Altcoins Talks - Cryptocurrency Forum
Learning & News => News related to Crypto => Topic started by: TomPluz on May 21, 2024, 02:19:16 AM
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(https://www.tbstat.com/wp/uploads/2022/05/20220523-Brazil-News-1-1200x675.png?isSafari=false&isMobile=false)
Taken from here! (https://www.theblock.co/post/295479/brazil-central-bank-crypto-regulations-framework-end-2024)
The Central Bank of Brazil said Monday it will unveil a regulatory framework for cryptocurrencies by the end of this year.
Brazil’s central monetary authority said in a statement Monday that the development of its crypto regulatory framework will be divided into several phases. The staged rollout effectively delays the South American country's plans to regulate its burgeoning digital assets industry, a move that would provide much-needed clarity to token creators and virtual asset service providers (VASP).
Brazil has been ramping up its push toward regulating crypto in the past two years. In 2022, the country's lawmakers passed a law granting the Central Bank of Brazil authority over digital asset regulation. Last December, banking officials launched a public consultation on the matter.
This is a big good news for many Brazilians who are into cryptocurrency and for firms who are doing crypto-related business in the country and can also be attracting new players from other countries to come to Brazil. I am hoping that Brazil can be a model country who recognized the pivotal role cryptocurrency can be playing for the nation's progress. Right now, more and more Latin American countries are looking at how they can have a stake in the cryptocurrency industry and make it a big and helping hand to millions of people facing the force of poverty and economic challenges. With revenue in the cryptocurrencies market is projected to reach US$1,094.0m in 2024 and user penetration will be 21.29% in 2024 and is expected to hit 24.77% by 2028 (https://www.statista.com/outlook/fmo/digital-assets/cryptocurrencies/brazil#:~:text=Revenue%20in%20the%20Cryptocurrencies%20market,US%241%2C577.0m%20by%202028.), there is definitely a big potential for more growth in Brazil. Do you see Brazil to become a powerhouse market for cryptocurrency in the coming years?
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As much as it is good news, it is not a happy one. It is true that adoption will increase and that legal status is important for those who want to establish projects, but taxes will be imposed, which may be discouraging for many. Therefore, sometimes being cryptocurrencies in a gray area and there are no penalties or legal problems for those who want to buy them is much better than establishing a regulatory framework for cryptocurrencies.
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I have long time expected this coming from Brazil and many other developing countries to take cryptocurrency a business they could consider for the betterment and improvement of their local economy, if things work out with their approach on bitcoin, it will definitely make a global relevance with them, now we could be able to see many crypto inventions and businesses coming up from the country henceforth, which i believe others will learn from.
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Investors can benefit from the increased regulatory clarity and oversight in Brazil's cryptocurrency market. This can lead to enhanced investor confidence, reduced uncertainty, and potentially increased participation in the market. Additionally, the phased rollout of the regulatory framework provides time for stakeholders to adapt and comply with the new regulations, potentially minimizing disruptions to the industry.
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Therefore, sometimes being cryptocurrencies in a gray area and there are no penalties or legal problems for those who want to buy them is much better than establishing a regulatory framework for cryptocurrencies.
I think in a condition like that the sellers or developers will be the ones who are anxious about their future since the government can decide they will jail them because they operate without following any regulation. Hard to argue against them if they make the law ambiguous by design. I don't think any government will let people use crypto as they please anyway. Not sure how this law affects Brazilian users, but if they care about privacy and security they will likely stick with P2P. Do correct me if I'm wrong.
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Of course, the establishment of a regulatory framework for cryptocurrencies in Brazil is good news in terms of increasing the spread of crypto around the world and joining more countries to recognize and regulate cryptocurrencies legally.
If regulations are open, this will have positive results on the developing Brazilian economy in terms of increasing investment and financial activity in the country in general as a result of attracting investors to work in crypto, as well as collecting taxes, which will reflect positively on the government treasury.
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~snip~
Do you see Brazil to become a powerhouse market for cryptocurrency in the coming years?
I hope that Brazil will do something good for its people when it comes to cryptocurrencies and that these regulations will be something positive that will enable people to invest safely, and on the other hand, that they will not have to pay excessive taxes on their profits. If I'm not mistaken, spot BTC ETFs were available in Brazil long before this happened in the US, and from some other news I've read over the years, it always seemed to me that Brazil had a strong crypto community.
