The crypto industry in Brazil has breathed a sigh of relief with the latest developments regarding the implementation of a new income tax for crypto traders. Provisional Measure 1,303, enacted by President Luiz Inacio Lula da Silva in June, terminated the income tax exemptions for small cryptocurrency traders moving less than 35,000 reais (nearly $6,500), establishing a flat fee of 17.5% for all traders.
The measure had until October 8 to be discussed and passed by the Brazilian Congress, or it would lose its validity. The text passed a joint committee by 13 to 12 votes, with the levy being increased to 18%.
Nonetheless, the Congress agreed to withdraw the measure from the agenda, with 251 votes in favor and 193 votes against, leaving the dispositions of the measure without effect.
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The U.S. Treasury has completed a series of historic moves to support the monetary stability in Argentina. U.S. Treasury Secretary Scott Bessent revealed that the institution had intervened directly in the Argentine currency market by purchasing pesos at a moment when the nation faced moments of “acute illiquidity.”
In social media, Bessent acknowledged that while the International Monetary Fund (IMF) was also behind Argentina’s prudent fiscal policies, it could not act swiftly.
While Bessent did not disclose the figures linked to the intervention, he did highlight that he was “prepared, immediately, to take whatever exceptional measures are warranted to provide stability to markets.”
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Startups from all over the world are rushing to follow the bitcoin treasury company trend, and OranjeBTC is on the verge of pioneering the movement in Brazil. Even when Meliuz, a Brazilian cashback company, surged as the first national company to promote a bitcoin reserve shift, OranjeBTC is a firm whose main focus will be to amass bitcoin reserves and generate revenue through them.
OranjeBTC, which already holds 3,650 BTC as part of its initial bitcoin cache, recently announced that it will start trading on B3, the main Brazilian stock exchange, on October 7th. Previously, it had revealed that it would achieve this milestone by leveraging the reverse Initial Public Offering (IPO) figure with Intergraus, a school chain company, trading with the OBTC3 ticker.
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