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Cryptocurrencies now valid payment options in Brazil

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Brazil has become the latest country to recognise cryptocurrencies as a valid payment option

The law behind this move has been recently approved.

Former President Jair Bolsonaro officially signed the bill into law before losing the general election, exiting as leader late last year.

The law creates a comprehensive set of regulations for the utilisation and exchange of cryptocurrencies, such as Bitcoin.

Banco do Brasil, one of the oldest banks in the country, will now allow citizens to make tax payments in cryptocurrencies.

The bank has also partnered up with Bitfy, a blockchain FinTech firm, to make this happen in Brazil.

“The service allows partners (financial institutions, FinTechs, among others) to offer the payment solution for tax bills, fees, and obligations to their customers, using the agreements signed by BB with entities and concessionaires of public services,” Bitfy CEO Lucas Schoch said in a statement.

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Sam Bankman-Fried accused of conspiring to bribe Chinese officials

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The charge is added to his list of indictments since the collapse of FTX

The founder of now bankrupt crypto exchange FTX was accused by Manhattan federal prosecutors on Tuesday of conspiring to bribe Chinese government officials with $40 million worth of payments.

The new charge adds pressure on the 31-year-old former billionaire, who now faces a 13-count indictment over the November collapse of FTX.

Prosecutors had previously accused Bankman-Fried of stealing billions of dollars in customer funds to plug losses at his Alameda Research hedge fund, and orchestrating an illegal campaign donation scheme to buy influence in Washington.

He has pleaded not guilty to eight of the 12 prior counts he faces.

The latest indictment accuses Bankman-Fried of ordering a $40 million cryptocurrency payment to a private wallet from Alameda’s main trading account, to persuade Chinese authorities to unfreeze Alameda accounts with more than $1 billion of cryptocurrency.

A spokesman for Bankman-Fried declined to comment. China’s foreign ministry could not immediately be reached for comment after business hours in Beijing. The Chinese embassy in Washington, D.C. did not immediately respond to a request for comment.

Bankman-Fried – who has been confined to his parents’ Palo Alto, California, home ahead of his October trial – is expected to be arraigned Thursday on the latest charge.

The judge on Tuesday also approved modifications to Bankman-Fried’s $250 million bail package, which include the use of a cell phone without internet connection and a laptop with limited functions.

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Celebrities busted over illegal crypto scheme

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Agreements have been settled without admitting guilt

 
Eight celebrities have been busted over allegations they’ve been participating in an illegal crypto scheme.

The stars, including Lindsay Lohan, Logan Paul and Soulja Boy, were all charged following an investigation by the U.S. Securities and Exchange Commission.

Lohan and Paul have reportedly settled the matter without admitting guilt.

But, regardless, it’s just another bad look for the already embattled crypto industry.

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Crypto fugitive Do Kwon arrested in Montenegro

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He was carrying falsified documents at an airport

One of the world’s most wanted crypto fugitives has been arrested in Montenegro.

It’s a long way from home for South Korean entrepreneur Do Kwon, who’s accused of orchestrating a multi-billion-dollar fraud scheme.

Kwon was connected to the TerraUSD stablecoin, which saw $40 billion erased from its holders.

He was reportedly arrested at an airport after carrying falsified documents.

It follows a red notice being issued by South Korea last September.

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