Bitcoin Will Be A Means Of Payment In Brazil

Brazilian lawmakers have approved a complete regulatory framework for the trading and use of cryptocurrencies in the country, which includes the use of bitcoin as payment.

The new regulations, which were approved on Tuesday night in Brasilia, the nation’s capital, acknowledged bitcoin as a digital representation of value that can be used in the country as a means of payment and as an investment asset in the South American nation.

The bill now only requires the President’s signature to become law and covers a large area referred to as “virtual assets”. However, It does not make bitcoin or any cryptocurrency a legal tender in the country.

The Central Bank of Brazil (BCB) is anticipated to be in charge when using bitcoin as a form of payment, while the Securities and Exchange Commission (CVM) of the nation would be in charge when using it as a kind of investment asset.

It should be made known that Brazil, which has a thriving cryptocurrency sector, has occasionally seen more people trade cryptocurrencies like Bitcoin than invest in stocks.

The regulation of service providers, such as exchanges, must adhere to specified criteria in order to operate in Brazil. Providers of cryptocurrency services will only be permitted to operate in the nation with the official consent of the federal government.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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Thana

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