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Your email address will not be published.


Coins Capital Review, – Is Coins Capital Scam Or Legitimate?

Coins Capital Trading Platform Rating 4.3 Summary Read our Coins Capital review at FStar Capital Forex and Cryptocurrency Trading blog, find the answer to your question “is Coins Capital scam or legit” and much more! Coins Capital Review You have been thinking for a long time if trading is for you. You have finally […]

AI Center Indicts ChatGPT Developer of Trade Law Violations: Claims Bias & Deception

The organization alleges that the creator of ChatGPT has violated Section 5 of the Federal Trade Commission Act with the release of GPT-4. This section of the act prohibits any practices or acts considered deceptive or unfair and that affect commerce. CAIDP has complained to the US Federal Trade Commission, intending to prevent the distribution […]

Investors Excited As XRP Market Capitalization Hits $20 Billion

It’s been wide jubilation today after XRP investors heard the announcement that the market capitalization has surged to $20 billion. XRP: a cryptocurrency developed and managed by Ripple, a San Francisco, United States, distributed data company. It was gathered that the coin itself responded to this development through a climb in price – it was […]

GlobalTrades Review, – Is Global Trades Scam or a Good Broker?

GlobalTrades Trading Platform Rating 4.6 Summary Read our Global Trades review at FStar Capital Forex and Cryptocurrency Trading blog, find the answer to your question “is scam or legit” and much more! GlobalTrades Review As people look at cryptocurrencies and their immense success, they are eager to start their own trading businesses. While […]

Belgium Regulator Sets To Impose New Crypto Ads Rules

The Belgium government has mandated that every firm offering crypto advertisements should register with it before launching any campaign. Henceforth, any crypto advertisement without the government’s backing would be treated as an offense with heavy consequences. According to the report, the Financial Services and Markets Authority (FSMA) of Belgium recently announced that every potential crypto […]