This is certainly a topic in which member @bitmover could give his opinion.
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~snip~
Do you see Brazil to become a powerhouse market for cryptocurrency in the coming years?
I hope that Brazil will do something good for its people when it comes to cryptocurrencies and that these regulations will be something positive that will enable people to invest safely, and on the other hand, that they will not have to pay excessive taxes on their profits. If I'm not mistaken, spot BTC ETFs were available in Brazil long before this happened in the US, and from some other news I've read over the years, it always seemed to me that Brazil had a strong crypto community.
This is certainly a topic in which member @bitmover could give his opinion.
Thanks for mentioning me.
Brazil is rising taxes everywhere.
A few months ago, we could sell about 6k USD of cryptocurrencies each month tax free. In January 2024 this changed, and now we have to pay 15% taxes because crypto is now considered "international investment".
There is an exception: If you sell in a few domestic exchanges, you still get this 6k USD free taxes. However, this new regulatory framework will probably put an end in this exception.
I don't expect nothing good from this new regulatory framework. Our government is socialist, our President is an extreme left radical, he doesnt like crypto at all, neither his party.
I expect more taxes and some news about DREX (our new CBDC)
https://cointelegraph.com/news/brazilian-cbdc-drex-official-name-and-logo
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This is a big good news for many Brazilians who are into cryptocurrency and for firms who are doing crypto-related business in the country and can also be attracting new players from other countries to come to Brazil. I am hoping that Brazil can be a model country who recognized the pivotal role cryptocurrency can be playing for the nation's progress. Right now, more and more Latin American countries are looking at how they can have a stake in the cryptocurrency industry and make it a big and helping hand to millions of people facing the force of poverty and economic challenges. With revenue in the cryptocurrencies market is projected to reach US$1,094.0m in 2024 and user penetration will be 21.29% in 2024 and is expected to hit 24.77% by 2028 (https://www.statista.com/outlook/fmo/digital-assets/cryptocurrencies/brazil#:~:text=Revenue%20in%20the%20Cryptocurrencies%20market,US%241%2C577.0m%20by%202028.), there is definitely a big potential for more growth in Brazil. Do you see Brazil to become a powerhouse market for cryptocurrency in the coming years?
That's good news for the Brazilian citizens, as this regulatory framework no doubt will force people to pay some taxes or maybe huge taxes, but in my opinion, a nation only takes such steps when they know their people are already earning a lot and now they won't suffer a lot if taxes are imposed. Besides taxes, more adoption will be seen, as traditional people who afraid of law and regulations.
Will also take part in this industry as due to the regulatory framework, there will be more words in the community this more people will be talking and listening about it, thus more people will be taking part as well. So overall I think I do see Brazil to become a powerhouse of crypot market in the upcoming years. But only regulatory framework news won't do anything its the framework's structure that will tell us what will be the future of Brazilian crypto industry.
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Thanks for mentioning me.
You're welcome, because who could know better what is actually happening than someone who feels it on their skin.
Brazil is rising taxes everywhere.
A few months ago, we could sell about 6k USD of cryptocurrencies each month tax free. In January 2024 this changed, and now we have to pay 15% taxes because crypto is now considered "international investment".
There is an exception: If you sell in a few domestic exchanges, you still get this 6k USD free taxes. However, this new regulatory framework will probably put an end in this exception.
I don't expect nothing good from this new regulatory framework. Our government is socialist, our President is an extreme left radical, he doesnt like crypto at all, neither his party.
I expect more taxes and some news about DREX (our new CBDC)
https://cointelegraph.com/news/brazilian-cbdc-drex-official-name-and-logo
So all this that is being prepared will not be for the benefit of ordinary people, but that is not at all surprising - Brazil is not the only country that raises taxes and wants its share of the cryptocurrency pie - on the one hand, they want to regulate the market, and on the other hand, to fill the state treasury. I wouldn't even mind paying a higher tax if I knew exactly where that money was going, but if you live in a country that produces dozens of financial affairs every year, even a 1% tax seems excessive (I'm thinking of my country).
You see, I didn't know that the laws were so favorable when it comes to tax, but 15% doesn't seem so bad considering the amount of tax on crypto that some other countries have.
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You see, I didn't know that the laws were so favorable when it comes to tax, but 15% doesn't seem so bad considering the amount of tax on crypto that some other countries have.
Yeah, I agree.
