Brazil legalizes cryptocurrency as a means of payment
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Answer Brazil legalizes cryptocurrency as a means of payment
Brazil has not designated bitcoin as legal tender, but has done the following:
It passed a law legalizing cryptocurrencies as a means of payment across the country, giving a regulatory boost to the adoption of digital currencies and expanding the ecosystem.
Brazil’s Chamber of Deputies has approved a regulatory framework that legalizes the use of cryptocurrencies as a means of payment in the country.
As stated in the document – signed Under the code PL 4401/2021 – that digital currencies fall under the supervision of the country’s central bank.
It is worth noting that the law has already been approved and requires only the signature of the President of the Republic, which will give legal status to payments in cryptocurrencies for goods and services but does not give them the status of legal tender.
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Brazil has made significant progress regarding the regulation and adoption of cryptocurrencies among investors.
Brazil is currently the country with the most crypto-related ETFs in Latin America.
Most major banks and brokers in the country offer some type of exposure to cryptocurrency investments or similar services such as custody or digital token offerings.
After the law goes into effect, it will be up to the executive branch of the government (the president and its ministers) to determine which body or office is responsible for overseeing this matter.
The law did not mention any provisions related to issuing a central bank digital currency, however, the country has already made significant progress in this regard.
One of the most important aspects of regulation is the obligation for service providers to separate their funds from those of their customers as a means of preventing a situation similar to that of a bankrupt FTX company, where the company uses its customers’ funds for its own financial operations.
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