Brazil backs Bangladesh’s bid to join BRICS
Hold on to your hats because geopolitics is about to get a shake-up, and it’s not just any tremor – it’s a seismic shift courtesy of the BRICS, which, in case you’ve been living under a rock, is on the verge of expansion. Leading the charge for this year’s potential new member is none other […]
Elon Musk enters legal fray with Brazil’s supreme court
CEO of social media website X Elon Musk has a legal fight with Brazil’s Supreme Court. The argument originates from Musk blocking some users on X, a move which violates Justice Alexandre de Moraes instructions. Moraes’s orders prevent digital misinformation and hate speech. The case has become too much to handle because Moraes announced he […]
BRICS nations explore creation of new currency unit to counter US Dollar dominance
The BRICS alliance, comprising Brazil, Russia, India, China, and South Africa, is reportedly exploring the development of an alternative currency. This initiative aims to reduce the bloc’s dependency on the US dollar and promote the use of local currencies in international trade. With an eye on the future, the alliance also encourages other developing nations […]
Brazil tax authority uncovers 25,000 Bitcoin tax evaders
In a significant move to tighten the reins on cryptocurrency taxation, Brazil’s Receita Federal do Brasil (RFB) has uncovered discrepancies in the tax declarations of over 25,000 individuals. The authority’s investigation revealed that these taxpayers held at least 0.05 BTC in their accounts but failed to report these assets in their income tax filings. This […]
China’s strategic $3.5 billion investment in Brazil bolsters BRICS alliance: Details
China has announced a substantial investment of $3.5 billion into Brazil, a fellow BRICS nation. This investment, primarily targeting Brazil’s mining sector, marks a crucial step in strengthening the cooperation within the BRICS alliance, particularly between China and Brazil. The move comes on the heels of China achieving a record share of Brazilian agribusiness exports […]
Brazil’s Jan 2024 inflation beats expert predictions – Will crypto help?
Brazil has witnessed a notable surge in its January 2024 inflation figures, surpassing the expectations set by financial experts. As the nation grapples with economic uncertainties, the question on everyone’s mind is whether cryptocurrencies can play a role in mitigating the impact of this unexpected inflationary spike. This unforeseen deviation from predictions has prompted a […]
Trio of nations unite to kill dollar with BRICS currency
The global financial landscape is poised for a monumental shift as three powerhouse nations within the BRICS alliance gear up to launch a new currency, potentially dethroning the US dollar from its long-held pedestal of dominance. This bold move by Brazil, Russia, and South Africa, three of the five founding nations of BRICS, is not […]
Brazil Emerges as the Epicenter of the Next Tech Megacycle
In a surprising turn of events, Brazil has become the epicenter of the next tech megacycle, marking a significant shift in the global tech landscape. Since 2012, Brazil’s tech ecosystem has been on a rapid ascent, driven by legislative reforms, tech innovation, and a surge in global investments. This burgeoning development is poised to reshape […]
Cardano Partners with Brazil’s leading oil company Petrobras for blockchain education in the energy sector
The Cardano Foundation has joined forces with Petrobras, Brazil’s leading state-owned oil company. The collaboration aims to provide comprehensive blockchain education to Petrobras’ vast workforce of 45,000 employees and delve into potential use cases within the energy industry. Cardano blockchain education workshops for Petrobras employees The Cardano Foundation will spearhead blockchain education workshops for Petrobras […]
Brazil imposes new tax on overseas crypto holdings
In a significant move, Brazilian President Luis Inácio Lula da Silva has signed a new law imposing taxes on cryptocurrency assets held abroad by Brazilian citizens. The law, signed on December 12 and published in the Diário Oficial da União the following day, will take effect on January 1, 2024. This groundbreaking legislation is not […]
Brazil’s largest bank launches cryptocurrency services
Itau Unibanco, Brazil’s largest bank, has announced the launch of a cryptocurrency trading service. This development marks a significant milestone in Brazil’s financial sector, positioning Itau Unibanco at the forefront of the digital currency revolution. The service, catering to users of its investment platform, initially offers trading in Bitcoin and Ethereum, with plans to expand […]
Local Councillors Unaware as AI-Crafted Law Sneaks Through Unanimously
In a recent twist to legislative processes, a city in Brazil unwittingly became the stage for what could be the nation’s first AI-crafted law, entirely generated by artificial intelligence. Councillor Ramiro Rosario, without the knowledge of his peers, employed OpenAI’s chatbot, ChatGPT, to draft a proposal addressing the replacement of stolen water consumption meters. The […]
Brazil announces 15% tax on offshore crypto earnings
Brazil is on the cusp of a significant change in its cryptocurrency taxation policy. The nation’s Senate has recently passed a new income-tax regulation, signaling a potential shift in how Brazilians with cryptocurrency earnings from international exchanges are taxed. This groundbreaking decision, subject to President Luiz Inacio Lula da Silva’s approval, is slated to take […]
USDT’s Meteoric Rise in Brazil’s Crypto Market
In a remarkable turn of events, Brazil has witnessed a staggering surge in the adoption of Tether (USDT) in 2023, solidifying its position as the frontrunner in the country’s cryptocurrency landscape. According to data from Brazil’s revenue service agency, USDT now constitutes a remarkable 80% of all cryptocurrency transactions in the nation. As of mid-October […]
Is Brazil about to solve the biggest problem in digital currency?
