Brazil to Crypto: We’re Watching You

Things are heating up down south. The Brazilian government is looking to track and potentially tax crypto transactions. Specifically, Brazil’s Department of Federal Revenue published a document that states that all Brazil based exchanges have to now share reports every month on their operations. Furthermore, both exchanges and individuals have to declare any crypto transactions over 10,000 Brazilian Reals ($2,700).

This is fascinating, seeing how the same government had allegedly warmed to blockchain earlier this year, having sought to build a blockchain platform to increase communication between government agencies. That said, Brazilians may have other things to worry about. It’s not like a far right leader just got elected there or anything. With rising authoritarianism, it could go either way — Brazil’s new Finance Minister wants Brazil to mirror the right-wing policies of Chile’s 1980’s dictatorship — so in the long run there may either be an embrace or a crackdown on the more libertarian world of digital currencies. Just don’t criticize the government.

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