Cryptocurrency has an interesting relationship with this country. On the one hand, they seem very invested in using it to better their economy and their citizen's lives. The government has supported a blockchain initiative to increase the transparency of voting procedures so petitions can be better presented to Congress for voting.

The largest bank in the country has also become the first big banking partner of a blockchain company in order to better serve their customers with an innovative cross-border remittance system which functions using cryptocurrencies. (This same bank has also denied bank accounts to exchanges.)

On the other hand, heir former president was also jailed for a money laundering operation where he funneled his ill-gotten gains into cryptocurrencies. Despite this national upset, it seems that the country itself has not lost faith in cryptocurrencies, and Brazil cryptocurrency regulation is virtually nonexistent as of now.

However, despite their welcoming nature for the blockchain, it seems that there may be some issues with other activities involving crypto. There's actually an active proposal to ban all activities which involved buying, selling or mining coins, and that's pretty scary.