Brazil is the latest in a growing list of countries hurriedly drafting new legislation that will regulate the cryptocurrency industry and allow its citizens to reap the benefits of blockchain-based currencies.
The main takeaway:
- Speaking with local media on Tuesday, Brazilian Federal Representative Orio Ribeiro stated that there is a good chance that bitcoin will be legalized and therefore approved as a legal payment method in the near future.
- If the new crypto law, called Bill 2.303/15, receives the necessary support from the Chamber of Deputies, Brazilians may soon be able to “buy a house or a car or go to McDonald’s for a hamburger,” according to Ribeiro.
- If passed, the bill would lay the legal foundations for the creation of a special government agency that would oversee bitcoin transactions and have a final say on where and how BTC is used.
- Ribeiro also added that the country’s central bank and Brazil’s Securities and Exchange Commission (CVM) have already begun analyzing the possibilities of using BTC as a nationwide payment method.
- Over the course of the year, Bitcoin has piqued the interest of many countries around the world. Most notable was El Salvador’s adoption of BTC as legal tender on September 7.
- Ukraine recently approved crypto-friendly legislation, which the eastern European country hopes will boost its economic prospects and attract foreign blockchain companies to set up shop within the country’s borders.
- Yesterday, BTC managed to break the $50,000 level after a month of turbulent market movements. At the moment, the world’s largest cryptocurrency holds a 43% share of the $2.2 trillion crypto market.
David is a cryptocurrency enthusiast and an expert in personal finance. He has authored several publications for different platforms. He loves to explore new things, and this is how he discovered blockchain in the first place.
