Daily Archives: April 16, 2022

The Brazilian Congress is trying to approve a cryptocurrency legal framework before the end of Q2. According to reports from local media, The proponents of the different law projects presented in the Senate and the Congress have stated they will seek the unification of the projects due to their similarity. This new unified project presents incentives for green mining and the inclusion of crypto-related fraud as a crime.

Brazilian Congress Moves Gears to Approve Crypto Laws

The Brazilian Congress has the disposition of approving a definitive law to regulate cryptocurrency before Q2 ends. According to local media, the rapporteurs of two different proposals seeking to regulate crypto interactions in the country will combine these two documents to present a unified version of them. Senators Iraja Abreu and Deputy Aureo Ribeiro will prepare this text, which will be on track for approval later this month.

Abreu has already combined three proposals, and he will ask the Senate for these two new proposals (one in the Chamber of Deputies and one in the Senate) to be processed and approved jointly. Abreu stated:

I’m doing everything in contact with the Chamber’s rapporteur, who did a very good job. The Central Bank’s technical team has also been very helpful. The texts are similar and will converge into one.

The senator believes that with a clear and established cryptocurrency legal framework adapted to the recommendations of the Financial Action Task Force (FATF), this sector will be more investor-friendly for those interested in Brazil. He explained:

There is a market demand for a safer business environment and the need for criminal classification to avoid fraud, in addition to adjusting Brazil to international agreements.

Motivation and New Features

One of the biggest motivations behind this law is the sheer amount of fraudulent activity associated with cryptocurrency. According to reports, the cryptocurrency markets move around R$130 billion annually (around $27.6 billion), with R$6.5 billion reals linked to fraudulent activity (around $1.38 billion).

In fact, this project aims to include the definition of cryptocurrency-related fraud in the Brazilian penal code, which will carry penalties that go from four to eight years of prison time depending on the severity of the crime.

The project also gives special importance to mining, including incentives for green mining projects. This means that mining projects that adopt green energy alternatives will enjoy tax benefits. Abreu stated:

Brazil can become the new green mining mecca. That is the objective.

What do you think about the cryptocurrency law project that will be presented in Brazil? Tell us in the comments section below.

Sergio Goschenko

Sergio is a cryptocurrency journalist based in Venezuela. He describes himself as late to the game, entering the cryptosphere when the price rise happened during December 2017. Having a computer engineering background, living in Venezuela, and being impacted by the cryptocurrency boom at a social level, he offers a different point of view about crypto success and how it helps the unbanked and underserved.

Image Credits: Shutterstock, Pixabay, Wiki Commons

It’s an interesting time for crypto. As more and more institutional investors buy into Bitcoin (BTC), Ethereum (ETH) and other cryptocurrencies, there might be some investors wondering if they have missed the boat, especially as the dizzying market heights of 2021 gave way to the sobering slump at the start of 2022.

In its earlier days, cryptocurrency was famous for creating Bitcoin billionaires from young, free-thinking individuals who didn’t come from traditionally wealthy backgrounds. Now that crypto can be said to be going mainstream, has crypto wealth become the preserve of the besuited financial magnates that Bitcoin once tried to defy? The evidence doesn’t seem to bear this out. In fact, the biggest crypto influencers of today are still inspirational and come from a range of backgrounds, ages and countries. Let’s take a look at some of the most inspiring crypto influencers in the field right now.

Carl ‘The Moon’ Runefelt – from bagging to balling

Carl Runefelt, better known by his social media handle ‘The Moon’, is one of the most popular current crypto influencers, with over 500K subscribers on YouTube and more than one million followers on Twitter.

Runefelt is notoriously bullish on Bitcoin and has made a considerable amount of money on the original cryptocurrency. He isn’t shy of flaunting his wealth, either, snapping up rare NFTs for millions of dollars and showing off his new Bugatti (bought with ETH trading profits) to his followers while the market was crashing at the end of 2021. But doesn’t Runefelt have a right to be proud of his wealth? After all, he came from humble beginnings and has said in interviews that he wanted to inspire his followers to achieve the same.

Before getting into crypto, Runefelt actually worked at a groceries store in his home country of Sweden. At 22, the young grocery worker was bored and frustrated with life and his career prospects. He started investing his savings in gold and precious metals but became disillusioned by the corruption and inefficiency of the banking system. Seeing a crypto video on YouTube inspired him to invest in crypto and start his own YouTube channel in 2017.

Runefelt’s crypto investments were a success, and so was his channel ‘The Moon’. By investing, trading and giving advice on the same to his followers, Runefelt completely changed his life. He credits the Law of Attraction and the power of visualization as key parts of his journey to the lavish lifestyle that he enjoys today.

