Brazil Congress considers proposal to exempt tax on renewable mining
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ambcrypto.comBrazil’s Congress is set to look at several proposals around cryptocurrencies as per local reports. As part of the proposal, the central bank of the country is suggested as the main regulator to oversee the crypto market. However, the Brazilian Securities Commission (CVM) can also overlook certain aspects of the sector.
Apart from that, the report also indicated that cryptocurrencies should be regarded as currencies. As currently, Bitcoin (BTC) among other assets is akin to a commodity like precious metals and oil in Brazil.
However, a major change might come for the mining industry if the proposals are passed. The proposal also provides for tax exemption on imports of computers with mega processing capacity used in mining.
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