HomeBitcoinBrazil wants to use Bitcoin as a payment currency.

Brazil wants to use Bitcoin as a payment currency.

-

A Brazilian legislator introduces legislation to recognize Bitcoin (BTC) as a new form of payment. Could Brazil be following El Salvador and the Central African Republic’s lead?

Bitcoin: will it soon be accepted as legal tender in Brazil?

On June 10, a Brazilian legislator submitted legislation to recognize Bitcoin (BTC) as a form of payment.

Indeed, the country may soon witness the queen of cryptocurrencies as legal cash. In this regard, and to be more particular, federal deputy Paulo Martins presented a thorough legislative proposal to members of Brazil’s National Congress.

As a result, the following formulation was proposed to supplement the country’s current law:

“Cryptocurrencies, understood as digital representations of value which, not being money, with their own unit of measurement, are exchanged in the context of distributed ledger technologies and used as a financial asset, a means of exchange or payment, an instrument of access to goods and services or an investment.”

It is now up to the Brazilian legislature to consider this bill. Furthermore, acceptance of the latter may be a significant step for the country, which could follow in the footsteps of El Salvador or possibly the Central African Republic.

Are we following in the footsteps of El Salvador and the Central African Republic?

In this regard, Brazil was not the first country to introduce such legislation. Indeed, El Salvador and the Central African Republic are the only two nations that have legalized Bitcoin.

Adoption of this cryptocurrency is also a method of attracting foreign investment and/or investors. Companies in particular from the sector, such as mining.

Regardless, this strategy may face criticism, including pressure from institutions or politicians. The International Monetary Fund (IMF) has frequently stated that its adoption poses a danger to both nations.

Leave a Reply

LATEST POSTS

Community releases music and artwork that is inspired by ETH to commemorate the Merge.

Co-founder of Ethereum Vitalik Buterin thanked everyone who contributed to the Merge in a tweet. The Ethereum community celebrated the successful transition of the Ethereum network...

Us Treasury Sanctions Iran-based Cybercriminals.

New Bitcoin Addresses are Blacklisted by OFAC In the USA, Bitcoin addresses are not welcome. In accordance with a statement dated September 14, the crypto addresses...

Terra founder Do Kwon has an arrest warrant out of South Korea.

Kwon and five other people, who are now in Singapore, are the subjects of an arrest warrant issued by a court in Seoul, South Korea. The...

Crypto: Chainalysis report: Emerging markets dominate the worldwide adoption index.

While the crypto winter's cold winds caused worldwide adoption to slow down, emerging markets appear to be on fire in terms of adoption, outpacing higher-income...

Follow us

0FansLike
3,498FollowersFollow
0SubscribersSubscribe

Most Popular

spot_img
%d bloggers like this: