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.
New Year Special
Cointelegraph Brasil invited some of the country’s top crypto and blockchain experts to chart the next steps for the market.
Crypto and blockchain: What the Brazilian market can expect for 2021
Leading Brazilian exchange Mercado Bitcoin has announced a regional expansion, naming Chile, Mexico, and Argentina as likely destinations.
Brazil’s top exchange announces international expansion after raising $38M
Argentinian crypto firm Ripio has acquired Brazil’s BitcoinTrade, Brazil's second-largest exchange by volume.
Argentina’s Ripio acquires Brazil's second-largest crypto exchange
Blockchain will streamline trade from Europe’s grain belt.
Blockchain-based agri-commodity trading to tap world’s largest wheat market
Brazilian soccer club CR Vasco da Gama and crypto exchange Mercado Bitcoin are looking to tokenize early-career transfers in the soccer world.
Leading Brazilian soccer team to tokenize FIFA player transfer fees
The government of Brazil requested assistance from US authorities regarding a crypto fraud scheme called “Operation Egypto.”
Brazilian gov't gets help from US Justice Department to seize $24M in crypto
Paulo Guedes said that the Brazilian real will have a digital counterpart and also highlighted the autonomy of its central bank.
Economy minister says Brazil will have its own CBDC