USDT Dominates the Brazilian Market
The Brazilian Tax Authority (RBF) has recognized the significant growth of stablecoins in the national cryptocurrency market. Exchanges have reported that stablecoins like USDT, USDC, and BRZ (a token pegged to the Brazilian peso) are widely used in transactions.
The RBF has stated that the rise of stablecoins in Brazil "deserves attention" as it could have implications for the tax and regulatory landscape of cryptocurrencies in the country. Tether's USDT, the largest stablecoin by market cap, is the most traded cryptocurrency in Brazil. It has been present in over 80% of all transactions since 2019, moving more than 271 billion reals (approximately $54 billion).
Tether CEO Paolo Ardoino commented on the growing adoption of USDT in Brazil, saying, "When a product is useful and solves real-world problems, it simply gets used."
Bukele's Administration Accused of Embezzling Funds for Bitcoin Projects in El Salvador
An investigation by the Organized Crime and Corruption Reporting Project (OCCRP) has alleged that the administration of Salvadoran President Nayib Bukele misused funds from Covid-19 relief loans for Bitcoin projects.
According to the report, out of a $600 million loan provided by the Central American Bank for Economic Integration (CABEI) in 2021, $425 million was directed towards fulfilling state obligations. Additionally, over $200 million from these funds were used to support the process of making Bitcoin legal tender in El Salvador.
Venezuelan Cryptocurrency Exchanges Launch New Association
A group of Venezuelan cryptocurrency exchanges, including Cryptobuyer, AFX, Amberes Coin, and Crixto, has formed a new association called Acincrip. The purpose of this association is to establish new policies and regulations following a seven-month shutdown of the crypto industry in Venezuela.
Acincrip's president and CEO of Cryptobuyer, Eleazar Colmenares, stated in an interview that the group has cooperated with investigations by the national cryptocurrency regulator, Sunacrip. However, he did not disclose the specific actions the association plans to take to regularize the cryptocurrency market in Venezuela.
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Frequently Asked Questions
How Much of Your IRA Should Be Made Up Of Precious Metals
The most important thing you should know when investing in precious metals is that they are not just for wealthy people. You don’t need to have a lot of money to invest. In fact, there are many ways to make money from gold and silver investments without spending much money.
You might also be interested in buying physical coins, such bullion rounds or bars. It is possible to also purchase shares in companies that make precious metals. Or, you might want to take advantage of an IRA rollover program offered by your retirement plan provider.
Regardless of your choice, you'll still benefit from owning precious metals. Although they aren’t stocks, they offer the possibility for long-term gains.
They also tend to appreciate over time, unlike traditional investments. This means that if you decide on selling your investment later, you'll likely get more profit than you would with traditional investing.
What Is a Precious Metal IRA?
A precious metal IRA allows you to diversify your retirement savings into gold, silver, platinum, palladium, rhodium, iridium, osmium, and other rare metals. These rare metals are often called “precious” as they are very difficult to find and highly valuable. They make excellent investments for your money and help you protect your future from inflation and economic instability.
Precious metals are often referred to as “bullion.” Bullion is the physical metal.
Bullion can be purchased via a variety of channels including online sellers, large coin dealers, and grocery stores.
An IRA for precious metals allows you to directly invest in bullion instead of purchasing stock shares. This ensures that you will receive dividends each and every year.
Precious Metal IRAs don’t require paperwork nor have annual fees. Instead, you pay only a small percentage tax on your gains. You can also access your funds whenever it suits you.
What Precious Metals Can You Invest in for Retirement?
These precious metals are among the most attractive investments. They are both simple to purchase and sell, and they have been around for a long time. You should add them to your portfolio if you are looking to diversify.
Gold: This is the oldest form of currency that man has ever known. It's also very safe and stable. Because of this, it's considered a good way to preserve wealth during times of uncertainty.
Silver: Investors have always loved silver. It's a good choice for those who want to avoid volatility. Unlike gold, silver tends to go up instead of down.
Platinium is another precious metal that is becoming increasingly popular. It is very durable and resistant against corrosion, much like silver and gold. It's also more expensive than the other two.
Rhodium – Rhodium is used to make catalytic conversions. It is also used as a jewelry material. And, it's relatively cheap compared to other types of precious metals.
Palladium: Palladium has a similarity to platinum but is more rare. It's also more accessible. It's a popular choice for investors who want to add precious metals into their portfolios.
How is gold taxed within a Roth IRA
An investment account's tax is calculated based on the current value of the account, and not on what you paid originally. Any gains made by you after investing $1,000 in a stock or mutual fund are subject to tax.
However, if the money is deposited into a traditional IRA/401(k), the tax on the withdrawal of the money is not applicable. Dividends and capital gains are exempt from tax. Capital gains only apply to investments more than one years old.
The rules that govern these accounts differ from one state to the next. In Maryland, for example, withdrawals must be made within 60 days of reaching the age of 59 1/2 in order to qualify. Massachusetts allows you up to April 1st. New York allows you to wait until age 70 1/2. To avoid penalties, you should plan ahead and take distributions as soon as possible.
Statistics
- If you accidentally make an improper transaction, the IRS will disallow it and count it as a withdrawal, so you would owe income tax on the item's value and, if you are younger than 59 ½, an additional 10% early withdrawal penalty. (forbes.com)
- If you take distributions before hitting 59.5, you'll owe a 10% penalty on the amount withdrawn. (lendedu.com)
- Indeed, several financial advisers interviewed for this article suggest you invest 5 to 15 percent of your portfolio in gold, just in case. (aarp.org)
- Instead, the economy improved, stocks rebounded, and gold plunged, losing 28 percent of its value in 2013. (aarp.org)
- Gold is considered a collectible, and profits from a sale are taxed at a maximum rate of 28 percent. (aarp.org)
External Links
wsj.com
- Saddam Hussein's InvasionHelped Uncage a Bear in 1990 – WSJ
- How do you keep your IRA Gold at Home? It's Not Exactly Legal – WSJ
cftc.gov
finance.yahoo.com
bbb.org
How To
The History of Gold as an Asset
From ancient times to the beginning of the 20th century, gold was used as a currency. It was widely accepted around the world and enjoyed its purity, divisibility and uniformity. Because of its intrinsic value, it was also widely traded. There were different measures and weights for gold, as there was no standard to measure it. For example in England, a pound sterling equals 24 carats. In France, a livre tournois equals 25. Carats of golden. Germany had one mark which equals 28. Carats.
The United States began issuing American coin made up 90% copper, 10% zinc and 0.942 fine-gold in the 1860s. This led to a decline in demand for foreign currencies, which caused their price to increase. This was when the United States started minting large quantities of gold coins. The result? Gold prices began to fall. The U.S. government needed to find a solution to their debt because there was too much money in circulation. They decided to sell some excess gold to Europe in order to do this.
Many European countries began accepting gold in exchange for the dollar because they did not trust it. Many European countries began to use paper money and stopped accepting gold as payment after World War I. The price of gold has risen significantly since then. Even though the price of gold fluctuates, it remains one the best investments you can make.
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By: Sergio Goschenko
Title: Latam Insights: USDT Dominates Brazilian Crypto Market, Bukele's Administration Accused of Embezzlement, and Venezuelan Exchanges Create New Association
Sourced From: news.bitcoin.com/latam-insights-usdt-takes-over-brazil-bukeles-administration-accused-of-embezzlement/
Published Date: Mon, 06 Nov 2023 07:30:29 +0000
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