Welcome to Latam Insights, a compilation of the most relevant crypto news from Latin America over the past week. In this edition, a strategic bitcoin reserve bill was introduced in the Brazilian Congress, Brazil prepares to tax stablecoins, and Argentina’s statistics chief resigns.
Latam Insights: Brazil's 1 Million Bitcoin Strategic Reserve Bill Introduced, Stablecoin Taxation Also in the Works
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Strategic Bitcoin Reserve Bill Allowing Brazil to Acquire up to 1 Million BTC Reintroduced in Congress
Brazil is preparing to advance in becoming one of the most pro- bitcoin countries ever.
A bill that significantly expands the scope of a previous document proposing the creation of a national strategic bitcoin reserve has been introduced in Congress as a substitute, allowing the rewriting of an already introduced draft.
The new document establishes that RESbit, the so-called “Strategic Sovereign Bitcoin Reserve,” now contemplates the “planned and gradual acquisition of bitcoins as strategic reserve assets of the Union to accumulate at least 1,000,000 BTC (one million bitcoins) over 5 (five) years.”
Brazil to Propose 3.5% Tax on Stablecoin Purchases and Remittances
The Brazilian crypto industry is on the verge of changing due to a new tax measure expected to be presented in the next few days.
According to Valor Econômico, the Brazilian government is preparing to close what many considered a gray area by classifying stablecoins as digital assets subject to taxation (IOF). The proposal will come from the Federal Revenue Service (Receita Federal), which will specify that both stablecoin purchases and remittances will be taxed with 3.5% on their operations.
Nonetheless, individuals will be exempt from paying this percentage if they don’t transact over 10,000 Brazilian reais (nearly $1,910) monthly. Companies leveraging stablecoins will not enjoy this benefit.
Argentina’s Inflation Miracle in the Spotlight as Statistics Chief Resigns
Argentina’s inflation miracle is in the spotlight, as a new method to calculate it might put Milei’s economic measures in a less favorable light.
The resignation of Marco Lavagna, head of the national statistics agency Indec, has put Argentina’s economic reports under public scrutiny, as the official left his post after Milei’s administration delayed the implementation of a new method to calculate inflation figures.
Exquanti, an Argentine consulting firm, stated that this equated to “data manipulation.” “Lavagna helped Milei and Caputo for two years by delaying the change, paying the price of discrediting both himself and the institute. He couldn’t keep doing so without risking his standing in the serious world of statistics,” it assessed.
FAQ
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What significant bill was introduced in Brazil regarding Bitcoin?
Brazil’s Congress has reintroduced a bill to create a “Strategic Sovereign Bitcoin Reserve,” aiming to acquire 1 million BTC over the next five years. -
What new tax measure is Brazil proposing for stablecoins?
The Brazilian government plans to impose a 3.5% tax on stablecoin purchases and remittances, although individuals transacting under 10,000 Brazilian reais will be exempt. -
What impact did the resignation of Argentina’s statistics chief have on the economy?
Marco Lavagna’s resignation raised concerns about Argentina’s inflation calculations and sparked accusations of “data manipulation” against Milei’s administration.