Runefelt now lives in the playboy paradise of Dubai and continues to be active in crypto and NFTs, as well as promoting his own payment app, Kasta. Despite expanding into other areas of the crypto industry, the Swedish rags-to-riches star is still bullish on the original cryptocurrency, claiming that BTC will never go back down below $10,000 and may even reach $200K in the next three years.

Hold on to your dreams – crypto stars are still being made

 The story of Runefelt, who managed to turn his life around completely in his twenties, is an inspiration to crypto traders today, and the crypto world continues to be a way for people to make money outside of the traditional track to wealth.

While many famous investors do study at elite colleges, Ethereum founder Vitalik Buterin famously dropped out of university to focus on crypto. In 2012, a 12-year-old Eric Finman spent a family gift of $1,000 buying Bitcoin at prices ranging from $10 to $12, trades that made him a millionaire by 18 and even richer today.

The volatility of altcoins still presents an opportunity for such huge returns today, with new crypto influencers emerging from humble backgrounds all the time. Rachel Siegel was a struggling substitute teacher. At 29 and without any tech knowledge, she started investing around $25 a week into crypto and turned that into a seven-figure return, homeownership and a new career as a crypto influencer under the handle @CryptoFinally.

Kane Ellis was only 18 and a high school dropout when he learned how to mine cryptocurrency and used those Bitcoin earnings over the years to found the online auto marketplace Carswap, as well as to buy a fleet of exotic cars for himself (unlike, Runefelt, he prefers a Maserati).

These are just two more examples of crypto fans who struck it rich and built well-known profiles on top of that. Don’t forget all of those who make money but decide to avoid the spotlight and live less public lives. The truth is, the majority of wealthy crypto traders are ones you never hear about but are focusing on their own lives.

Access to crypto wealth has never been easier

The main reason crypto is still a great tool for building wealth is that almost anyone with a smartphone and internet connection can access the market these days, and this empowers a great part of the population that did not have access to traditional wealth-building products.

StormGain remains the best all-in-one platform for crypto trading and investments, with over 60 digital assets to trade, including cryptocurrencies, indices, DeFi, metaverse tokens and more, in one easy-to-use app you can access from your smartphone or the web. With a low-commission, profit-sharing trading model and extensive suite of educational articles and videos, StormGain is one of the best entry points into crypto for new traders. The platform is also offering a +20% deposit bonus boost for new users till April 25, 2022.

Three African countries — namely Cameroon, the Democratic Republic of Congo (DRC), and the Republic of Congo — are reportedly planning to adopt cryptocurrency and blockchain solutions powered by The Open Network (TON). Separately, Cameroon is considering issuing a national stablecoin that is based on the same blockchain network.

Phased Adoption of the Solutions

The Democratic Republic of Congo (DRC) is reportedly considering issuing a national stablecoin that is built on blockchain, a statement released by The Open Network (TON) has said. In addition, the DRC, along with Cameroon and the Republic of Congo, are planning to adopt cryptocurrency and blockchain-based solutions powered by the TON.

According to TON’s statement, the announcement of the blockchain entity’s plan to deliver these solutions follows its successful engagements with each of the three countries. Adoption of TON’s crypto and blockchain solutions by the three countries will be phased, the statement suggested.

Democratizing the Financial System

Commenting on the possibilities of his country’s potential partnership with TON, the Republic of Congo’s Minister for Posts, Telecommunications and the Digital Economy, Léon Juste Ibombo, said:

The Republic of the Congo has been on this path for a number of years, having encouraged and witnessed the widespread adoption of mobile payments across the country. This is the next step in that journey and we believe that TON is the right partner to facilitate this. This will be an invaluable, practical instrument for the growth and creation of wealth, both for the government and our people alike.

Echoing similar sentiments, Ibombo’s counterpart from the DRC, Désiré Cashmir Eberande Kolongele, spoke of his country’s pride in taking this step. He said the issuing of the stablecoin democratizes “access to our financial system for millions of unbanked and underbanked citizens.”

For his part, the Cameroonian Minister of Posts and Telecommunication, Minette Libom Li Likeng, said: “The partnership with TON can play a fundamental role in the digital ecosystem of Cameroon for boosting the payment solutions and financial inclusion via CAMPOST, the public postal operator.”

What are your thoughts on this story? Tell us what you think in the comments section below.

Terence Zimwara

Terence Zimwara is a Zimbabwe award-winning journalist, author and writer. He has written extensively about the economic troubles of some African countries as well as how digital currencies can provide Africans with an escape route.