The creation of a new cryptocurrency for BRICS member nations was discussed at the 11th annual BRICS Summit 2019.
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.
- Crypto Market Flips Green — But Is Bitcoin Ready to Retest $8,000?
- Russian Smelting Giant Begins Testing Digital Trading Platform
- Pomp Joins Figure’s Board as Firm Completes $103M Funding Round
- Updated: Texas-Based Data Center CyrusOne Hit by Ransomware Attack
- Bitcoin Recovers from Below $7.2K After Schiff Says ‘Game Is Over’