Gradual Reduction of IOF Rate on Foreign Exchange Transactions

The Tax on Financial Transactions (IOF) is a federal tax provided for in art. 153, item V of the Federal Constitution. Its function is not merely to collect taxes, but to intervene and regulate market situations, which justifies the ease with which its calculation can be modified.

Regulated by Decree no. 6.306/2007, it may be applied to five distinct situations: foreign exchange operations; insurance operations in general; credit operations; bonds and securities; and operations with gold.

Despite the importance of the tax on credit operations, that is, when financial assets are transferred between legal entities, or between individuals and legal entities, we propose here to comment on the recent changes made in the calculation of IOF on foreign exchange operations.

The IOF tax is charged on foreign exchange transactions upon delivery or availability of national or foreign currency, in cash or a document representing cash, and is calculated on the value in Real after conversion. The tax is due on settlement of the exchange operation and may be charged at a rate of up to 25%.

With a view to promoting greater economic integration of the country into the international community, Decree no. 10.997 was published on March 15, 2022, gradually reducing the IOF rates on foreign exchange transactions. The reduction also confirms the adoption of measures aimed at enabling the country to join the OECD (Organisation for Economic Cooperation and Development).

In the case of entry of funds into the country by way of a foreign loan, even through simultaneous operations, registered with the Central Bank of Brazil and with a minimum average term of up to 180 days, the rate has been reduced from 6% to zero, with the reduction being applied immediately.

The new decree has also regulated the gradual reduction of the tax on foreign exchange transactions for the purpose of complying with the obligations of credit and debit card companies or of cards for international use, in the cases specified therein, as well as on the acquisition of foreign currency in travellers checks and for loading prepaid international cards for journeys abroad. In this case, the rates will be reduced to: 5.38% as of January 2, 2023; 4.38% as of January 2, 2024; 3.38% as of January 2, 2025; 2.38% as of January 2, 2026; 1.38% as of January 2, 2027 and 0% as of January 2, 2028.

The 0.38% rate, currently applicable to foreign exchange operations in general, will be reduced to zero as of January 2, 2029, which in practice will result in a reduction to a zero rate for all operations, thereby enabling the country to be more competitive in the international arena.

The Stüssi-Neves team is at your disposal for any further explanation you may require.

Patrícia Giacomin Pádua

Partner in the Tax Area – São Paulo

4 Bitcoin Alternatives for Future Currency Investments

In economic management sciences, investments means longer-term savings. Bitcoin is without a doubt the most famous cryptocurrency across the globe. Created in 2008 as an answer to the growing distrust of the banks, its value has been changing over the years, and as of the moment of writing the article, is over $29000.

This is why so many people dream of turning back time and investing in it, years ago. Nevertheless, for those that weren’t lucky enough, and those that are just starting to invest in cryptocurrencies, thankfully there are many more options out there.

There are thousands of crypto coins you can choose from. Some are based on the first-ever blockchain created, Bitcoin’s blockchain, whereas others use other blockchains. Not all of the crypto coins you will encounter in crypto exchanges are equally as significant and not all of them will succeed. Ethereum is probably the most popular alternative to Bitcoin. However, if you are looking for some other interesting investments, here are four with great potential for growth.

Feathercoin (FTC)

Feathercoin is a refined and updated version of Bitcoin, and one of its popular alternatives. Forked from Litecoin (LTC), FTC is a crypto coin that, like Bitcoin, allows direct transactions without an intermediary. It allows faster confirmation of the transaction, thanks to its algorithm, based on NeoScrypt.

Aside from investing in Feathercoin, if you want to possess this coin, you can also mine it. You can do so with CPUs or GPUs. To mine FTC you also need to find a mining pool. To start mining you must create a wallet, where your work will be rewarded with coins. You can also choose a mining pool because even though the profits may be lower, the probability of profit increases.

Ripple (XRP)

Ripple’s native tokens, called XRP are currently among the most popular Bitcoin alternatives for investment on the market. It was designed to enable fast transactions, but instead of avoiding financial institutions, like banks, completely, it collaborates with them. This way, Ripple allows easier international money transfers, becoming a rival to the most widely used cross-border payment system, the SWIFT system.

