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Brazil’s IRS Sets Rules to Fine Citizens Who Don’t Declare Crypto Holdings

Posted on December 8, 2019December 8, 2019 by Rehan Yousaf

The Internal Revenue Service (IRS) in Brazil has established a specified code to categorize punishment for taxpaying citizens who fail to declare their cryptocurrency operations and holdings. This can be seen as Brazil’s major attempt to take a stronger control over the Bitcoin(BTC)trade and other digital currencies trade and exchange in the country. The new rules have already been enforced in Brazil as per the Federal Official Gazette’s publication of the briefings of the executive…

Brazilians Now Must Declare Cryptocurrency Gains to Brazil’s IRS Every Month

Posted on August 4, 2019October 14, 2019 by Julie Williams

The Brazilian government recently passed a new law, compelling every citizen to declare his or her crypto transactions at the end of every month. The law, which took effect on August 1, is aimed at curbing criminal acts in the crypto sphere including money laundering, trafficking, and tax evasion. According to a major news outlet in Brazil, Agencia Brasil, citizens of Brazil must report their crypto transactions and holdings to the country’s IRS before the…

Major Brazilian City Fortaleza Enables Bitcoin Payments for Public Transport

Posted on July 31, 2019July 31, 2019 by Rehan Yousaf

Bitcoin(BTC)trade is seeing rapid adoption into the real world and starting to reach the day-to-day user. A major step in that direction was the announcement that citizens of Fortaleza, Brazil, will now be able to use Bitcoin to buy tickets for public transport with the transportation operator Cooperative of Independent Transport of Passengers of the State of Ceará (Cootraps). A report by Jornal do Povo, a Brazilian media outlet, elaborates on the method that will…

Brazil Is the First Stop in Ripple’s Expansion Across South America

Posted on June 12, 2019June 12, 2019 by Rehan Yousaf

Ripple, the crypto firm behind the third biggest cryptocurrency by market cap, XRP, just opened up an office in Brazil. The launch of Ripple’s new office is the first step in its expansion in Latin America. Luiz Antonio Sacco, a veteran fintech entrepreneur and executive, will take up the role of managing director at the new Brazilian office. Sacco, who is a former CEO at the Brazilian subsidiary of a global warranty solution provider The…

Brazilian Police Clamps Down on a Bitcoin Money Laundering Group, Seizes High-End Mining Equipment

Posted on April 30, 2019June 12, 2019 by Julie Williams

Bitcoin and other virtual currencies have been featured extensively in the news, relating to one criminal act or the other. Being a highly sophisticated and privacy-oriented currency, money launderers and cybercriminals have turned to this new found digital currency as a hideout from suspecting eyes. While some of these swindlers demand virtual assets as a ransom or payment, others use it to fund criminal activities and terrorist groups. In the news today is a suspected…

Brazilian Football Club Atlético Mineiro Joins the Crypto Token Wagon with GaloCoin

Posted on December 18, 2018June 12, 2019 by Julie Williams

The Brazilian football club Atlético Mineiro revealed on December 13 that it has created an encrypted token called GaloCoin to help foster a better connection between the club, its fans, and its business partners. The digital currency was named after the club’s mascot, Galo, which translates in English to ‘rooster.’ According to the club’s management, the token was created to provide a special marketplace for the club. With this token, interested fans can now enjoy…

Brazil’s Federal Revenue Office Wants to Monitor Cryptocurrency Companies

Posted on November 5, 2018June 12, 2019 by Jodie Lauren Smith

Brazil’s Federal Revenue Office announced on Wednesday October 31 that it has opened a public consultation to gather suggestions for processes to implement a monitoring system of companies that buy and sell cryptocurrencies. The consultation will be ongoing until November 19. The aim of the processes is to put an end to money laundering and allow for crypto companies to be properly taxed. Last year Ilan Goldfajn estimated the risk of cryptocurrencies to be high….

Brazilian Presidential Candidate Haddad Puts Government Plan in Blockchain to Tackle Fake News

Posted on October 17, 2018June 12, 2019 by Jodie Lauren Smith

Fernando Haddad is a Brazilian politician and the Worker’s Party candidate for President of Brazil in the 2018 election. On October 14 Haddad released his government plan onto the blockchain to combat the dissemination of false information about his campaign. Haddad has had a long history of issues with fake news with the 2018 election being the most polarized in recent history. Those in politics and the digital industry have said the amount of lies…

Brazil’s Avai Football Club Announces its Own Digital Currency, Partners with SportyCo and Blackbridge Sports

Posted on September 19, 2018June 12, 2019 by Renetta Jerold

Avai Football Club from Brazil is one of the first football (soccer) clubs seeking to raise funds through initial coin offerings (ICO) following the launch of its own coin “Avai FC Token”; SportyCo and Blackbridge Sports announced the partnership with Avai on September 12th. The partnership is aimed at benefiting the club by bridging the gap between the thriving Fintech industry and grassroots sports using blockchain technology while making Avai FC one of the very…