According to reports, a new proposal by the Brazilian Congress calls for tax exemption for imported encrypted mining equipment and any mining activities that use renewable energy. Congress also heard proposals to treat cryptocurrencies as currencies rather than commodities. If the proposal is passed, crypto exchanges will provide financial services and grant loans to Brazilian residents. Senator Irajá Silvestre Filho presented three proposals to Congress. It is not clear how much support these proposals receive in the legislature, but the Brazilian crypto community has received much support. Ray Nasser, CEO of Arthur Mining, said that if Brazil passes a tax exemption proposal for crypto miners, it may become a global "mining mecca."