By using blockchain technology, Ripple’s payment system, called RippleNet also makes money transfers faster and cheaper. Since more and more financial institutions implement it, its value is expected to grow. It uses a consensus mechanism made of independent nodes, which can process 1500 transactions per second, and ensures confirmation and validation of each transaction within 3 to 5 seconds. XRP can be exchanged for cryptocurrencies, commodities, and fiat currencies.

Celo (CELO)

Currently one of the top 100 cryptocurrencies on the market, CELO is a governance token, which means that as a holder, you can vote on different proposals regarding modifications to the asset allocation or any changes or upgrades to the protocol. It was designed as a utility for the Celo platform. The platform also has a native stable coin, called Celo Dollar (CUSD).

Celo is a Proof-of-Stake blockchain platform. It uses a consensus mechanism performed by nods. Aside from investing, you can also earn CELO. One way to do it is to become a validator. You can also earn CELO through staking, lending, and yield farming. The network is compatible with Ethereum, and it’s open. This means that it allows building new applications, as well as making transactions to other blockchains with smart contracts.

Ravencoin (RVN)

Ravencoin is an open-source project, designed as a fork of the original Bitcoin code. The native token of the Ravencoin platform is called RVN, and it’s sometimes referred to as Bitcoin 3.0. One way in which traders choose a crypto coin in which they want to invest is by learning about the ideals it represents. At the heart of the RVN core values stands the belief that people should be above governments and corporations. The ideals they represent include liberty, anonymity, and healthy free markets.

Unlike mining Bitcoin, which requires expensive equipment and guarantees huge electricity bills, RVN can be mined with USUs. It has a special mining algorithm, which ensures that it can’t be mined with hardware like ASICs. RVN can be used for different purposes. It can represent different types of assets, including shares and virtual goods.

Final Words

These four cryptocurrencies are among the most interesting Bitcoin alternatives at the moment. However, before investing you should investigate more, and learn about the current situation. Also, it’s important to note that investing in any cryptocurrency, even the most popular ones, can be a big risk. Cryptocurrencies are volatile, and although experienced traders and experts can make predictions based on past behaviours, it’s quite hard, if not impossible, to know for sure what will happen. This is why you should always invest cautiously, and don’t spend more money than you can afford to lose.

An Analysis Of 12 Payments Platform Strategies – Here’s What We Learned

Whether your business is a brick-and-mortar store or an e-commerce platform, developing a payment processing strategy may not be as easy as it sounds. With hundreds of payment processing services out there, choosing the one that’s best for your business and customers may be challenging.

Here’s an analysis of 12 payment processing strategies.


IRIS CRM is a cloud-based payment processing platform handling payments that you can access via a secure website. With over 50 integrations, IRIS CRM provides a robust collection of tools enabling payment processing organisations to conquer marketing and retention. Employees can quickly adopt the software and offer services incorporating API integration, and it eliminates the need for a business to invest in multiple systems.


At about $35.3 billion, stripe offers an API that web developers and merchants use to incorporate payment processing services into their sites. The company has various cost-free services, like refunds, and merchants can easily update their payment platforms with a few code lines. The downside is that it takes two business days for merchants to deposit money into accounts successfully.


Helcim can be suitable for small businesses because it is easy to set up, offers high volume discounts, and has straightforward interchange-plus pricing. Payments may be made via in-person or keyed and online payments. In-person payments consist of 0.3% interchange-plus and 8 cents/transactions for companies having $25,000 or less monthly card sales. Keyed and online include a 0.5% interchange-plus and 25 cents/transaction for companies dealing with $25,000 or less monthly card sales. With Helcim, there are no PCI compliance or setup fees, monthly subscription costs for merchant account providers, and merchants can cancel the service anytime without penalties.


As a payment processor, Ingenico is preferred by companies prioritising in-store payments as it’s a top provider in dealing with in-store card payments. Currently, Ingenico provides various payment services covering online and in-store mobile channels.


Founded in 2006 and with famous merchants like Spotify and Facebook, Adyen offers e-commerce firms a payment platform consisting of risk management, gateway, and front-end processing services. The company’s services are used in over 200 countries and enable payment in any medium across 100 various payment mechanisms.


