Official: Brazil Now Accepts Cryptocurrency as Legal Payment Method
BITmarkets Team
Jan 04, 2023
Brazilian President Jair Bolsonaro, who will leave office on December 31, 2022, has signed a document legalizing crypto payments in his country. The bill has the designation 14.478 and its signing was followed by its recognition from the Chamber of Deputies.
According to this bill, Brazilians will not be able to pay with crypto currencies such as Bitcoin, as is the case in El Salvador, but it does include many digital currencies as legal payment methods. The bill includes a list of penalties, which is a system of operation and licensing for server providers.
It has not yet been determined which federal agency will be responsible for the smooth running of crypto payments; but, it will most likely be Brazil's Securities and Exchange Commission. In addition, the bill includes protections against exchange falls, as was the case with FTX for example.
The bill will come into effect in approximately 180 days by around June 2023. Bolsonaro will be replaced in the presidential seat on January 1st by Luiz Inácio da Silva, or simply "Lula", who has already been president and has also shown sympathy and encouragement for the adoption of cryptocurrencies in Brazil.
Sources:
https://cointelegraph.com/news/the-driving-forces-behind-crypto-adoption-in-latin-america-in-2022
