Monday, December 4, 2023

Welcome to Latam Insights, your source for the latest developments in Latin America’s cryptocurrency and economic landscape. In this edition, we bring you updates on significant events from the past week.

Brazil Launches Nationwide Blockchain-Based ID

Brazil is taking a significant step forward in securing personal identity with the launch of a nationwide blockchain-based ID card. This innovative approach centralizes identity functions across all states in the country. The rollout begins in selected states, including Goias, Parana, and Rio de Janeiro, with all states expected to adopt the system by November 6.

One of the key features of this digital document is its ability to combat identity theft effectively. The inclusion of a QR code allows for seamless verification of the ID and associated documents, enhancing security and trust in the system.

Alexandre Amorim, the president of Serpro, the federal company behind the development of the ID system, emphasized the pivotal role of blockchain technology in safeguarding personal data and preventing fraudulent activities. This move is poised to offer Brazilian citizens a more secure digital experience, setting a new standard in identity protection.

Furthermore, the National Identity Card project promises to bring consistency, traceability, security, and independence to the services provided, as stated by Rogério Mascarenhas, the secretary of digital government at the Ministry of Management and Innovation in Public Services (MGI).

Venezuelan Crypto Watchdog Sunacrip Extends Restructuring Period

In Venezuela, the cryptocurrency regulatory body, Sunacrip, has been granted a six-month extension for its ongoing restructuring process. This decision follows an executive order, maintaining the current restructuring board’s leadership.

The intervention into Sunacrip’s operations, initiated by President Nicolas Maduro in March, stemmed from the arrest of the former head, Joselit Ramirez. Ramirez and Sunacrip were implicated in an alleged corruption scandal that remains under investigation by Venezuelan authorities.

This extension of the restructuring period raises concerns for registered Bitcoin miners in Venezuela. They have faced challenges, including disconnection from the power grid by the national power company Corpoelec. These miners are eagerly awaiting permission from the institution to resume their operations.

Buenos Aires Launches Blockchain ID Program

The city of Buenos Aires introduces the Quarkid project, a digital blockchain-based “self-sovereign” wallet designed for securely storing ID documents. Previously known as Tangoid, this project has been in development since last year and will leverage Ethereum’s Layer 2 Zksync Era for enhanced privacy and confidentiality.

Initially, Quarkid will allow users to associate essential documents such as birth and marriage certificates. By November, it plans to expand its offerings to include proof-of-income and academic verifications. Future plans may also include additional documents, depending on a roadmap under development.

The creators of Quarkid envision its expansion across all of Argentina and collaboration with other countries interested in adopting similar standards.

For the latest updates on cryptocurrency and economic developments in Latin America, don’t forget to subscribe to our Latam newsletter.

We value your feedback on this week’s Latam Insights report. Please share your thoughts in the comments section below.

Frequently Asked Questions (FAQs) about Blockchain

What is the purpose of Brazil’s blockchain-based ID card?

Brazil’s blockchain-based ID card aims to centralize identity functions across all states, combat identity theft through QR code verification, and enhance data security.

Why did Sunacrip, the Venezuelan cryptocurrency watchdog, extend its restructuring period?

Sunacrip extended its restructuring period due to an ongoing investigation into alleged corruption involving its former head, Joselit Ramirez. The extension aims to ensure a thorough overhaul of the organization.

What is the Quarkid project in Buenos Aires?

The Quarkid project in Buenos Aires is a digital blockchain-based “self-sovereign” wallet designed to securely store ID documents. It leverages Ethereum’s Layer 2 Zksync Era for privacy and will expand to include various documents, starting with birth and marriage certificates.

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