Clover offers payment processing services and POS hardware and software services. In clover, pricing depends on the preferred software plan with in-person and keyed-in transactions. In-person transactions have a monthly fee ranging between 2.3% and 2.6% plus 10 cents, depending on the program. On the other hand, keyed-in transactions have a monthly cost of 3.5% plus 10 cents, depending on the chosen plan. Although clover is relatively affordable and convenient, the software plans have a monthly fee for various POS terminals used.


Fiserv is among the most prominent 2019 fintech tie-ups and offers services including technology, payment processing, and debit and credit card transactions. With over 12,000 financial institution clients, the company provides various technology solutions to merchants, banks, and other businesses.


This company’s billing and payment processing services are ideal for small business owners, companies, and freelancers. The billing and payment process services include project management, time tracking, and invoicing options, with the latter two features being in over 100 languages, tax systems, currencies, and international card processing.

Payline Data

Payline Data accepts various online, in-store, and mobile app payments. Moreover, this payment processor offers merchants cash advances, QuickBooks integration, customer insights, and an interchange-plus pricing structure without a reversal fee. Payline Data also has excellent customer service anytime you need help.


Founded in 2011, BitPay is among the most significant bitcoin payment providers worldwide. The company transacts more than $1 million every day, where users convert bitcoin into their preferred currencies. There are nine currencies in 38 countries to choose from, reducing volatility. BitPay works with Merchant Acquirers, PayPal, Alternet Systems, and Global Payments.


With Square, you can accept payment anywhere in the world. That’s so because of its innovative features like contactless + chip reader, magstripe reader, and stand, which convert the mobile device into an exceptional and unparalleled payment processor. Square is also custom-tailored, offering solutions for several business types like beauty, transportation, restaurants, and professional service companies.

PayPal is among the most popular payment processing services suiting businesses. When you integrate PayPal into your business, your customers can make transactions using their PayPal account number without displaying their debit or credit card details.

Many businesses have shifted from checks and cash payments to digital payments. This shift has seen many business models adopting new and advanced payment technologies. With numerous payment processing companies, it’s best to choose affordable, feature-rich software that aligns with your business goals and objectives.


PayPal is among the most popular payment processing services suiting businesses. When you integrate PayPal into your business, your customers can make transactions using their PayPal account number without displaying their debit or credit card details.

Many businesses have shifted from checks and cash payments to digital payments. This shift has seen many business models adopting new and advanced payment technologies. With numerous payment processing companies, it’s best to choose affordable, feature-rich software that aligns with your business goals and objectives.

How Can Modern Technology Speed Up Payments in Real Time?

Modern technology is here! We live in a fast-paced world where everything is done at the speed of light. People want to know what they can do now, and how it will affect them later. This is why we need to use modern technology to improve our lives and make life easier for everyone involved.

In this post, you’ll learn how you can make payments in real-time with a few easy steps.

Point Of Sale Systems

The use of point of sale (POS) systems has revolutionised the payment process for retailers. A POS system allows customers to pay for their purchases immediately, which speeds up the checkout process and eliminates the need for a cash register. Additionally, when using a POS system, customers can make purchases using their mobile devices, which allows them to pay for goods and services without having to carry cash or credit cards. Smartphones typically use Near Field Communication (NFC) technology that communicates with the POS system wirelessly, alternatively, some retailers allow shoppers to swipe a barcode displayed on their phone screen at checkout.

Payment Processing Service

When it comes to payment processing, PayPal is one of the most well-known and trusted names in the business. In addition to its online presence, PayPal also has a mobile app that makes it easy for customers to make payments on the go. This combination of convenience and security has made PayPal a popular choice for businesses of all sizes. There are several ways that PayPal can speed up the payment process.

First, clients don’t need to input their credit card information each time they make a purchase, they simply enter their username and password into the app, which is much more secure than typing in your credit card number every single time you want to pay for something online. Second, PayPal allows businesses to keep track of their sales and invoices in one place, which makes it easier to manage your finances. Finally, PayPal offers a variety of different payment options including credit cards, debit cards, bank transfers, and even e-checks. This flexibility is another reason why so many businesses prefer PayPal for their payment processing needs.

