The era of tax-free international payments using cryptocurrencies in Brazil is coming to an end. Confidential government discussions are focused on imposing the country’s financial transaction tax on cross-border crypto transfers, sources told Reuters.
This directly targets the primary use case for stablecoins in Brazil’s booming crypto market, which has been largely driven by their utility as a low-cost method for holding and transferring US dollars.
The change is framed as closing a loophole but will also provide a new stream of public revenue.
