Brazil to suspend local Bitcoin mining investments

Brazil’s Securities and Exchange Commission (CVM) will suspend securities for local Bitcoin mining investments, after HashBrasil pitched to investors without authorisation.

The agency wrote in a statement: “The [Authority] has identified that the company and the individual mentioned above are publicly offering… an investment opportunity related to quotas in [a] Bitcoin mining investment group, using appeal to the public for the conclusion of contracts that may be included in the legal concept of security.”

HashBrasil could be fined the equivalent of $1,500 per day if it fails to obey the suspension, reports CoinDesk.

In a statement it said: “We will be informing the measures that will be taken by us to defend and preserve the interests of our customers, always in a regular and legal way.”