Brazil approves law to accept cryptocurrencies as a payment method

Brazil does not yet handle Bitcoin as a legal currency, but it has left a better precedent as it has approved a law legalizing cryptocurrencies as means of payment throughout the territory, giving a regulatory boost to the adoption of digital currencies and the extension of the ecosystem.

The Brazilian Chamber of Deputies approved a regulatory framework that legalizes the use of cryptocurrencies as means of payment in the territory.

The first step towards a crypto world

The law is already approved and the only thing missing is the signature of the President of the Republic to be executed, it offers legal character to payments in cryptocurrencies for goods and services, however, it does not provide them with the character of legal tender.

It is currently the territory with the most cryptocurrency ETFs in Latin America, and most of the nation’s major banks offer any type of exposure to cryptocurrency investments or similar services.

Banks for the change to digital currencies

Until today, the public bodies with the most assignments in the area were the nation’s own Central Bank and the National Securities Commission. In addition, the law institutes rules for the performance of cryptocurrency barter platforms and cryptocurrency protection and management services by trusted third parties.

The law does not mention positions that are assigned to the issuance of a central bank digital currency, however, the territory has already carried out relevant advances in the matter.