Welcome to Blockchain Descomplicada!

We hope you enjoy our newsletter! Give us your opinion by clicking here. Your feedback is very important for the improvement of the newsletter!

Do you want to receive our newsletter? Sign up by clicking here.

* * *

Back to Square One
Blockchain technology offers application possibilities both in the private and in the public sector. Throughout our newsletters, we have pointed out some examples of the social impact and institutional improvement promoted around the world by its use. In order to present the possibilities of the use of blockchain technology “integrated with the preservation of public interest”, the Institute of Technology and Society (ITS), with the support of the Institute of Reference in Internet and Society (IRIS), created the report “Blockchain para aplicações de interesse público”, which we indicate in this issue.

* * *

Block News
Berlin proposes blockchain technology to record registrations and electronic bonds – The Ministries of Justice and Finance of Germany published a joint statement that proposes guidelines for the adoption of a government record of electronic securities in blockchain, in order to regulate the sector and protect investors. In addition, the possibility of ICO’s regulations was discussed. The goal is to reinforce Germany’s role in developing a blockchain strategy, according to a coalition agreement promoted in March 2018, between conservatives of Chancellor Angela Merkel and the center-left Social Democrats (SPD). (REUTERS, 03.08.2019; BUNDESMINISTERIUM DER FINANZEN, 03.08.2019)

* * *

Cryptoassets creators will be prosecuted for money laundering, as determined by TJ-DF – According to the decision of the 2nd Panel of the Federal District Court of Appeals (TJ-DF) in Brasilia, capital of Brazil, four suspected targets of the Operation Patrick will answer for money laundering, due to the participation in a financial pyramid scheme that explored the cryptoasset named “Kriptocoin”. The decision of the 2nd Panel reverted the previous ruling of the 8th Criminal Court of Brasilia, which did not consider the existence of money laundering. The defendants were convicted, in 2018, for crimes against the popular economy, concealment of property, fraudulent misrepresentation and criminal organization. The assets seized in the operation – including luxury cars and helicopters – will be auctioned and the money will be used to compensate the victims. (G1, 03.09.2019)

* * *

Banco do Brasil must reestablish bank relationship with Foxbit, as determined by TJ-SP – In a lower court judgment, a judge of the Court of Appeals of the State of São Paulo forced Banco do Brasil to reinstate the bank account of the Foxbit brokerage firm, which suffered the unilateral closure of its account in 2017. The Bank’s defense argued that transactions with cryptocurrencies, carried out anonymously and without governmental oversight, could bring risks to the institution. According to the judge, the unilateral closure of the current account, in addition to violating rules contained in the Code of Consumer Protection, configures abuse of right, considering that the bank account is essential for the maintenance of the brokerage firm activities. Moreover, it also states that there is no law, nor judicial determination that declares illegal the activity performed and, in addition, that the values maintained by Foxbit come from deposits of its customers who, in turn, maintain relations with other banks. The decision goes against the STJ´s (Brazilian Superior Court of Justice) rulling at the end of the year 2018, as reported in our newsletters (12.28.2018) (COINTIMES, 22.03.2019; CRIPTOMOEDAS FÁCIL, 25.03.2019)

* * *

Denver will develop pilot project for blockchain voting system – The City of Denver, Colorado, USA, announced that it intends to utilize blockchain technology to track and store votes in its municipal elections. The pilot project will be developed in partnership with the startup Voatz, which has already successfully implemented the same solution in the state of Virginia (reported in our newsletter of 08.21.2019) . The program will allow voters overseas, military and their eligible dependents to participate in the voting through a blockchain-based smartphone app. Voters should declare their absence, go through an authentication process, and, if approved, may vote for the application in the election that will take place in the 23 to the 27 March. (COINDESK, 03.07.2019)

* * *

Facebook announces job offer for counsel with experience in blockchain initiatives – Facebook continues to demonstrate its interest in the potential of blockchain technology. This time, the company has published an announcement for a job offer for lawyer with experience in and that wishes to work on initiatives with technology. According to the text, the selected candidate will be responsible for “drafting and negotiating a wide variety of contracts related our blockchain initiatives, including partnerships needed to launch new products and expand such products internationally”. In addition, one of the requirements is to have 5 years of legal experience, including 4 years of experience in transactions involving the technology. (COINDESK, 03.21.2019)

* * *

Sensitive Data from 36k Unick Forex users are freely published on the Web – A considerable amount of sensitive data from Unick Forex users has been released on the Web , including Individual Taxpayers’ Register, email, bank details, passwords and Bitcoin adresses. The alleged responsible for the data leakage of 36k customers asks four bitcoins to delete the database and 0.0067 bitcoins to permanently withdraw the data. (GUIA DO BITCOIN, 03.11.2019)

* * *

Basel Committee expresses its concerns with cryptoassets and publishes guidelines to banks – The Basel Banking Oversight Committee, which brings together the world’s leading banking regulators, published a report raising concerns about financial products related to cryptoassets citing a number of risks, such as liquidity, fraud, cyber attacks, money laundering, terrorist financing and other legal risks. In addition, the Committee criticized the high volatility and lack of standardization of cryptoassets and advised that banks should ensure that they have technical knowledge to adequately assess such risks, as well as they should maintain a public disclosure of any activity related to cryptoactive material. (FORBES, 03.13.2019)

* * *

Blockchain Desk Recommends
Bringing a new perspective on Crypto Legal System, Vlad Zamfir (researcher of Ethereum Foundation and leader of the development of the CasperLabs Consensus protocol), in his article “Against Szabo’s Law, For a New Crypto Legal System” , identifies and questions The current crypto world rules to address blockchain governance conflicts.

* * *

Send your opinion, suggestions for topics and everything else that can contribute to the improvement of our newsletter by clicking here.

Check out our previous newsletters by clicking here.

See you on the next issue!

Blockchain Desk.