Senator Irajá Silvestre Filho made all three proposals to congress. It is presently unclear how much support the proposals have in the legislature, but there is plenty of support from the Brazilian crypto community. Ray Nasser, CEO of Arthur Mining, said that if Brazil passes the tax exemption on crypto miners, it could become a global “Mecca of mining”.

Senator Irajá Silvestre Filho made all three proposals to congress. It is presently unclear how much support the proposals have in the legislature, but there is plenty of support from the Brazilian crypto community. Ray Nasser, CEO of Arthur Mining, said that if Brazil passes the tax exemption on crypto miners, it could become a global “Mecca of mining”.

A Dec. 4 report from Brazilian media outlet Seudinheiro explains that a series of new proposals from Brazilian lawmakers could reduce the criticism crypto gets in South America’s largest country. Congress also heard a proposal to have cryptocurrency be regarded as a currency as opposed to a commodity. If this proposal passes, crypto exchanges will be able to provide financial services and issue loans to Brazilian residents.

A Dec. 4 report from Brazilian media outlet Seudinheiro explains that a series of new proposals from Brazilian lawmakers could reduce the criticism crypto gets in South America’s largest country. Congress also heard a proposal to have cryptocurrency be regarded as a currency as opposed to a commodity. If this proposal passes, crypto exchanges will be able to provide financial services and issue loans to Brazilian residents.

Under the condition that cryptocurrency becomes a legal currency, the Central Bank of Brazil would be allowed to issue a digital real central bank digital currency (CBDC). This would put Brazil among nine other countries or jurisdictions that currently issue CBDC to its residents. Brazil currently produces just under half of its electricity from renewable sources, according to the International Trade Administration. The cost per kilowatt hour is about $0.12, putting it roughly in the middle o...

Under the condition that cryptocurrency becomes a legal currency, the Central Bank of Brazil would be allowed to issue a digital real central bank digital currency (CBDC). This would put Brazil among nine other countries or jurisdictions that currently issue CBDC to its residents. Brazil currently produces just under half of its electricity from renewable sources, according to the International Trade Administration. The cost per kilowatt hour is about $0.12, putting it roughly in the middle o...

Mecca of mining': Brazil considers zero tax on green bitcoin miningBrazil’s congress heard several proposals endorsing a tax exemption on miners and promoting cryptocurrency to the status of a national currency. A new proposal in the Brazilian Congress calls for a tax exemption on both the importation of crypto mining rigs and on any mining conducted using renewable energy sources.

Mecca of mining': Brazil considers zero tax on green bitcoin miningBrazil’s congress heard several proposals endorsing a tax exemption on miners and promoting cryptocurrency to the status of a national currency. A new proposal in the Brazilian Congress calls for a tax exemption on both the importation of crypto mining rigs and on any mining conducted using renewable energy sources.