Brazil Takes First Step to Regulate Bit Coin

The brazilian senate's economic affairs committee approved a bill on t Tuesday to acknowledge and regulate the bitcoin and crypto currency markets in the country. The bill also provisions tax incentives for the bitcoin mining industry. Business entities that acquire hardware and software for the processing, mining and preservation of bitcoin would be exempt from import taxes as well as from some transaction taxes that affect local sales. Only businesses that exclusively use renewable energy sources and are carbon neutral would be eligible for the tax incentives. Represents an initial step for a bill that attempts to create ground rules for the day to day usage of bitcoin in financial transactions and as an investment asset.