Online Banking

The use of technology has revolutionised the way people bank. You can now access your account information, make transactions and even receive payments without having to go through a physical bank branch. This means that you can conduct all your banking activities from the comfort of your home or office. In addition, online banking is often free of charge.

This type of banking offers several benefits, such as the ability to manage your finances from anywhere and anytime through various devices. In addition, you can get real-time account updates so that you can monitor every transaction being made within your accounts whether it is an in-store purchase or online payment processed by the bank. Another advantage is that you can sign up for alerts that warn you when a transaction has been made or an account balance falls below a certain level. This allows you to stay in control and avoids the accounts being overdrawn due to non-sufficient funds (NSF). In addition, online banking makes it possible for you to transfer money between accounts, pay bills online and set up direct deposits.

Blockchain Technology for Real Time Payments

Blockchain technology can improve the security of money transfers by using end-to-end encryption on each transaction. Each new block that’s added also contains a hash pointer, which links back to the previous block, creating an irreversible chain of data blocks with no possibility of being edited or changed once they’re in place. This makes it an ideal choice for real-time payments where security is a top priority.

In addition, blockchain technology can help to speed up the payment process by eliminating the need for third-party verification. Transactions are verified and processed through a network of nodes that work together to create and maintain the blockchain, so there is no need for an intermediary. This reduces the time and cost of payment processing while increasing transparency and security. Blockchain technology is still in its early stages, but it has the potential to revolutionise the payment processing industry. Businesses that want to stay ahead of the curve should start investigating how they can use blockchain technology to improve their payments process.

Businesses are constantly looking for ways to improve the customer experience. If you’re in retail, your customers want their shopping experiences to be as convenient and easy as possible. One of the areas that are changed over time is how quickly payments are processed after a sale has been made. We hope we provided some insights into how modern technology can speed up the payment process in real-time.

GEMXX Corporation Releases Ammolite-Backed Cryptocurrency Token

LAS VEGAS, NV, November 30, 2021 – McapMediaWireGEMXX Corporation (OTC Pink: GEMZ) is pleased to announce the launch of the world’s first Ammolite Cryptocurrency Token (AMML). TODAY the company is releasing the token in limited supply with only 1,388,000 tokens available in 2021.

Ammolite Cryptocurrency Token

Ammolite Cryptocurrency Token

In addition, the team has completed development and testing of the ‘GEMXX Wallet’ that will manage the sale and transactions using the token on iOS and Android platforms. The GEMXX token is available for purchase through the GEMXX wallet.  Direct links to the iOS and Android application can be found at The token website will be the go-to knowledge base for all information concerning the GEMXX Wallet and GEMXX Ammolite token (AMML).

Ammolite Cryptocurrency Token

Ammolite Cryptocurrency Token

Wallet and currency developer, Core State Holdings, Corp. (CSHC) has also confirmed that the GEMXX Wallet applications are completed and available for download TODAY on iOS and Android devices through their respective App stores.

Key features of the ‘GEMXX Wallet’.

  1. Easy to set up
  2. Quick transactions
  3. Very secure
  4. Multiple ways to send crypto

With the website and wallet complete, the company is very pleased to introduce the world’s first Ammolite-backed crypto currency token, the only currency to be pegged to the current GEMXX wholesale market price of Ammolite and backed by Ammolite gemstone resources.

“The launch of this Token is good for GEMXX, but it is also good for the entire Ammolite industry. Offering Ammolite in digital form may be as significant to Ammolite as the gemstone receiving official gem status in 1981, and we are pleased to bring it to market” says Jay Maull, GEMXX President and Chief Executive Officer.

The unique Ammolite backed crypto currency token has stable coin properties due to being pegged to the wholesale value of Ammolite gemstone. Strategically positioned as a revenue diversification and awareness project for the company, the GEMXX Ammolite token will create liquidity and monetise Ammolite resource holdings, funding corporate growth and future large scale Ammolite production.


