In the near future, Brazil may consider Bitcoin (BTC) and other cryptocurrencies as a means of payment, after an MP introduced a bill on June 10 recognizing them as such.
A bill recognizing bitcoin as a form of payment.
In particular, the deputy federal deputy in Congress Paul Martins submitted a detailed legislative proposal to the Brazilian Congress. It would supplement the country’s existing laws by adding Article 835, Section 14. This proposes a definition of proposed terms for cryptocurrencies.
“Crypto assets, understand as digital representations of value that are not money. They are with their own unit of measure, are exchanged electronically through the use of cryptography. In the context of distributed ledger technologies, used as a financial asset, a means of exchange or payment, an instrument of access to goods and services or investment”.
Bonus: Brazil is launching a blockchain network to fight corruption in public spending.
According to Martins, the legislative proposal is based on a proposal in tax law from experts with extensive academic experience. Changing the scope:
- of the Tax Research Center of Fundacao Getulio Vargas (FGV),
- a Brazilian higher education institution,
- its law of São Paulo school branch, and
- project discussions “Administrative, judicial and tax demand of the 21st century”.
Will Brazil follow the path of El Salvador and the Central African Republic?
The Brazilian qualifiers now had to consider the bill. Its adoption could mark a major step for the Brazil becomes the next country to introduce bitcoin as legal tender after El Salvador and the Central African Republic (RCA).
Recently, one of Brazil’s leading real estate developers introduced bitcoin as a form of payment for buying apartments. It is good that the country’s central bank has not yet activated digital as a payment method.
In addition, the country has been a pioneer in approving the launch of the first exchange-traded fund (ETFs) decentralized finance (Challenge) in the worldwhich he has already done in January 2022. Indeed, theETFs was launched on the stock market B3 of the country in February.
Also Read: Coinbase Licenses Nearly 1,100 Employees After Hiring Freeze Amid Crypto Winter.