News
BTG Pactual is known for launching cryptocurrency trading services for its customers and is also planning to launch its own stablecoin.
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Brazil News
The Federative Republic of Brazil is a country in South America with a population of two hundred eight million and has the largest area in both Latin America and South America. Brazil has a large economy with the eighth-largest gross domestic product (GDP) but a small GDP per capita and poor positions in human-development and crime, with one of the highest levels of homicide and violence. Brazil has no strict regulations towards Bitcoin. Bitcoin in Brazil operates under Law No. 12,865 that was enacted in October 2013. Bitcoin is considered an electronic currency – “resource, stored on a device or electronic system that allows user to perform a payment transaction”. Bitcoin trades are not taxable in Brazil, but operations with blockchain-based currencies are discouraged by financial authorities, such as the Central Bank of Brazil, due to their high operational risks.
- News
Brazil is launching its new national identity program powered by blockchain technology. Rio de Janeiro, Goiás and Paraná will be the first states to issue identification documents on-chain.
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According to the central bank’s data, from January to August 2023, imports of crypto rose by 44.2% compared with the same period in 2022.
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Cryptocurrencies may become a part of the personal savings category, protected from seizures on behalf of creditors.
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The bill, aimed at regulating the artificial intelligence in the country, was introduced to the Senate in December 2022.
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The crypto exchange’s focus on non-U.S. markets is part of the next phase in its expansion plans.
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The former pro soccer player said in a congressional hearing that his likeness was improperly used to market an allegedly fraudulent crypto scheme.
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The investigation centers around the Brazilian soccer star’s company “18kRonaldinho,” which promised clients daily profits of over 2% through crypto investments.
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A common currency would be challenging for Brazil, Russia, India, China and South Africa to initiate and maintain, but it could have an impact on Bitcoin, investment strategist Lyn Alden says.
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Sam Bankman-Fried, the former CEO of the failed FTX crypto exchange, will be held in jail through the end of his two upcoming trials.
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If approved, the legislation would make crypto assets held by Brazilians overseas subject to the same tax rules governing traditional assets.
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Previously commonly referred to as the “digital real,” the Brazilian central bank digital currency gets its official brand name.
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Pedro Magalhães, a blockchain developer who claims to have reverse-engineered Brazil’s pilot CBDC has found code that would allow accounts to be frozen or drained at will.
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This development comes amid a global regulatory crackdown on Binance, which is facing investigations in multiple countries.
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The decree authorizes the central bank to regulate and supervise virtual asset service providers and ensures the country’s securities regulator will continue to handle many tokens.
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