Brazil: first Bitcoin ETF to support the green economy
Brazil: first Bitcoin ETF to support the green economy
Bitcoin

Brazil: first Bitcoin ETF to support the green economy

By Stefania Stimolo - 9 Aug 2021

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BITH11, the Bitcoin ETF launched in Brazil by Hashdex Asset Management, supports carbon neutrality and sustainable technology in favour of the green economy

“Brazil’s first green Bitcoin ETF” is how the fund calls itself, and in order to achieve its goal, it plans to neutralize its associated carbon emissions through the purchase of carbon credits. 

Specifically, BITH11 which was launched on the Brazilian stock exchange B3 last week, aims to invest 0.15% of its liquid assets in carbon credits and green technologies each year

Furthermore, in collaboration with Germany’s Crypto Carbon Ratings Institute (CCRI), Hashdex will be able to obtain annual reports estimating the energy consumption and carbon emissions behind the creation of BTC purchased by the fund.

In this regard, Rogerio Santana, director of reporting at the São Paulo B3 exchange, said:

“The new ETF offers investors exposure to variations in the world’s main digital asset, with all its growth potential and value reserve, in a regulated, secure manner and under sustainability goals”.

Staying in Brazil, there was another crypto “first” last week: the Brazilian federal court ordered the sale of a stockpile of BTC worth $1.1 million. 

Brazil, bitcoin and “firsts”: the case of the federal police

A different sort of “clean-up” was adopted by the Brazilian federal police, which for the first time ordered a sale of seized bitcoin. 

According to reports, the seizure had occurred in 2019 to a pseudo crypto business, TraderGroup that was allegedly operating as a Ponzi scheme

Specifically, it was 30 BTC that only now and with a value of $1.1 million, were sold on the country’s largest regulated crypto-exchange Mercado Bitcoin, on the orders of the federal police. 

Not only that, the transaction took place exactly on 27 July and two of the remaining bitcoin were instead returned to a person who proved to be in possession of the assets and not involved in the scam. 

In this regard, Federal Prosecutor Alexandre Senra commented as follows: 

“There are many victims of Tradergroup with lawsuits, mainly in the State Court, asking for the money invested back, and now a portion of this money will be able to be returned, not all because the credit sold in [bitcoin] was not enough to reimburse the losses”.

Brazil continues to make waves in the crypto arena. It was only at the beginning of June this year that QBTC11, the first bitcoin ETF in Latin America, was launched

 

Stefania Stimolo

Graduated in Marketing and Communication, Stefania is an explorer of innovative opportunities. She started out as a Sales Assistant for e-commerce, and in 2016 she began to develop a passion for the digital world, initially in the Network Marketing sector, where she discovered and became passionate about the ideals behind Bitcoin and Blockchain technology, which lead her to work as a copywriter and translator for ICO projects and blogs, and organize introductory courses.

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