Brazil passes bill to regulate crypto
The Brazillian Senate has passed a bill to regulate cryptocurrencies in the country. As per the system proposed by the Senate, crypto legislation would be the responsibility of the executive branch of the government. The branch will have the option of creating a new regulator for crypto or delegating jurisdiction to the Securities and Exchange Commission (CVM) or the Brazilian Central Bank (BC).
Crypto prices today: Bitcoin falls 4.3%, ETH down 4%
Bitcoin is currently trading at $38,744.2 a 4.3% decline over the previous day. Ethereum is down 4.1% over the last 24 hours to $2,874.5. Solana fell 2% to $98.7, while Cardano is trading lower by 4.8% at $0.846. Terra (LUNA) fell 6.5% to $90.03. The global crypto market cap stands at $1.79 trillion, a 3.8% decline over the previous day.
Revolut eyes expansion into mortgages, crypto wallets
Digital banking platform Revolut is working on expanding into decentralised crypto wallets and is also looking at the mortgage sector. The UK-based company is pushing ahead with its strategy to become a so-called “superapp”. Revolut, which currently offers payments services, crypto trading, savings accounts, and stock trading, plans to launch a buy now, pay later product.
Buenos Aires to allow residents to make tax payments with crypto
Argentina’s capital Buenos Aires will allow the payment of taxes using cryptocurrencies. Payments made in crypto will be converted to the local fiat currency (the Argentinian Peso) before being deposited to the tax agency. This initiative is part of the city’s digitization push to broaden the access of citizens to documents and government services.
Bitcoin struggling to take off in El Salvador: Report
Last year, El Salvador became the first country to make Bitcoin a legal tender. However, a new report by the National Bureau of Economic Research says that not many citizens are using the digital asset. Many Salvadorans have stopped using the government’s Bitcoin wallet known as Chivo. Only a tiny fraction reported using it for remittances, taxes, and daily purchases.