The five-nation BRICS group comprising Brazil, Russia, India, China and South Africa will work on creating a payment system based on blockchain and digital technologies, a report by Russian news agency TASS said.
BlackRock’s Spot Bitcoin ETF Starts Trading in Brazil
BlackRock’s iShares Bitcoin Trust ETF (IBIT), by far the most successful of the 10 spot bitcoin exchange-traded funds, started trading on the Brazilian stock exchange B3, the company said. The asset manager announced the expansion on Thursday.
Will Worldcoin End In “Tears”? This Analyst Thinks So
One analyst on X is concerned about the long-term sustainability of Worldcoin (WLD), a project aiming to build a universal digital identity system. While acknowledging the project’s innovative approach and recent upswing that has seen WLD more than 4X, the analyst thinks “Worldcoin will end in tears.”
FDV Versus Market Cap Soars Doubt: A Massive Price Dump Incoming?
In a post, the analyst points to a significant discrepancy between Worldcoin’s fully diluted valuation (FDV) of $82.1 billion and its current market capitalization of around $1.1 billion, as seen from CoinMarketCap. To compare, Ethereum (ETH), the most valuable altcoin, has an FDV of $369 billion, slightly less than the current market cap of around $362.1 billion.
The FDV shows the hypothetical market cap if all coins or tokens were in circulation. On the other hand, the market cap shows the total valuation of coins in circulation.
Typically, the higher the FDV, the higher the chance of the coins in circulation being diluted when locked assets are released. Prices will likely take a hit with the deluge of coins hitting the secondary markets. The sell-off would especially be intense if demand doesn’t increase proportionally.
In Worldcoin’s case, the massive difference between FDV and the current market cap portends possible price dumps should a considerable chunk of WLD be released. And this will likely be the case, especially in light of what’s expected in the coming weeks.
A breakdown of its tokenomics shows that besides coins airdropped to users, a big chunk was allocated to venture capital firms and individuals like Alameda Research and Three Arrows Capital (3AC). Token Unlocks data show that more WLD will be unlocked in less than five months. The release, observers note, could heap pressure on the coin, possibly pushing it lower from the current valuation.
Worldcoin Is Expanding, Will WLD Bulls Succeed?
Worldcoin plans to release a universal digital identity system. This solution will run on the blockchain and, to a small degree, rely on artificial intelligence (AI). Although the project faced regulatory challenges in multiple countries, including Kenya, Worldcoin recently expanded into Singapore.
Even so, the analyst is concerned that the lack of demand-side drivers, specifically adoption, could slow down the uptrend. WLD is in a sharp uptrend, looking at the development in the daily chart.
If the coin stays above $6, WLD could soar in the coming sessions.
Brazil signs its overseas crypto tax bill into law
Under the new taxes, Brazilian citizens will pay the state up to 15% of their crypto profits.
Tax services are getting pushy to have crypto declared: Law Decoded, Nov. 27–Dec. 4
Spain and Brazil are chasing cryptocurrency stored abroad, while the U.K. wants taxes paid for crypto assets that weren’t previously declared.
Brazil’s largest bank Itau Unibanco launches Bitcoin trading — Report
Brazilian bank Itau Unibanco has reportedly launched a cryptocurrency trading service for its clients as part of its investment platform.
Brazil to Impose 15% Tax on Crypto Earnings Held on Offshore Exchanges: Report
The bill is awaiting presidential approval.
Brazilians may soon need to stump up taxes on crypto held abroad
The new rules would make income from crypto held on exchanges outside Brazil taxable at the same rate as local income.
Spot Bitcoin ETFs Have Almost $100M in AUM in Brazil, Led by Hashdex Offering
Pro-market digital assets regulation and growing interest from large institutions are among the factors of the success so far, said Hashdex’s CEO.
OKX launches crypto exchange, wallet services in Brazil
The global cryptocurrency exchange and Web3 service provider launched a local exchange and Web3 wallet in Brazil as the country continues its competitive crypto streak.
Brazil’s crypto regulatory environment is driving competitiveness — CEO of Coinext
Bitcoin maximalist José Ribeiro, CEO of crypto exchange Coinext, spoke with Cointelegraph at the Web Summit about Brazil’s cryptocurrency landscape.
Brazil’s USDT adoption soars in 2023, makes up 80% of all crypto transactions
USDT has seen a significant surge in adoption in Brazil, accounting for 80% of all cryptocurrency transactions in the country so far in 2023.
Brazilian securities regulator plans sandbox for tokenization in 2024
Daniel Maeda with Brazil’s CVM said during Rio Innovation Week the regulator plans to explore a regulatory sandbox for use cases of tokenization potentially starting in 2024.
Brazil BTG Pactual bank buys Bitcoin-friendly brokerage Orama for $99M
BTG Pactual is known for launching cryptocurrency trading services for its customers and is also planning to launch its own stablecoin.
Brazil rolls out blockchain-based digital ID
Brazil is launching its new national identity program powered by blockchain technology. Rio de Janeiro, Goiás, and Paraná will be the first states to issue identification documents on-chain.
Brazil’s crypto surge prompts central bank to tighten regulation
According to the central bank’s data, from January to August 2023, imports of crypto rose by 44.2% compared with the same period in 2022.
Brazilian lawmakers seek to add crypto to debtors’ protected assets list
Cryptocurrencies may become a part of the personal savings category, protected from seizures on behalf of creditors.
Crypto Startup Ramp Adds Brazilian Central Bank’s Pix as Payment Method
Adding Pix builds on Ramp’s expansion to the South American country, where it opened a local entity in July in a bid for broader expansion throughout Latin America.
Brazil: Senate Commission will analyze the AI bill in 120 days
The bill, aimed at regulating the artificial intelligence in the country, was introduced to the Senate in December 2022.
Ronaldinho denies part in alleged $61M crypto scam at congressional hearing
The former pro soccer player said in a congressional hearing that his likeness was improperly used to market an allegedly fraudulent crypto scheme.