Brazilian Central Bank Task Force To Study CBDC Issuance and Impact

The Central Bank of Brazil on 21st August announced that it will be setting up a world-wide study group to research the issuance of central bank digital currencies (CBDC). The central bank, in its official statement, noted the growing impact and adoption of digital assets, especially CBDCs.

The new study group will look into various aspects of digital assets and how it can help in the economic uplifting of citizens while ensuring to mitigate all risks associated with digital assets.

The main intention of the study will be to improve commercial transactions between public and private entities, along with improving international or cross-border remittance services. Some of the critical areas of this worldwide CBDC Study include,

  • Scope
  • Societal benefits
  • National challenges

The study group tasked at looking into different aspects of CBDC will also study the security vulnerabilities involved with these digital assets like data protection and regulatory compliance risks involved.

CBDCs have been a priority for many countries, especially after China’s aggressive approach towards blockchain and the launch of its native CBDC. Most of the countries are quite receptive to blockchain technology despite being critical of cryptocurrencies. This is the reason most of the countries are looking for ways to launch their own CBDC.

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Author: Rebecca Asseh

Binance Banned from Offering Crypto Derivatives in Brazil

The Securities and Exchange Commission (SEC) of Brazil issued a notice to the leading spot crypto exchange Binance to cease offering crypto derivatives trading in the country.

As per the document released on July 2nd, 2020, the company does not hold the authorization from the SEC to act as a securities intermediary in the country.

It further states that Binance Futures, through its page “www.binance.com,” is offering derivative intermediate services to the customers residing in Brazil.

This is because “derivative contracts are securities, regardless of the underlying assets,” states the document.

As such, the company is ordered to “immediately suspend” offering derivatives. Failure to comply with this order will subject Binance to the imposition of a daily fine of R $ 1,000.00 (one thousand reais worth nearly $187).

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Author: AnTy

Banco Rendimento Becomes First Bank To Run Entirely on RippleNet Cloud

Banco Rendimento, one of the top volume producing banks in Brazil, has become the first RippleNet member to shift its RippleNet operations to the Ripplenet Cloud completely. Cloud technology has found a lot of relevance recently as it offers uninterrupted connectivity between the service provider and the customer no matter irrespective of their geographical location.

Financial institutions see great potential in cloud technology in these changing times, as it allows them to attend to customer issues and queries rapidly and resolves them almost instantly.

Ripple has made a name for itself among the cross-border remittance technology providers. Its RippleNet solutions are being adopted all across the globe by various banks and financial institutions to offer instant cross-border transactions at low cost to their customers.

The traditional remittance system is quite complicated and hasn’t seen much advancement in terms of core technology, which makes cross-border transactions a tiresome task.

While Banco Rendimento is the first bank to shift its operation on the cloud completely, many other RippleNet clients such as Azimo, MoneyGram, Pontual, and Viamericas have also been utilizing the benefits of the RippleNet cloud.

80% of New RippleNet Clients Prefer Cloud Deployment

In an official announcement blog published by Ripple, the firm mentioned that its clients are highly bullish on cloud deployment, and a majority of them have already opted for the same.

In the past 6-months, 80% of all the new clients of RippleNet have opted for a cloud deployment while 30% of all forms of the transaction on the RippleNet platform is being carried via RippleNet Cloud.

Adrian Yap, CEO and co-founder at MoneyMatch explained how RippleNet Cloud has helped them connect with multiple financial institutions needed for the business and how this technology could be the way most of the banks function in the future. He said:

“Being hosted on RippleNet’s Cloud allowed us to connect with financial institutions around the world that would have otherwise been more challenging to connect to from Malaysia. Using one API set for all of our RippleNet connections allowed us to cut our costs and speed up the integration process, which otherwise would have taken days or weeks longer.”

Banco Rendimento expects to see a significant change in its transaction volumes by the first quarter of 2021 and offer a much more efficient and cost-effective set of services to their customer base.

Jacques Zylbergeld, FX Superintendent at Banco Rendimento, commented on their decision for a complete cloud deployment saying:

“We migrated to RippleNet Cloud to give our customers the chance to connect with global partners easily, faster, and with more transparency. We see cloud services as a way to allow them to navigate easily, while they can submit and trade payments in the same environment with clients from all over the world, and Ripple is helping us with that.”

