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.
💥BREAKING: Brazil is considering ZERO tax on #Bitcoin mining that uses renewable energy!
— Bitcoin Archive 🗄🚀🌔 (@BTC_Archive) December 7, 2021
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.
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.