GEMXX is a public traded, mine to market gemstone and jewellery producer that owns mining resources, production facilities, and operating assets. The company controls each stage of its operations including gemstone production, jewellery manufacturing and global distribution. The management team is made up of the industry’s leading experts with a combined total of 160 years of Ammolite gemstone and jewellery business experience. The teams’ experience covers every aspect of the Ammolite business ensuring maximum control of the company’s product development, quality control and profits. GEMXX produces more top quality finished Ammolite than any Ammolite producer and the management team is proud of the environmental stewardship used as the company sets the standard in quality and customer service, providing exquisite fine jewellery and extremely rare, natural décor pieces to customers around the world.

Ammolite Cryptocurrency Token

Ammolite Cryptocurrency Token


Core State Holdings, Corp. is a Canadian software development company that is primarily focused on the blockchain and crypto field. The company designed and developed the crypto currency wallet called PTPWallet, and through extensive research, it is considered to be one of the most advanced wallets available in the crypto sector today. Since 2019, the PTPWallet platform has seen over 2,081,100 accounts created, with over 43,223,700 transactions processed. PTPWallet operates with many private and public entities, with a large demand for the platform shown by medium and large-sized businesses. Since launch in February of 2019, the platform’s advanced security has never been compromised. The key features and benefits of the PTPWallet are: instant transactions, anonymous internal transactions, loyalty and referral programs, strong infrastructure, and ease of use.

Ammolite Cryptocurrency Token

Ammolite Cryptocurrency Token


This press release contains forward-looking statements that can be identified by terminology such as “believes,” “expects,” “potential,” “plans,” “suggests,” “may,” “should,” “could,” “intends,” or similar expressions. Many forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results to be materially different from any future results implied by such statements. These factors include, but are not limited to, our ability to continue to enhance our products and systems to address industry changes, our ability to expand our customer base and retain existing customers, our ability to effectively compete in our market segment, the lack of public information on our company, our ability to raise sufficient capital to fund our business, operations, our ability to continue as a going concern, and a limited public market for our common stock, among other risks. Many factors are difficult to predict accurately and are generally beyond the company’s control. Forward-looking statements speak only as to the date they are made, and we do not undertake to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements are made.

For more information, press only:

GEMXX Corporation

GEMXX Corporation

GEMXX Corporation

Contact: Kim Halvorson

China Enforces Nationwide Ban on Any and All Crypto Transactions

China, officially the People’s Republic of China, is a country in East Asia. It is the world’s most populous country, with a population of more than 1.4 billion. China spans five geographical time zones and borders 14 countries, the second most of any country in the world after Russia.

China has officially banned all cryptocurrency transactions and vowed to stop crypto mining, delivering the toughest blow yet to the industry.

Cryptocurrency transactions are now considered illicit financial activity in China, including services provided by offshore exchanges, the People’s Bank of China has said. The PBC added that crypto, including Bitcoin and Ethereum, are not fiat currency and cannot be circulated.

Bitcoin slumped in the wake of the news, falling 8% to about £30000.

Chinese officials are going further to stamp out cryptocurrency trading for its ties to fraud, money laundering and excessive energy usage. China already has rules that stops banks from offering cryptocurrency related services. To get around such rules, traders have moved to digital platforms and offshore exchanges.

Cryptocurrency mining’s massive energy consumption is another reason why the industry is coming under attack. In a separate statement, China’s economic planning agency said it’s an urgent task to stop cryptocurrency mining and the crackdown is important to meet carbon goals.

China is facing a power crisis that’s already curbed commodities from aluminium to steel, and several industries have seen their power supplies restrained in recent weeks.

China is home to a large concentration of cryptocurrency miners and as recently as April had a 46% share of the global hash rate, a measure of computing power used in mining and processing, according to the Cambridge Bitcoin Electricity Consumption Index.

China’s crackdown against cryptocurrency mining and trading activity started in May 2021. That was the first time they had singled out cryptocurrency mining at the national level since dropping it in 2019 from a proposed list of dirty industries to be eliminated.

The announcement caused a collapse in cryptocurrency prices, with Bitcoin losing about half its value between April and July this year. While the market has since gained stability, it’s still far below the all-time high of £46000.