, financial intermediaries and suppliers. According to the December statement, the pilot for the platform has now been launched. The …

Two major Chilean banks have urged the country’s anti-monopoly court to revoke its decision that prevents the closure of local crypto exchanges’ banking accounts. This development was reported by Chilean newspaper La Tercera on Thursday, Dec. 20. Banco del Estado and Itau Corpbanca took legal action following the recent Supreme Court ruling against Chilean crypto exchange OrionX: the decision stated that banks have the legal right not to provide services to crypto firms. However, the previous ruling of the Tribunal de Defensa de la Libre Competencia (TDLC) — the country’s anti-monopoly court — still stands and grants protection to crypto …

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 …

Chile’s Minister of Finance Felipe Larrain claims that a group of state institutions “is making progress” in developing crypto regulation, local daily newspaper La Tercera reports Friday, Dec. 7. According to Larrain, the Ministry of Finance is working with Chile’s central bank and Financial Stability Board to provide a balanced legal framework for the crypto industry. He noted that crypto regulations are but one aspect of a wider project to provide legal definitions for the fintech sector. Larrain noted that crypto regulation might take time: "We are aware that it is important to move in this direction. But all countries …

On Monday, Dec. 4, the Chilean Supreme Court welcomed the decision of state-owned Banco del Estado to close the accounts of local cryptocurrency exchange Orionx. The new phase in the legal battle between the banks and several crypto exchanges — including Buda.com and CryptoMarket (CryptoMKT), which had appealed against the denial of services — may look somewhat sinister from the outside. But the main players of the Chilean crypto market assured Cointelegraph that the recent decision could not prevent them from operating in the country. Exchanges vs. banks — a brief outline of the confrontation In March, two crypto exchanges …

The Chilean Supreme Court has ruled against crypto exchange Orionx, allowing a state-owned bank to close its account, local news outlet Emol reported Dec. 4. The third chamber of the high court has revoked the decision taken in July that had guaranteed protection to Orionx and forced local state-owned bank Banco del Estado to reopen its account. The new judgement cited by Emol states that the bank acted correctly and did not violate any rules of the Chilean constitution. In the decision, the judge also claimed that cryptocurrencies “have no physical manifestation and no intrinsic value.” The document states that …

Brazil’s largest private bank has partnered with United Kingdom bank Standard Chartered to create a blockchain-based platform for small loans, according to a press release published by Itau Tuesday, Dec. 4. Itau Unibanco, also a major Latin American banking group, and Standard Chartered both offer international banking services. The two entities have successfully conducted a proof-of-concept (PoC) for the mentioned platform, based on Corda Connect developed by New York-based blockchain startup R3. Moreover, Itau and Standard Chartered, joined by United States multinational financial services company Wells Fargo, have issued a club loan of $100 million to test the platform. According …