Crypto Mufasa
Advertise
  • Crypto News
    • General News
    • Bitcoin News
    • Altcoin News
    • Ethereum News
  • NFT NEWS
  • Beginner Guides
  • Price Predictions
  • Crypto Prices
No Result
View All Result
  • Login
  • Register
  • Crypto News
    • General News
    • Bitcoin News
    • Altcoin News
    • Ethereum News
  • NFT NEWS
  • Beginner Guides
  • Price Predictions
  • Crypto Prices
No Result
View All Result
Crypto Mufasa
No Result
View All Result

Home » Brazil now accepts cryptocurrency as payment.

Brazil now accepts cryptocurrency as payment.

Hania by Hania
November 30, 2022
in General News
Reading Time: 4 mins read
A A
0
Brazil now accepts cryptocurrency as payment.
Share on FacebookShare on Twitter
ADVERTISEMENT

Although it will be allowed to pay with cryptocurrencies, they are still not accepted as legal cash.

While Brazil did not recognize Bitcoin to be a legal currency, it took the next best action by allowing cryptocurrencies as a form of payment nationally. This helped the ecosystem flourish and the adoption of digital currency.

A legal framework permitting the use of cryptocurrencies as a payment method in Brazil was adopted by the Chamber of Deputies.

The agreement—signed under the code PL 4401/2021—allows for the inclusion of digital money and frequent traveller miles (often referred to as “miles”) in the definition of “payment arrangements” subject to the control of the nation’s Central Bank.

You May AlsoLike

Polymarket Bets

March 2025 Polymarket Bets Boom for Bitcoin, XRP, ETH, AI, and DOGE – The Future of Cryptocurrency Trading!

March 1, 2025
Ethereum’s Pectra Upgrade

3 Essential Insights from Recent Developer Call on Ethereum’s Pectra Upgrade

March 1, 2025

The law grants cryptocurrency payments for goods and services legal standing but does not elevate them to the status of legal tender. It has already been enacted and is waiting for the President of the Republic’s signature to take effect.

Brazil has advanced significantly in terms of investor adoption and regulation of cryptocurrencies.

Brazil now accepts cryptocurrency as payment.

The majority of the country’s major banks and brokers presently offer some form of exposure to cryptocurrency investments or comparable services like custody or token offers, and it currently has the most cryptocurrency ETFs in Latin America.

Even Itaú, one of the largest private banks in Brazil, is attempting to tokenize assets as a component of its upcoming suite of services for investors.

The entity or office in charge of managing the matter will be selected by the executive part of the government (the president and its ministers) after the law is put into effect; only tokens classified as securities fall under the jurisdiction of the CVM, Brazil’s equivalent of the SEC.

The CVM and the country’s own Central Bank have been the government organizations most active in the field up until this point. 

The law also establishes standards for the operation of bitcoin trading platforms and for the custody and administration of cryptocurrency by trustworthy third parties.

Despite the fact that the legislation is not explicit on the subject, the country has already taken substantial strides toward the issuing of a central bank digital currency.

To avoid a situation similar to FTX, where the exchange utilized its clients’ cash for its own financial operations, one of the most crucial components of the rule requires service providers to keep their own funds separate from those of their customers.

The bill acknowledged that the anonymity of digital currencies allowed for unethical activities and scrapped a clause that would have provided tax benefits to cryptocurrency miners while also calling for “closer supervision” of the sector.

Tags: crypto adoptioncrypto newsCryptocurrencies
Share76Tweet47
ADVERTISEMENT
Previous Post

Coinbase Wallets Will No Longer Support XRP, BCH, XLM And ETC

Next Post

What Is Spot Trading And How Does Spot Trading Work In Crypto?

Hania

Hania

Hania is a 30-year-old blogger who used to be a teacher before entering the world of writing. She is originally from India and has been writing blogs on various topics for 2 years now. Hania is particularly interested in exploring the intersections of finance, technology, and cryptocurrency. Her experience as a teacher has given her unique insights into the ways in which digital media can be used to facilitate learning and engagement. Through her writing, Hania hopes to share her knowledge and learning of crypto industry with everyone.

Related Posts

Polymarket Bets
General News

March 2025 Polymarket Bets Boom for Bitcoin, XRP, ETH, AI, and DOGE – The Future of Cryptocurrency Trading!

March 1, 2025
Ethereum’s Pectra Upgrade
General News

3 Essential Insights from Recent Developer Call on Ethereum’s Pectra Upgrade

March 1, 2025
Cramer Suggests Saylor Should Plan for a Strategic Bitcoin Reserve
General News

Cramer Suggests Saylor Should Plan for a Strategic Bitcoin Reserve

February 28, 2025
MetaMask Ethereum Wallet Expands Support for Both Bitcoin and Solana
Crypto Wallets

MetaMask Ethereum Wallet Expands Support for Both Bitcoin and Solana

February 28, 2025
Bitcoin Bull Run Could Continue, says CryptoQuant CEO - Unless This Critical Threshold Is Breached
General News

Bitcoin Bull Run Could Continue, says CryptoQuant CEO – Unless This Critical Threshold Is Breached

February 28, 2025
Solana Futures Launch at CME Boosts Price Amid High Demand
General News

Solana Futures Launch at CME Boosts Price Amid High Demand

February 28, 2025
Next Post
What Is Spot Trading And How Does Spot Trading Work In Crypto?

What Is Spot Trading And How Does Spot Trading Work In Crypto?

Discussion about this post

Live Prices

Stay Connected

You May Also Like

  • Bitcoin Halving Update: Bitwise CEO's $100k Price Projection Sparks Excitement

    Why the Bitcoin Halving Is Happening Sooner Than Anticipated

    241 shares
    Share 96 Tweet 60
  • MetaMask Ethereum Wallet Expands Support for Both Bitcoin and Solana

    199 shares
    Share 80 Tweet 50
  • March 2025 Polymarket Bets Boom for Bitcoin, XRP, ETH, AI, and DOGE – The Future of Cryptocurrency Trading!

    197 shares
    Share 79 Tweet 49
  • Dogecoin Price Forecast: When Will the Much-Awaited DOGE Bull Run Begin?

    194 shares
    Share 78 Tweet 49
  • Sparklo (SPRK): Redefining The Alternative Investment Industry

    204 shares
    Share 82 Tweet 51
  • About Us
  • Contact Us
  • Work With Us
  • Privacy Policy
  • Terms Of Service

© 2022-2024 CryptoMufasa - All Rights Reserved!

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms bellow to register

*By registering into our website, you agree to the Terms Of Services and Privacy Policy.
All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
No Result
View All Result
  • General News
  • Beginner Guides
  • Bitcoin News
  • Ethereum News
  • Altcoin News
  • NFT News
  • Price Predictions
  • Google News

© 2022-2024 CryptoMufasa - All Rights Reserved!

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
Don’t Miss Out on the Best in Crypto!

Stay ahead with a weekly digest of the top news and insights—no spam, no ads, just the essential updates delivered straight to your inbox. Subscribe now for valuable content you can trust!

johnsmith@example.com
subscribe to email

Never see this message again.