Furthermore as a store of value, virtual currencies

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Highly speculative, despite the investment market in the sector occupying a relevant space in the current economy. According to data from the Federal Revenue, there has been a significant increase in the cryptoactive market in the country in recent years. The finance body revealed that in 2017 exchange customers surpassed the number of users registered on the São Paulo Stock Exchange  [4] . However, as a means of exchange, cryptocurrencies increasingly fulfill a social monetary function. The possibility of using cryptocurrencies as payment in buying and selling operations is already plausible in the current market reality.


Companies in the sector are looking for solutions to implement the solution: such as Visa, which announced, in September 2021, the development of a system that seeks to facilitate the payment and receipt of amounts in cryptocurrencies, stablecoins and digital currencies from Central Banks  . The creation of the "Crypto.com Coin" prepaid card , from the cryptocurrency exchange Crypto.com, makes it possible Belgium Phone Number Data to pay for goods and services in digital currencies at any establishment that accepts the Visa brand. The conversion to fiat currencies is automatic, so the establishment already receives reais . It can be said that bitcoin as a means of payment, works, in practice, in a very similar way to fiat currencies.



Hence why, colloquially, it would be a form of money, with the difference in relation to officially regulated fiat currencies being that it is purely digital and is not issued by any government . In the current scenario in most countries, virtual currencies are not treated as equivalent to fiat currencies. In Brazil, what has been positive in the legal system appears to be insufficient to conclude the direction that the country will take on the matter. However, the rules already regulated by Brazilian tax authorities regarding taxes that fall on activities involving these digital assets attribute to these currencies a treatment equivalent to that of an asset, and not to that of a currency, means of payment or movable asset, since they are taxed as capital gains by Income Tax, unlike what would occur if the fiduciary nature of cryptocurrencies were identified.