The burgeoning cryptocurrency scene in Brazil has taken an interesting turn as BTG Pactual, a major investment bank based in the country, recently acquired Bitcoin-friendly brokerage, Orama DTVM, in a bid to expand its digital operations. The 500 million Brazilian reais ($98.7 million) acquisition is expected to offer more investment opportunities and bolster the bank’s digital expansion strategy.
In this game-changing merger, over 360,000 of Orama’s customers will gain access to BTG’s platform. A characteristic move, this is but one in the line of crypto-related ventures that BTG Pactual has shown interest in over the years, including launching crypto trading services for its customers. It has also revealed plans to launch its own stablecoin, BTG Dol, pegged to the U.S. dollar on a 1:1 ratio.
Meanwhile, in Kazakhstan, the nation’s growing reputation as a significant player in the Bitcoin mining industry faces a major disruption. The threat comes in the guise of high energy taxes that the government has introduced specifically for crypto miners. These have unsurprisingly led major industry entities to suspend their activities, potentially threatening the stability and growth of the industry in the nation.
Without a faltering doubt, the Bitcoin mining industry holds potential consequences for the country’s power grid, leading to national frustration. However, the high energy taxes have resulted in a blow to the industry’s development, pushing it to the point where it may lose its standing among leaders like the United States, Russia, and China.
It now stands teetering on the brink of extinction. In fact, despite taxation, the cost of energy for miners within Kazakhstan remains lower than in the United States, underscoring the distinct pressures the new high energy taxes bring upon the country’s crypto mining industry.
The contrast of these two scenarios illuminates key indicators of a shifting blockchain landscape. While some institutions, like BTG Pactual, are making strategic acquisitions to harness the potential of digital assets, other jurisdictions face critical decisions in managing the resources needed to support blockchain infrastructures. These events are likely to play pivotal roles in determining the trajectory and shape of the industry in their respective regions.
Source: Cointelegraph
