Cryptocurrency News

Brazil Sets the Stage for Legalizing Bitcoin Payments

By October 6, 2021 No Comments

Brazil is the latest on the growing list of countries that are hastily drafting new legislation that would regulate the cryptocurrency industry and allow its citizens to reap the benefits of blockchain-based currencies.

Key takeaways:

  • When talking with local media on Tuesday, Brazil’s federal deputy Aurreo Ribeiro stated that there is a good chance that Bitcoin could be legalized and thus approved as a legal payment method in the near future. 
  • If the new cryptocurrency law, titled Bill 2.303/15 receives the necessary support from the Chamber of Deputies, Brazilians could soon be able to “buy a house, a car, go to McDonald’s to buy a hamburger,” according to Ribeiro.
  • If passed, the bill would set the legal foundations for the creation of a special government agency that would oversee Bitcoin transactions and have a final say about where and how BTC can be used.
  • Ribeiro also added that the country’s Central Bank and Securities and Exchange Commission of Brazil (CVM) have already begun analyzing the possibilities of BTC being used as the nationwide payment method.
  • Over the course of the year, Bitcoin has piqued the interest of many countries across the world. Most notable was El Salvador’s adoption of BTC as legal tender on September 7.
  • Ukraine has recently approved crypto-friendly legislation, which the Eastern European country hopes will boost its economic prospects and attract foreign blockchain businesses to set up shop within the nation’s borders.
  • Yesterday, BTC managed to break the $50,000 level after a month of turbulent market action. At the moment, the world’s largest crypto accounts for a 43% share of the $2.2 trillion crypto market.