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Author: Silvia A

Ripple Partner Banco Santander to Run its Blockchain-based Payment System on 6 More Corridors

  • Santander using blockchain-based payment system already in Brazil, Mexico, the UK, and Spain
  • Soon, this international payment system will run on all of its 10 corridors, said John Whelan, Managing Director of Digital Investment Banking at Banco Santander

In April 2018, Santander launched a foreign exchange service that uses the blockchain technology via Ripple to make same-day international money transfers. At the time, it said the service called Santander One Pay FX has been the first cross-border payments service using blockchain made by a bank.

It went live in the UK, Span, Brazil, and Poland and was expected to be rolled out in other countries in subsequent months.

Now, on Nov. 14, John Whelan, the Managing Director of Digital Investment Banking at Banco Santander revealed that their blockchain-based payment system is running on four corridors including Mexico.

“We actually have a blockchain-based international payment system that is running on 4 of our corridors, Brazil, Mexico, the UK, and Spain. It will be on all 10 soon,”

said Whelan in his keynote address to The Institute of International and European Affairs (IIEA), an Ireland-based Irish policy think tank and EU advocacy group.

Bitcoin is “inefficient” so Santander went with Ripple

Whelan joined Banco Santander’s Blockchain lab in 2016 and has been leading a team responsible for using blockchain in the financial industry.

It all started with Bitcoin as he said,

“I got inspired by Bitcoin in 2012 and started asking questions — how does it actually work? and went down the rabbit hole.”

But Bitcoin he says is “inefficient” as it validates transactions every 10 minutes. As such they are leveraging the tech developed by Ripple that settles payments across the XRP Ledger in 4 seconds. Whelan added,

“Instant transfers at a very very tight spread, 30 basis points, nice user experience. I used it myself, money to the United States, it’s available on the same day. Fantastic. At a guaranteed rate, even better.”

Apart from Santander, MoneyGram is also planning to expand its partnership with Ripple by utilizing its On-demand Liquidity, formerly known as xRapid that leverages digital asset XRP to settle transactions, in new corridors before 2019 is over.

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Author: AnTy

Brazil’s Atlas Quantum, a Bitcoin Trading Firm, Has 1 Day to Give Back Investors’ Money Over $250K of BTC

A court in Brazil has given 24 hours for a company operating in automated bitcoin to refund the money to the two investors it has. In the past few years, Atlas Quantum platform as allegedly faced a lot of difficulties withdrawing funds and making profits since the securities regulator in the country took strict action against it in August.

In a BelnCrypto Brazil report, the Atlas Quantum will have to deposit a total of $250,000 in bitcoins to refund its two aggrieved investors. One of these investors has been in and out of court on the issue since the 4th of September, 2019.

This company is based in Brazil and is responsible for identifying prices and differences in in price in cryptocurrency trading across the various trading avenues on behalf of its customers. The company will then buy a digital asset at the lower price and sell it to customers at a higher price to make a profit.

Reis explains:

“For one, two or three people it is possible to do the operation on time. However, as there are many clients, it is difficult to get the same values ​​for all and, in this case, the investor can lose money.”

According to the bitcoin expert Guilherme Reis, this type of business can truly generate huge profits. Although, the methods are less effective the more people do not buy the bitcoin. Suddenly there are huge amounts of pressure to sell and still make profits to appease the investors. Lack of the necessary withdrawals has led the company’s investors to take the drastic measures.

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Author: James W

Brazilian Securities Regulator Bans Local Bitcoin and Forex Broker XM Global Limited

The regulators in Brazil have banned XM Global Limited from the country. The company operated in the forex and crypto market before the decision was made by the Brazilian Securities Commission (CVM).

According to reports from Cointelegraph Brasil, the CVM ordered the immediate suspension of all the company’s activities in the country in both the forex and derivatives space. Curiously, if the company does not comply with the decision, it will have to pay a daily fine of $1,000 BRL (around $240 USD), which should be almost nothing compared to the profits of the company.

What caused the problems wasn’t anything related to crypto, however. Forex trading is not allowed in Brazil, so no company can offer investments in this market legally. XM Global operated illegally in the country, probably knowing that its services would not be compliant with the locals.

If the company does not cease to offer its products, it may eventually suffer more sanctions, although. XM Global is a very popular platform around the world and has been operating in Brazil since 2017.

There are three companies that are currently being investigated by the CVM right now: Blue Benx, NYC Technology and A2 Trader. All of them are accused of being pyramid schemes and to be linked to illegal multi-marketing schemes. As they are linked to highly illegal operations, they are far more likely to receive harsher sanctions than just fines, though.

