Adoption of Cryptos: Bitcoin, Legal Means of Payment in Brazil?
Is bitcoin ready to samba? – Has Brazil seriously considered legalizing Bitcoin (BTC) as a currency? Whatever the case may be, the Brazilian House of Representatives has now accepted a crypto bill that had previously been approved by the Senate in April 2022. A signature from the president is all that’s missing.
The Brazilian Congress Approved a Bitcoin Law
Currently, a law known as Project, also known as PL 4401/2021 (formerly PL 2303/2015), is being implemented in Brazil. Either way, he made it through the South American country’s parliamentary process without a hitch.
Just recently, the Camara dos Deputados approved a bill that had been approved by the Senate in April. This bill is favorable to Bitcoin and its peers (the Chamber of Deputies of Brazil). This bill would put digital currencies within the purview of the Brazilian Central Bank as “payment terms.”
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We support cryptocurrency transactions, but Bitcoin is not a legitimate currency.
On November 29, 2022, the Chamber of Deputies will unquestionably vote to pass this legislation. Thus, it will make it possible to use cryptocurrencies to buy products and services legally in Brazil.
In contrast to El Salvador, however, bitcoin and other digital assets are not recognized as legal tender under this law. Bitcoin (BTC) is on par with the U.S. dollar (legal tender) in El Salvador, however, in Brazil, it is accepted for payment in the same way as frequent flyer miles are (the “miles”).
This law has not yet been issued and made effective until Brazil’s president signs it. Keep in mind that the vast Latin American nation is also developing a digital currency to be issued by its central bank (MNBC). Last April it was stated that preliminary testing for “Real Digital” would begin.
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