Roberto Campos Neto, the President of Brazil’s Central Bank, recently elucidated the challenges in harmonizing open networks with privacy features within distributed ledger technology (DLT). At the 2023 Council of the Americas Symposium and BRAVO Business Awards in Miami on Friday, he emphasized that most Central Bank Digital Currencies (CBDCs) are not purely DLT-based but […]
BTG Pactual expands digital strategy with Orama acquisition
BTG Pactual, a major Brazilian investment bank, has taken a significant step forward in its digital strategy. The bank recently inked a deal to fully acquire Orama, a cryptocurrency-friendly brokerage, for 500 million Brazilian reais ($98.7 million). This acquisition aims to extend BTG Pactual’s digital footprints and bring diverse investment avenues to the fore. Established […]
Latin American currencies over the week: Brazil’s inflation increases less than expected
In Brazil, the real saw a 0.1% increase against the dollar as inflation came in lower than expected in August. Meanwhile, Latin American currencies experienced a decline to a three-week low this week in a volatile trading session, primarily influenced by losses in the Mexican peso. Simultaneously, the dollar maintained its six-month peak, influenced by […]
Brazilian football legend Ronaldinho denies involvement in alleged cryptocurrency scheme during legislative hearing
Brazilian football legend Ronaldo de Assis Moreira, commonly known as Ronaldinho, appeared before a legislative commission to refute allegations of his involvement in a cryptocurrency scam named “18k Ronaldinho.” The scheme had promised investors returns of up to 400% in less than a year. Ronaldinho asserted that he had not authorized the use of his […]
Brazil’s central bank announces the official name of its digital currency
Brazil’s central bank has officially named its new central bank digital currency (CBDC) “DREX,” short for “digital real.” The announcement came during a live broadcast on the Central Bank of Brazil’s YouTube channel. The name is a fusion of “digital,” “real,” “electronic,” and “transaction,” signifying the innovative elements of the currency. DREX’s launch builds on […]
Major money laundering rings in Brazil exposed and dismantled, over $400 million seized
The Brazilian Federal Police have successfully dismantled two large-scale money laundering operations connected to international drug trafficking. The operations, uncovered during Operation Bahamut, led to the detention of numerous individuals across four states: Rio de Janeiro, São Paulo, Santa Catarina, and Rio Grande do Sul. With commendable efficiency, Federal Police agents executed searches in over […]
Secret code in Brazil’s CBDC allows govt manipulation
The world of finance was recently abuzz following a shocking discovery in the Central Bank Digital Currency (CBDC) of Brazil. It seems that the supposed beacon of decentralization might contain some not-so-secret code enabling a centralized authority to freeze funds or even diminish balances at their discretion. Discovering hidden powers in Brazil’s digital currency The […]
Argentina to pay IMF with yuan as Brazil readies CBDC
Argentina has taken the bold move of making payments towards its staggering $44 billion debt to the International Monetary Fund (IMF) using Chinese yuan, sidestepping the traditional use of the US dollar. This development, coupled with Brazil’s preparation to launch its central bank digital currency (CBDC), signals a new wave of economic maneuvers and a […]
Brazil’s new legislation sets the stage for cryptocurrency success under president Lula
In recent developments, Luiz Inácio Lula da Silva, the current president of Brazil, has emerged as a prominent figure in cryptocurrency. His recent actions have captured the public’s attention, as he has taken significant steps toward bringing clarity to the regulatory landscape surrounding digital assets in the country. One of his noteworthy achievements is the […]
China, Russia, and Brazil discuss BRICS cooperation
In a series of high-level phone conversations, China’s President Xi Jinping, Russian President Vladimir Putin, and Brazilian President Luiz Inácio Lula da Silva have commenced discussions about their collaborative work within the BRICS bloc. BRICS – comprising Brazil, Russia, India, China, and South Africa – stands as a testament to the economic prowess of emerging […]
Microsoft and Visa sign up for Brazil CBDC pilot
In a remarkable stride towards digitization, Brazil’s central bank is steering the country towards the integration of a digital version of its national currency, the real. The Banco Central do Brasil has unveiled plans to inaugurate a central bank digital currency (CBDC) pilot project, garnering significant interest from a diverse range of participants, both domestic […]
Binance strengthens position in Brazil as Latam Gateway earns Central Bank approval
On May 19, an important announcement echoed through Brazil’s financial sector as the Central Bank approved for Latam Gateway to operate as a payment institution and electronic currency issuer. With Brazil featuring prominently as one of Binance’s principal global markets, this license secures a significant step forward in integrating cryptocurrencies into the nation’s fiscal landscape. […]
Brazil breaks gas price tie to US dollar – Details
In a seismic move reshaping the oil industry landscape, Brazil’s state-owned oil company, Petrobras, has unveiled a groundbreaking shift away from dollar-based fuel pricing, according to an announcement made by Brazilian President Luiz Inacio ‘Lula’ da Silva. This revolutionary move, called “Brazilianization,” will see the company set its internal fuel pricing structure independent of US […]
