brazil crypto law Archives

Brazil legalizes crypto as a method of payment

Brazil’s Chamber of Deputies approved a regulatory framework legalizing the use of crypto as a method of payment in the country. This gives a regulatory boost to the adoption of digital currencies and the expansion of the ecosystem. However, it does not grant cryptocurrencies the status of legal tender.

Crypto prices today: Bitcoin up 2.4%, ETH rises 5.3%

Bitcoin is currently trading at $16,878.94, an increase of 2.4% over the previous day. Ethereum rose 5.3% over the last 24 hours to $1,270.33. Solana rose 0.21% to $13.71, while Cardano is trading higher by 1.1% at $0.314. Avalanche (AVAX) is up 3.27% to $12.91. The global crypto market cap stands at $853.04 billion, a 2.07% increase over the previous day.

Phantom Solana wallet adds support for Ethereum, Polygon

Phantom, a self-custody wallet for Solana-based decentralized applications and NFTs, has added support for rival blockchains Ethereum and Polygon to its desktop, iOS, and Android apps. The company said an easy-to-use self-custodial wallet is essential as an alternative to centralized exchanges and firms that handle sensitive user data.

Phantom aims to offer a simple, easy-to-use wallet with a unified interface for storing and viewing assets across multiple blockchains.

FTX fallout os ‘opportunity’ to refocus on trust: OpenSea CEO

The CEO of NFT marketplace OpenSea, Devin Finzer, described the entire FTX collapse as an “opportunity” for the industry to rebuild with a focus on trust while further embracing decentralization. “I think for the broader crypto ecosystem, this is really an opportunity to invest in strong, continual trust with users,” he said.

Dominica releases national crypto token with Huobi, Tron

The Commonwealth of Dominica in the Caribbean reportedly issued its national token, DMC, on Tuesday. The country partnered with crypto exchange Huobi Global, TronDAO, and DMC Labs. The nation would roll out a Dominica Digital Identifier (DID) as a know-your-customer (KYC) verification standard. This can be used to open bank accounts, apply for loans, and other financial transactions.

Brazil passes bill to regulate crypto

The Brazillian Senate has passed a bill to regulate cryptocurrencies in the country. As per the system proposed by the Senate, crypto legislation would be the responsibility of the executive branch of the government. The branch will have the option of creating a new regulator for crypto or delegating jurisdiction to the Securities and Exchange Commission (CVM) or the Brazilian Central Bank (BC).

Crypto prices today: Bitcoin falls 4.3%, ETH down 4%

Bitcoin is currently trading at $38,744.2 a 4.3% decline over the previous day. Ethereum is down 4.1% over the last 24 hours to $2,874.5. Solana fell 2% to $98.7, while Cardano is trading lower by 4.8% at $0.846. Terra (LUNA) fell 6.5% to $90.03. The global crypto market cap stands at $1.79 trillion, a 3.8% decline over the previous day.

Revolut eyes expansion into mortgages, crypto wallets

Digital banking platform Revolut is working on expanding into decentralised crypto wallets and is also looking at the mortgage sector. The UK-based company is pushing ahead with its strategy to become a so-called “superapp”. Revolut, which currently offers payments services, crypto trading, savings accounts, and stock trading, plans to launch a buy now, pay later product.

Buenos Aires to allow residents to make tax payments with crypto

Argentina’s capital Buenos Aires will allow the payment of taxes using cryptocurrencies. Payments made in crypto will be converted to the local fiat currency (the Argentinian Peso) before being deposited to the tax agency. This initiative is part of the city’s digitization push to broaden the access of citizens to documents and government services.

Bitcoin struggling to take off in El Salvador: Report

Last year, El Salvador became the first country to make Bitcoin a legal tender. However, a new report by the National Bureau of Economic Research says that not many citizens are using the digital asset. Many Salvadorans have stopped using the government’s Bitcoin wallet known as Chivo. Only a tiny fraction reported using it for remittances, taxes, and daily purchases.