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Your email address will not be published.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


Decentralized Finance Needs Inter-Blockchain Communication

Whenever we start to turn our minds around the idea of decentralization and how cryptocurrency works, it immediately gets spun towards the idea of blockchain. It is nothing more than a siloed platform that is dedicated to a specific cryptocurrency and works as a Ledger on which transactions taking place in real-time are recorded. Every […]

Venezuelan International Airport Has Started To Accept Bitcoin Payments

The adoption of decentralization continues to proceed at a steady pace, and more and more countries are taking the initiative of accepting DeFi in either a legal or private approach. Recently Venezuela airport has announced to start accepting BTC payments from the passengers. This is done in a private capacity and not the state of […]

Edward Snowden: CBDC Is Not A True Cryptocurrency

There was a time when investors, traders, or even the simplest of businessmen used to do their business in gold. At the time, it was the only acceptable mode of payment on a global scale. Then the mean of economic development rolled, and we were using coins made of bronze and aluminium to preserve gold […]

New Feature Allows Private Ethereum Transactions

When it comes to mentioning the most elegant blockchain or digital infrastructure regarding cryptocurrency, it is without a doubt that Ethereum blockchain is definitely going to get nominated for that. It is hands down the best crypto blockchain there is, which ensures complete security and efficient transfer of protocols from one network to another in […]