Brazil to assist Argentina, discusses credit line in Reals
In an effort to provide economic relief for Argentina amidst its ongoing financial crisis, Brazilian President Luiz Inacio Lula da Silva has pledged to facilitate assistance from the BRICS bloc and negotiate a credit line for Argentine purchases of Brazilian exports using reals. BRICS Bloc Assistance and New Development Bank Rule Change Brazil, as a […]
Revolut launches crypto investment and foreign exchange services in Brazil
Revolut, the digital bank known for offering crypto investments across Europe, has launched its services in Brazil. Brazilian customers can access crypto assets and create global accounts, including foreign exchange and remittance services for 27 currencies. Revolut operates 24/7, providing an advantage over regional competitors offering only dollar or euro options during business hours. Growing […]
Data shows DeDollarization is not that strange a phenomenon
As countries around the world continue to explore alternatives to the US dollar, new data suggests that DeDollarization is not an entirely surprising phenomenon. The dollar’s rise to prominence took several decades, with its influence in the global economy beginning to decline as early as the 1970s. Meanwhile, the BRICS nations (Brazil, Russia, India, China, […]
Brazil authorities probe Binance over derivatives trading amid alleged financial crimes
The world’s largest crypto exchange by trading volume, Binance, is at the center of a Brazilian police investigation regarding its derivatives offerings. O Globo first reported the probe after Brazilian authorities claimed that the exchange failed to respond to their orders. Federal police and prosecutor’s office launch official Inquiry The Federal Police Prosecutor’s Office and […]
BRICS currency could diminish the power of US sanctions—here’s what you need to know
Historically, when the United States imposed sanctions on other countries, their economies often crumbled as allies halted business dealings, leading to financial paralysis and a sharp decline in GDP. These sanctions showcased the power of the US dollar in the global economy and forced rogue nations to toe the line. However, under the Biden administration, […]
Brazil’s President calls for end to US Dollar dominance in foreign trade, backs BRICS currency
In the midst of growing global sentiment against the US dollar’s trade dominance, Brazil’s President, Luiz Inacio Lula Da Silva, has added his voice to the chorus. With a focus on empowering developing nations, Da Silva urges the replacement of the American currency with local alternatives. However, this development coincides with Beijing’s ongoing efforts to […]
Warren Buffett-backed Nubank announces launch of its own cryptocurrency, Nucoin
Neobank Nubank, a bank located in Brazil, has just unveiled the cryptocurrency known as Nucoin with the backing of one of the cryptocurrency’s the most influential figures, investor Warren Buffett. The first quantity of Nucoin will be dispersed over the Polygon first layer network, and it will be given away to clients as part of […]
Binance and Mastercard to launch crypto card in Brazil
In Brazil, the country with the biggest economy in Latin America, Mastercard and Binance have announced the introduction of a prepaid card backed by bitcoin and other cryptocurrencies. The Binance Card is reportedly undergoing beta testing. According to a blog post published by the firm, it is anticipated that the card will be made freely […]
MoneyGram launches a Ripple-powered remittance platform in Brazil
MoneyGram, a top innovator in digital person-to-person payments, announced the launch of MoneyGram Online (“MGO”) in Brazil through a press release. With this, Brazilian consumers have access to this leading website and can instantly transmit funds anywhere across the globe. Furthermore, recipients are given multiple options such as account deposit, mobile wallet, or cash pick […]
Revealed: Brazil’s central banks CBDC launch plan 2024
The crypto market has been down for almost a year now, but in this downtrend market, there always comes news that ensures the future potential of this digital market. One such news was revealed at a conference held by the Brazilian News site Poder360 Yesterday, 12 Dec. 2022. It was revealed the Brazilian central bank […]
Brazil’s Chamber of Deputies approves crypto law
There is a new crypto dawn In Brazil. The collapse of one of the world’s largest crypto exchanges earlier this month has prompted the current events. Brazil’s lower house of Congress late Tuesday approved a bill that aims to boost oversight of the country’s cryptocurrency sector. The measure, proposed by Senator Flavio Arns, is regarded […]
Gold tokenized in Brazil: Legislative official proposes crypto project
Recently a member of the legislature in Brazil requested gold tokenization. According to reports, the official proposed that the link with crypto will address the problem of irregular mining carried out in the national territory to improve its transparency. Wapichana Joenia, the legislator in favor of crypto trading, believes that if technology is used in […]
Brazil police bust crypto gang tied to illegal mining scheme
The Federal Police of Brazil has carried out an operation against a criminal gang that allegedly used crypto tokens to launder money made from illegal gold mining. The suspects are charged with money laundering, fraud, and corruption. They arrested five people and issued 60 search and seizure warrants. This was part of an investigation into […]