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Author: Hank Klinger

Brazilian State Of Bahia Launches Online Bid Solution (SOL) Blockchain To Track Govt. Contract Bids

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Brazil has been embracing Blockchain technology recently and has taken another step in that direction. They have launched Online Bid Solution (SOL) which is a blockchain based platform to track the process of public bidding on government contracts.

The system was developed by a firm named Cayenne Technology and Design, and the application uses the technology blockchain, to save the information on the purchases, with code available for other states to use it. All bidding data becomes available and stored in a digital environment, making the process secure and transparent.

The government of Bahia that the primary target is the country’s agricultural sector. Presumably, the plan is to make sure every part of the industry is connected via a streamlined platform. The press release states:

“The application, already available in the Play Store and the Apple Store, will be used by about 1,100 agricultural associations and cooperatives in the states of Bahia and the Rio Grande do Norte, under the Bahia Productive and Governo Cidadão, financed through a loan agreement between the state governments and the World Bank.”

This is the second big blockchain news coming out of Brazil in the past few days. Earlier Bitcoin Exchange Guide had reported that the coffee industry in Brazil is embracing the new technologies as Minasul, one of the leading cooperatives for coffee farmers adopts blockchain technology and announces the launch of a digital coin in the next month. The digital coin is expected to be fully backed by the coffee produce and will be traded on a decentralized marketplace for goods related to coffee production.

[Author Alert] The author’s opinions above are solely based on their own self-conducted research. Assume any and all authors are using, holding, trading and/or buying cryptoassets mentioned as a portion of his or her financial portfolio. Use information at your own risk, do you own research, never invest more than you are willing to lose.

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Author: Sritanshu Sinha

XRP Company, Ripple, Opens a Subsidiary in Brazil to Grow Reach Across South America

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Ripple Opens A Subsidiary In Brazil As It Seeks To Expand Across Latin America

Ripple has announced that it has opened an office in Brazil as the company looks to expand its operations across South America, Cointelegraph reports.

The company behind the third largest crypto as per XRP market cap, plans to announce the development at CIAB Febraban, a famous fintech and banking event that will be held in Sao Paulo, Brazil from June 11 to 13th June.

Luiz Antonio Sacco, who used to work in Warranty Group as a CEO, will head the new office. Sacco joined Ripple in March this year says that Ripple aims at attracting more people to its payment platform RippleNet. Sacco explained that the company intends to reach not only Brazilians but also the entire Latin America. Currently, RippleNet has been adopted by three Brazilian financial based clients namely; Santander Brasil, BeeTech Global and Banco Rendimento, notes Cointelegraph.

“We are excited to expand our ecosystem in the region and bring more financial institutions connected to RippleNet, which will contribute to the greater efficiency of global payments and, above all, a better experience for its customers. and Ripple has differentiated itself in this sector because it offers proven solutions to solve real problems, opening the way to the rest of the South American continent” Said Sacco.

Offering Educational And Training Programs

Ripple does not only look to offer payment network services only in the country. According to Sacco, the company will partner with various universities in Brazil to launch educational and training programs. The firm has already entered into an agreement with the University of São Paulo and Fundação Getúlio Vargas to offer training on different aspects on cryptocurrencies and blockchain. Sacco says that heavy investment in training program will help in promotion of blockchain technology in Brazil and the region in general. The training will also enhance research in the field thereby expanding career opportunities for the youths in the country.

“We believe that educational institutions will play a key role in advancing blockchain applications. USP and FGV are innovative institutions that, in addition to investing in research into new uses for the blockchain, are empowering their students in new technologies that will mean new career opportunities,” explains Sacco.

The CEO noted that the company is already working with more than 15 professors from the two universities who will support research and technical development in various disciplines like law, engineering and business.

RippleNet Gaining Prominence

The company’s payment network, RippleNet, is gaining prominence in the financial sector and by early this year, Ripple announced it had more than 200 customers across the world. The firm announced that five of its clients; JNFX, SendFriend, Transpaygo, FTCS and Euro Exim Bank, are now using XRP for cross-border payments.

The company has been opening offices in various cities around the world to popularize its payment platform. Bitnews Today reports that Ripple has opened a new office in Zurich, Switzerland in efforts to popularize the XRP payment system across Europe.

Will the new office in Brazil help in reaching out to the rest of Latin Americans? Share your thoughts with us in the comments section.

All of Today’s Ripple (XRP) Price Analysis, Chart Forecasts and Industry News

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Author: Joseph Kibe