Brazil was very crypto friendly until our President changed in 2023. As I said, crypto was tax free until 6k USD per month (which is a lot imo).
It is sad that our money from taxes goes to a hole and we have basically zero return from it (no public education, no public health care, etc)... but that is how things in developing countries are...
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You see, I didn't know that the laws were so favorable when it comes to tax, but 15% doesn't seem so bad considering the amount of tax on crypto that some other countries have.
Yeah, I agree.
Brazil was very crypto friendly until our President changed in 2023. As I said, crypto was tax free until 6k USD per month (which is a lot imo).
It's bad when one man has so much influence on everything that happens in the country - it's not that I have to brag about my president who is an old commie who lives in the past and doesn't even respect the constitution of the country he lives in - but luckily he doesn't have too much power so that is not too important.
Regarding taxes and other things related to crypto, I can say that I am satisfied, but that will change considering that I live in the EU, which has one center of power and imposes rules on everyone, especially the little ones who cannot defend themselves
It is sad that our money from taxes goes to a hole and we have basically zero return from it (no public education, no public health care, etc)... but that is how things in developing countries are...
I have all that, although health care is not completely free (you have to pay about 10 EUR per month) to be able to have all services for free, but the level of corruption is still high - in the past 8 years, as many as 30 ministers had to leave because investigations were launched against them - and the same party won again in the recent elections - it's hard to understand.
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I have all that, although health care is not completely free (you have to pay about 10 EUR per month) to be able to have all services for free, but the level of corruption is still high - in the past 8 years, as many as 30 ministers had to leave because investigations were launched against them - and the same party won again in the recent elections - it's hard to understand.
I spend about 600 euros each month in my kid school. :'(
And about 100 euro health care, but it is partly paid by my employer, this is why it is "cheap "
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I spend about 600 euros each month in my kid school. :'(
And about 100 euro health care, but it is partly paid by my employer, this is why it is "cheap "
This is something I didn't know, because although US citizens are surprised when they come to the EU when it comes to education and medical care, I could never even imagine that there are no free primary or secondary schools in Brazil. If I were to put myself in your situation, then even 15% tax on cryptocurrencies would be too much for me and I would look for every possible way to avoid it.
I should pay about 10% tax, and after 2 years from the purchase you don't have to pay anything - besides, there are physical crypto exchanges all over the country where you can sell up to 1000 EUR per transaction without KYC. One would think that I live in paradise, but in the past 10 years, as many as 500 000 people have fled from paradise in search of a better life in the West.
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This is something I didn't know, because although US citizens are surprised when they come to the EU when it comes to education and medical care, I could never even imagine that there are no free primary or secondary schools in Brazil. If I were to put myself in your situation, then even 15% tax on cryptocurrencies would be too much for me and I would look for every possible way to avoid it.
There is a free primary school here, but the quality is very low and everyone who has financial condition pays for a better education for their children.
You can use automatic translator to get an idea here. We are the worst education in an analysis of 64 countries.
https://www.cnnbrasil.com.br/nacional/educacao-brasileira-esta-em-ultimo-lugar-em-ranking-de-competitividade/
The same with health care
You need to pay to get a decent service
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As a crypto lover, this kind of news always makes me happy. I know it needs more time to implement cryptocurrency there. In addition to giving a positive vision to the governments, it is also an important responsibility to educate and develop the common people. If the government and people at all levels have a collective positive attitude towards crypto then there will be rapid development of cryptocurrency. If the government of any country looks at crypto positively, then something good can happen there. As we got El Salvador, a visionary decision by President Nayib Bukele lauded his country to the world and is currently benefiting from crypto investments. I would expect Brazil to step up to that role in the future.
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There is a free primary school here, but the quality is very low and everyone who has financial condition pays for a better education for their children.
You can use automatic translator to get an idea here. We are the worst education in an analysis of 64 countries.
https://www.cnnbrasil.com.br/nacional/educacao-brasileira-esta-em-ultimo-lugar-em-ranking-de-competitividade/
The same with health care
You need to pay to get a decent service
I'm reading the article and it's hard for me to believe that it says that Brazil allocates as much as 5.6% of its GDP to education (if I understood correctly), and achieves such disastrous results. That money obviously ends up somewhere else, or as the article says, it still fails to change the fact that the system simply lacks real professionals for the job.
It seems to me that Brazil has much more important things to deal with than any cryptocurrency regulation.