Brazil could adopt Bitcoin as legal tender

Thursday 7 October 2021 14:05 CET | News

Brazil’s Federal Deputy Aureo Ribeiro has revealed that Brazilians could soon be able to buy consumer goods and services using Bitcoin.

As of 7 October 2021, The South American nation is preparing to vote on a cryptocurrency regulation bill which is expected to be presented to the Plenary of the Chamber of Deputies. As the deputy said, they want to create regulations so that Brazilians can trade Bitcoin, knowing where they are using the currency and how.

Bill 2.303/15, which calls for the regulation of virtual currencies, was approved for presentation. If it gets the thumbs up from the Chamber of Deputies, then Brazil looks set to follow El Salvador’s example and make Bitcoin legal tender.

Brazil’s deputy said he was happy with the approval of ‘Bitcoin Law’, and stressed that Brazilians were already facing Bitcoin in many places, with the possibility of buying, selling and investing in this sector. However, Aureo noted that the market was still not regulated and, as such, does not offer legal recognition.

He said that he was sure though, that with the approval of the bill, several more countries could copy his country’s regulatory model. He was keen to stress that the bill had widespread government support and had already been aligned with the president of the Chamber of Deputies – Arthur Lira – meaning there are few further barriers to its approval.

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Keywords: cryptocurrency, Bitcoin, regulation
Categories: DeFi & Crypto & Web3
Countries: Brazil
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DeFi & Crypto & Web3

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