Brazil

GDP

$1.45 Thousand

Population

214

GDP per capital

$6.78 Thousand

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Banking

General adoption

The Central Bank of Brazil (BCB) has reveled lately that Brazilians own around 40$ billion in crypto. Therefore, it’s the country interests to adapt and regulate the matter. It is planned, around 2022 to set a central bank digital currency (CBDC). Brazilians prioritize crypto over more traditional investments. According to data from the Central Bank of Brazil (BCB), as of August 2021 Brazilians held $50 billion in crypto, compared to $16 billion held in U.S. stocks.

Government View

The Brazilian government is set to follow El Salvador’s example of making cryptocurrency into a legal tender but it is still set behind the adaption of that rule.

Taxes and Regulation

The Brazilian government is trying to pass a bill about Cryptocurrency. The bill would force virtual asset service providers to follow rules of communication of financial transactions, with identification of customers and recordkeeping. The bill would also increase the penalty for money laundering crimes using virtual currencies. Brazilian tax laws do not provide for specific provisions regarding cryptocurrencies. Taxation follows general applicable rules to movable goods.

Trading Methods

Trading

eToro, CoinMama, bitpanda, CEXio among the traditional Binance and Crypto.com.

Privacy

RFB Normative Ruling No. 1,888/19 requires cryptoasset exchanges to disclose specific transaction data from its clients, including information such as parties involved in the negotiation of assets, related dates, addresses of the remittance and receiving wallets, amounts and fees involved. Parties engaging in sales must also file disclosure information if monthly amounts exceed the sum of BRL30,000 (USD5710.81 12/02/22).

Last Updated

Wednesday, 22 March, 2023

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