Cryptocurrency: Brazil to launch Bitcoin as legal payment currency

Bitcoin will soon be accepted as legal tender in Brazil, and this was revealed by the country’s own MP, Aureo Ribeiro. Based on this information, the government official said that soon, Brazilian citizens will be able to purchase homes, cars, food deliveries and more using Bitcoin, a leading decentralized digital currency.

Ribeiro said their country is already preparing to vote on a cryptocurrency regulatory bill in the coming days. This bill should be presented shortly to the plenary session of the Chamber of Deputies.

According to Coin Rivet via Yahoo Finance, the new cryptocurrency law has been named “Bill 2.303 / 15” and it will establish regulations for virtual currencies in the country. If approved by the Chamber of Deputies this week, Brazil will become the second country after El Salvador to legalize Bitcoin as a regular tender.

“We want to separate the wheat from the chaff, create regulations so that you can trade, know where you are buying and who you are dealing with,” Ribeiro said in a statement. “With that trump card you can buy a house, buy a car, go to McDonald’s and buy a hamburger and it will be currency in the country like it has happened in other countries.”

In addition, the MP noted that Bitcoin is already used in many places, and of course Brazilians have also encountered them in some transactions, including when investing, buying or selling. So, he thinks this digital currency should be welcome. However, this is not yet regulated and therefore is not yet officially recognized as legal tender.

That’s why they need the approval of government officials and if they get a positive result, Ribeiro said other countries could copy their regulatory model for cryptocurrency. Meanwhile, Coin Desk reported that the MP is confident that the text of proposed Bill 2.303 / 15 has the attributes to improve Bitcoin’s existence in Brazil.

“We have debated for a few years so that a text which recognizes this asset finally arrives”, he declared. “This will allow transactions of this asset in our country to be regulated by a government agency.”

Finally, he revealed that they already have an agreement with the country’s Central Bank and the Securities and Exchange Commission (SEC), so there aren’t many obstacles to approving Bitcoin at this point.

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About Matthew R. Dailey

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