trade now
(BTC) Bitcoin News TodayBlockchainCryptocurrencyCryptocurrency RegulationCryptocurrency SecuritiesNews

Brazil Approves The Legalization Of Crypto As A Payment Method

New rules were enacted on Tuesday in Brasilia, the capital of the soccer-loving nation, Brazil. The regulations entailed using Bitcoin as a recognized means of making payments and an investment asset within the country.

The Chamber of Deputies in Brazil, serving as a federal legislative body, had approved the law. However, it still requires approval from the executive branch before it can be enacted as a law. 

The move, therefore, depicts significant progress for Brazil as it is still in process. The progress made in passing a bill is yet to qualify any cryptocurrency as a legal tender in the country. 

Details of the bill would include air mileage programs and digital currencies as payment methods under the supervision of the country’s Central Bank. When the bill is finally enacted, the government’s regulatory authorities would be in charge of making decisions on the arm of the office responsible for supervising. 

On that note, crypto tokens would be considered securities. Hence, they are to be placed under the legal watch of the Brazilian Securities and Exchange Commission.

📰  Thailand SEC Issues New Crypto Regulations Aiming at Improving Investors' Protection

The Benefits Of The New Regulation For Brazil  

The numerous advantages of the new development aren’t just limited to the designation of crypto as a means of payment. Enacting the law would be a safe transaction method, issuance of licenses to crypto exchange platforms, and a guide to third-party business involvement.

In addition to their many functions, crypto exchange platforms can now create different storage measures for users’ funds and companies. Thus, there won’t be a recurrence of another misfortune like the FTX crisis.

The sudden collapse of the FTX has taken a negative toll on quite a handful of businesses related to the crypto space. Hence, the law would guide against its contagion for Brazilians in their everyday use of crypto, as opined by the CEO of Transferor Group, Thiago Cedar.

In June, a similar proposal was presented before the lawmakers, allowing Brazilians to use digital currency as an acceptable means of payment. The proposed bill also suggested the approval of crypto assets as a legal means of exchange and a powerful tool for successful investment. 

📰  CFTC Commissioner Asks For Clear Crypto Regulation In 2023 produces top quality content exposure for cryptocurrency and blockchain companies and startups. We have provided brand exposure for thousands of companies to date and you can be one of them too! All of our clients appreciate our value / pricing ratio. Contact us if you have any questions: Cryptocurrencies and Digital tokens are highly volatile, conduct your own research before making any investment decisions. Some of the posts on this website are guest posts or paid posts that are not written by our authors (namely Crypto Cable , Sponsored Articles and Press Release content) and the views expressed in these types of posts do not reflect the views of this website. Tokenhell is not responsible for the content, accuracy, quality, advertising, products or any other content posted on the site. Read full terms and conditions / disclaimer.

📰  Coinbase Collaborates With German Soccer Club Borrusia Dortmund

Bradley Nelson

Bradley Nelson is a US based cryptocurrency news writer for Tokenhell, he helps readers stay up to date with the latest trends and news from the blockchain and crypto world. Bradley has been a crypto enthusiast since 2018.

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button
Skip to content