This week saw major expansion of crypto payments in Brazil, new standards freeing Bitcoin from Portuguese taxes, and the allegedly fraudulent Grupo Bitcoin Banco’s refusal to pay clients their deposited funds.
Brazil's central bank adopts IMF guidelines
Brazil’s central bank announced that it would classify cryptocurrencies according to International Monetary Fund (IMF) guidelines on Aug. 26. With the new classification under IMF standards, traded cryptocurrencies will be classified as non-financial products and as such, will be counted as goods on the central bank’s balance sheet.
Cointelegraph Brasil reported that the classification of cryptocurrencies as a good is significant, as recognition of cryptocurrencies as property would make them eligible to be used as a payment mechanism.
Major payment processor adds crypto to POS
Cielo, Brazil’s largest payment processor network, announced that they would be adding crypto transactions to their Point-of-Sale (POS) devices, numbering some 1.4 million throughout the country.
Customers will reportedly be able to use their mobile phones to scan QR codes generated on Cielo POSs to make payments in several cryptocurrencies including Bitcoin. Moreover, the company may be trying to launch payment services that do not require POS devices at
