Brazil and Colombia increasingly crypto-friendly thanks to Gemini
Brazil and Colombia increasingly crypto-friendly thanks to Gemini

Brazil and Colombia increasingly crypto-friendly thanks to Gemini

By Amelia Tomasicchio - 7 Dec 2021

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South American countries such as Brazil and Colombia are becoming increasingly crypto-friendly. Just today Colombia’s main bank, Bancolombia, partnered with the Winklevoss twins’ US exchange, Gemini.

Meanwhile, Brazil has also announced that it is considering not charging taxes to those who mine Bitcoin using renewable energy. 

Colombia in partnership with Gemini

But let’s go in order. Thanks to the partnership with Gemini, Colombian citizens will be able to buy Bitcoin, Ethereum, Litecoin and Bitcoin Cash directly from their banks.

In fact, from 14 December next, Bancolombia’s customers will be able to buy cryptocurrencies using their bank account.

Gemini s’étend en Amérique latine

This is a one-year pilot programme and it will be interesting to see how the adoption of cryptocurrencies in the country will evolve.

Gemini’s Cynthia Del Pozo explained

“The partnership also serves as an important step toward the strategic expansion of Gemini’s presence in Latin America. We look forward to working closely with the Colombian crypto ecosystem and to supporting crypto products that empower Colombians to take control of their financial lives”.

No tax on environmentally friendly mining in Brazil

Senator Irajá Silvestre Filho has proposed in Brazil to bring taxes for cryptocurrency miners to zero, but only if renewable energy is used to do so.

Furthermore, cryptocurrencies should be recognised as foreign currency in Brazil – given that Bitcoin is legal tender in El Salvador – and no longer as a commodity.

If this were done, cryptocurrencies would be regulated by the Central Bank of Brazil.

The country has been trying to regulate cryptocurrencies for some time now, but so far they have no ad hoc laws.

Even a few months ago, there were rumours that Bitcoin could become legal tender in Brazil, as proposed by MP Aureo Ribiero, who declared his choice to Yahoo Finance.

On the subject of Bitcoin and environmental compatibility, the first ETF in favour of the green economy was launched in Brazil last August to neutralize carbon emissions.

Amelia Tomasicchio

As expert in digital marketing, Amelia began working in the fintech sector in 2014 after writing her thesis on Bitcoin technology. Previously author for several international crypto-related magazines and CMO at Eidoo. She is now the co-founder and editor-in-chief of The Cryptonomist, and also PR manager for the Italian market at Bitget. She is also a marketing teacher at Digital Coach in Milan and she published a book about NFTs for the Italian publishing house Mondadori, while she is also helping artists and company to entering in the sector. As advisor, Amelia is also involved in metaverse-related project such as The Nemesis and OVER.

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