Last week we reported on Brazil’s crypto industry making progress in self-regulatory efforts, and this week we’re returning to Brazil to share government news from Brazil’s central bank. President of the Brazilian Central Bank, Roberto Campos Neto noticed that efforts are underway to modernize the Brazilian banking system, including investing in an instant payment system, as well as efforts to create an open banking system in the country.
President Neto describes these developments as ingredients that cumulatively lead to the launch of a central bank digital currency in 2022.
This is noteworthy for several reasons: Central banks globally are innovating, embracing technology and rethinking the way they do business. Similarly, the private sector and the crypto industry are also innovating, maturing and growing. Combined, government and industry are truly revolutionizing financial services for the digital world.
When both government and industry innovate in tandem, change and impact are inevitable. We will continue to monitor developments in Brazil to see how the country is maximizing the growing opportunities for public-private initiatives.
Swiss authorities in the canton of Zug accept payment of taxes on cryptocurrencies
The tax administration in the canton of Zug, one of the member states of the Swiss confederation, has announced a collaboration between Bitcoin Suisse and the government that will allow individuals and companies to pay taxes using bitcoin and ether.
This is an exciting development, but also expected in Zug, which is home to an above-average number of companies from the crypto industry”. A pilot program is being launched that will enable settlement of up to CHF 100,000. Individuals and legal entities who want to pay cryptoassets must submit a request for a QR code from the tax administration.
Other Swiss cities and municipalities such as Zermatt and Chiasso also accept but payment with cryptoassets. Leading the way to simplified tax payment and diversification of tax payment options.
The chairman of the US Senate Banking Committee writes to the OCC about cryptocurrencies and payments
Sent by Senator Mike Crapo (Idaho), chairman of the US Senate Banking Committee a letter in the OCC “encouraging it to develop rules of the road for the use of cryptocurrencies and/or distributed ledger technology (DLT) in payments for national banks”.
The letter, addressed to Acting Comptroller of the Currency Brian Brooks, asks for an update on the OCC’s findings and the next steps it plans to take with the technology.
We have been following the development of the OCC closely and look forward to learning what the OCC plans to do. The future is bright with innovation!
US Department of Justice seeks to seize $400 million from convicted OneCoin money launderer and crypto Ponzi schemer
Last November, Mark Scott, OneCoin’s attorney, was convicted of defrauding and laundering $400 million in the largest crypto Ponzi scheme to date. The US Department of Justice is now working to recover that amount and confiscate the funds laundered between 2015-2018. and issued a judgment of confiscation of the money.
The laundered funds were channeled through a series of shell corporations linked to OneCoin and then transferred as loans to various bank accounts. The Justice Department wants to freeze Scott’s assets, including beach villas, sports cars, jewelry, watches and a yacht, until he forfeits the $400 million laundered for OneCoin.
The Department of Justice and other agencies continue to actively enforce and pursue justice in numerous cases involving cryptocurrencies, ultimately securing the ecosystem and ensuring that regulations, controls, and enforcement work hand in hand.
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