Brazil plans to abolish taxes for green miners

Briefly:

  • The Brazilian Congress will consider two draft law on the future of cryptocurrencies
  • MPs propose to abolish taxation for “green” mining
  • If the law is passed, the country will be able to become a “Mecca for miners”, experts are sure

Brazilian congressmen will consider a bill to abolish the tax on the import of crypto mining rigs. The only condition is to use renewable energy sources for this. For example, volcanic energy, like El Salvador does.

Congress will also consider a proposal to recognize cryptocurrencies not as a currency, but as a commodity. If adopted, it will give crypto exchanges the opportunity to provide financial services, as well as issue loans to residents of Brazil.

It is difficult to predict whether the authorities will support such initiatives. But the local crypto community welcomed these ideas.

Arthur Mining CEO Ray Nasser believes that Brazil has every chance of becoming a mining Mecca if they waive taxes.

    Energy in Brazil

    In Brazil, the share of renewable sources accounts for a little less 100% of all energy. A kilowatt hour here costs about 22 cents , in terms of prices, the country is approximately in the middle of the world ranking.

    Conditions for mining without taxes

    If the law is passed, miners will have to go through state registration of their equipment and connect to the ecosystem monitoring system.

    Meanwhile, another Latin American country is active promotes green mining. El Salvador plans to build a bitcoin city and extract cryptocurrency from the energy of volcanoes. They will attract money at the expense of government bonds. Although the bonds have not yet been issued, investors have pre-ordered 50% Bitcoin Bonds.

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