Brazilian Authorities Want To Legalize Bitcoin

A breath of fresh air comes from Brazil as it makes transitions to engage with crypto-oriented payments in the next few months. According to the Brazilian federal deputy, the whole project is in motion, and there will be an outcome soon enough. On a hilarious note, he said that people would be able to buy McDonald’s using Bitcoin within Brazil. This is no coincidence that many countries are now jumping into the crypto space only months after El Salvador has made Bitcoin its legal tender.

With this, Brazil gets to be a step closer to the implementation of a legal framework around the use of cryptocurrencies as the payment method within the region. But the question here is that is it taking place because, finally, the lawmakers have decided to turn the whole thing around, and now they believe in digital innovation? Is it possible that Brazil might be getting into this whole thing with an insight of making Bitcoin a legal tender just like El Salvador? It is simply an insight, nothing permanent.

Bitcoin As Legal Tender

Aureo Ribeiro, who is the Federal Deputy for Brazil, has said that with this legal framework at work, people would be able to use bitcoin for the sake of buying houses, cars and even use it at McDonald’s if they want to. All of this has been made possible because of the latest crypto bill, which got passed last Wednesday. But the contents of this bill include the issuance of a proper legal framework for all virtual currencies and not only Bitcoin.

Despite the fact that the bill has passed a preliminary inspection, it still might get turned down by the Chamber of Deputies as no one knows what they think about this transition into virtual finance. The Chamber of deputies has no less than 513 members who get elected every four years. There has to be a majority supporting this bill in the upcoming days, or the bill will get turned down, and the whole idea of accepting cryptocurrencies will become a dream once again.

Leave a Reply

Your email address will not be published.

Related

Crypto.com Removes Cryptocurrencies from Earn Program

The current turmoil in the cryptocurrency market has forced a number of companies in the space to shift their strategy and come up with new approaches that can help them pull through the downtrend. Crypto.com is also doing the same as it announced that they are making changes to their rewards program called Crypto Earn. […]

A Particular Even May Help Recover Shiba Inu’s Price

The trading price of Shiba Inu (SHIB) experienced a gigantic plunge that was triggered due to the recent bloodbath of cryptocurrency. SHIB Bleeds Badly As the cryptocurrency industry suffered a bloodbath, the trading price of Shiba Inu experienced an even worse situation. SHIB’s trading price reportedly suffered double-digit losses. Despite suffering huge losses, the analysts […]

Price of Bitcoin Suffered another Dip Due to Cypherpunk Holdings

The price of Bitcoin (BTC) ended up experiencing a dip and it came down to $20,200. Bitcoin’s price dipped due to a strong selling that was nothing less than a bloodbath. A great sell-off activity was recorded for Bitcoin that was triggered by multiple institutions. Even the investment firms ended up selling Bitcoin on a […]

Stocks Slip and Yields Ease in Light of Powell’s Comments

On Wednesday, global indexes saw stocks edge lower for the most part, while Treasury yields eased, as investors were taking in the comments of Jerome Powell, the Chairman of the US Federal Reserve. He said that while there was certainly a risk of the economy slowing down too much because of aggressive hikes in interest […]

Asia-Pacific Stocks Gain with Investors Weighing Economic Concerns

On Tuesday, shares in the Asia-Pacific region climbed higher, as investors were weighing the economic concerns. Most indexes record gains The Hang Seng index in Hong Kong had been trading at a loss but rose 0.7% in the last hour of trading. There was also a 0.73% gain in the Hang Seng Tech index. On […]