This week, important decisions are taken in developing countries about cryptocurrencies and Bitcoin. These developments include Cuba's new attempt to enter the crypto-asset market, Brazil's cryptocurrency law, and Argentina's use of cryptocurrencies in tax payments.

Cuban Central Bank announces licensing for crypto exchanges and companies

The Central Bank of Cuba, Banco Central de Cuba (BCC), announced yesterday that it will issue licenses for virtual asset service providers (VASP). According to the decision published in the country's official newspaper, companies that want to provide services related to crypto assets in the country must obtain a license from the BCC.

Cuba

Cuba has been working on the regulation of crypto assets since the summer of 2021. The first regulation was the obligation to obtain a license by the Cuban Central Bank.

Brazil very close to enacting cryptocurrency law

Brazil is on the verge of taking a major leap forward for Bitcoin and other crypto assets. As reported by Senator Irajá Abreu, Brazil has approved a bill that will regulate cryptocurrency activities in the country. Thus, Brazil became the first South American country to have a cryptocurrency law.

bra bitcoin

According to the latest surveys in Brazil, cryptoasset users reached 41% of the population, and according to the statement made by Senator Irajá Abreu, the Brazilian cryptocurrency market volume reached 215 billion Brazilian reals in 2021. This figure revealed the necessity of taking steps to protect investors in the country.

Without a new update, the Securities and Exchange Commission or the Brazilian Central Bank will most likely take over the task of overseeing the crypto markets.

The bill also includes certain exemptions and incentives to persuade miners to move into the country. Also, Brazilian Central Bank Governor Roberto Campos Neto announced the establishment of a pilot program in the country to develop and use an independent digital currency. The central bank digital currency (CBDC) pilot project is being carried out in collaboration between the Central Bank of Brazil and nine banks operating in the country.

Argentina Altcoin

Argentina moves to tax payment with cryptocurrencies

The Mayor of Buenos Aires, Horacio Rodriguez Larreta, stated that Blockchain technology will come to the fore as part of the digitalization of management processes project. However, Horacio Rodriguez Larreta said that they can allow citizens to pay some of their taxes with cryptocurrencies.

The digital transformation of Argentina's capital continues under a 12-step plan called "Buenos Aires +". Within the scope of digitalization, citizens' having digital identities and transferring personal information to digital media are included in the project, while it is aimed to ensure digital security through the adoption of Blockchain technology.