Brazil weighs up possibility of removing tax on green Bitcoin mining
The Brazilian Congress is going over a new proposal that calls for a tax exemption on any crypto mining activity that uses renewable energy sources.
Brazil’s political class has previously been hostile towards the crypto industry, and the news represents a possible change in outlook from lawmakers in the South American country.
💥BREAKING: Brazil's parliament just approved a #Bitcoin bill providing greater regulation clarity.— Bitcoin Archive 🗄🚀🌔 (@BTC_Archive) December 9, 2021
Additionally, Congress went over proposals which suggested that crypto could be considered as a currency rather than a commodity.
If the proposal is successful, crypto exchanges will be able to offer loans and other financial services to Brazilians.
Can you explain why:— CryptoCurrency News (@CryptoBoomNews) December 9, 2021
Fidelity had to go to Canada to offer a #Bitcoin ETF.
Physically settled ETFs are legal in Germany, Brazil, Singapore, etc but not in the US.
Exchanges get e-money licenses in the UK but those are only for charter banks in the US.pic.twitter.com/R3778AxJXP
It remains uncertain exactly how much support there is for the proposals in Congress, however, among the wider community in Brazil, there is a great deal.
As reported by CoinTelegraph, Ray Nasser, CEO of Arthur Mining said that Brazil could become the “Mecca of mining” if the bill exempting crypto miners from tax passes.
Brazil could become the “mecca of #cryptocurrency mining” if a new tax exemption passes its congress. https://t.co/mbzcAxPHxS— Cointelegraph (@Cointelegraph) December 10, 2021
According to the International Trade Administration, Brazil produces just below 50% of its electricity from renewable energy sources.