BTC and Crypto as “Payment Currency” – Brazilian Congressman Passed the Bill

BTC and Crypto as “Payment Currency” - Brazilian Congressman Passed the Bill

Despite the market dip, crypto adoption is rising in all parts of the world. The recent talk of the town is that a bill is introduced to make Bitcoin and digital currencies as payment options in Brazil. So the Brazilian Legislators are highly expecting for an official discussion to regulate the act.

On June 10th, the Congressman of Brazil passed a bill addressing BTC and crypto to be the legal currency of their country. To point out the matter, some countries like Brazil are eager to accept digital assets as means of payment. 

Moreover, to highlight the scope and use of cryptocurrencies, the Federal Deputy of Brazil, Paulo Martins briefs a legislative proposal to the members of Brazil’s National Congress. However, with all these efforts, Bitcoin will soon become the legal tender of Brazil in the near future.

BTC & Crypto Payments in Brazil

As Martin elaborates the proposal, she attaches a quote prepared by Tax Law officials who are experts in Tax studies. Furthermore, adding on the proposal, the Federal Deputy attaches an Item 14 of the Article 835, defining crypto. 

The article keenly states that the cryptocurrencies are digital forms of value. It is not being money and traded electronically through crypto platforms. It also follows a context of distributed ledger technologies for transactions for goods and services or investments. So this clear explanation will act as a support to approve the bill for crypto payments. 

More so, accepting crypto or BTC payments is on the quiet trend in recent months after the announcement of El Salvador. As the entire market knows, El Salvador is the first country for Bitcoin Legal Tender. On a clear note, after El Salvador’s decision many countries are taking initiative to explore digital payments and its services. Thus, if the Brazilian regulators pass the bill, Brazil will be the next popular country in the list for accepting BTC as legal tender. 

As a step moving forward, in late May, a real estate developer announced to accept Bitcoin as payment for purchase of apartments in Brazil. The company initiated the process despite the strict regulation from the country’s Central Bank.

Thus, if the bill is passed successfully, Brazil will also announce Bitcoins and crypto’s as their legal payment currency.

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