Wide-sweeping legislative modifications are making headway in Brazil. Reports indicate a new tax bill targeting offshore cryptocurrencies has been dubbed “financial assets”. The pending bill is slated to impose taxes on profits collected during crypto asset valuation changes including fluctuations in foreign exchange rates. Congressman Merlong Solano explained these updates to create parity across tax brackets, while also serving as an appetizing lure for global exchanges to inject investment activity into Brazil.
A monumental go-ahead for one of its biggest commercial leaps saw Brazil’s central bank’s central bank digital currency (CBDC) become referred to as “Drex”. Additionally, the Drex launch promises to usher in tokenization mechanisms, paving its way to a capital-friendly investor experience. Accorable to such diplomatic legislative advances marks Brazil’s determination towards a fair and sound finance-geared Economy.
