Breaking News
Get 40% Off 0
Is NVDA a 🟢 buy or 🔴 sell? Unlock Now

Brazil’s President Approves Crypto Bill Regulating the Use of Bitcoin (BTC) as Payment

Published Dec 23, 2022 07:00AM ET Updated Dec 23, 2022 08:30AM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters. Brazil’s President Approves Crypto Bill Regulating the Use of Bitcoin (BTC) as Payment
 
BTC/USD
+4.28%
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 

On Thursday, Brazil’s President, Jair Bolsonaro, approved the complete crypto regulatory bill recently passed by the country’s Chamber of Deputies and the Senate without making any modifications.

Brazil’s President Signs the Crypto Bill into Law

The official journal of Brazil reported on Thursday, December 22nd, that President Jair Bolsonaro has signed a bill into law that establishes a complete regulatory framework for the trading and use of Bitcoin for payment.

Following approval by the president, crypto companies will have 180 days to adapt to the new rules. The law creates a “virtual service provider” license, which companies including exchanges and trading intermediaries are expected to have.

The law also requires these companies to distinguish between user and company assets. Cryptos considered securities will be regulated by the Brazilian Securities and Exchange Commission (CVM), while others will be overseen by another yet-to-be-decided agency.

The Growing Adoption of Crypto in the South America

Although the law doesn’t make crypto legal tender like in El Salvador, it marks significant progress for the crypto industry in Brazil, which is building to become a hub for blockchain and digital assets.

The growth in Brazil mirrors the growing adoption of crypto in South America. According to data, neighboring Argentina now ranks as the country with the fourth highest prevalence of crypto ownership.

On the Flipside

  • The executive branch of the government will select which agency oversees crypto, with the Central Bank of Brazil (BCB) being the only exception, unless when BTC is used as payment.

Why You Should Care

The legalization of Bitcoin as a payment option remains meaningful for the fast-growing crypto economy and has the potential to spur greater activity in the country.

Read more on Brazil’s crypto law in:

Brazil Adopts Cryptocurrency as a Means of Payment

Read about the adoption of crypto in Brazil below:

Crypto Investor Numbers Double in Brazil over the Third Quarter

See original on DailyCoin

Brazil’s President Approves Crypto Bill Regulating the Use of Bitcoin (BTC) as Payment
 

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.
  • Any comment you publish, together with your investing.com profile, will be public on investing.com and may be indexed and available through third party search engines, such as Google.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Continue with Google
or
Sign up with Email