The lawmakers from Brazil approved the crypto bill to allow crypto circulation in the country.
Brazil is a highly crypto-friendly region in the world. In this Latin American country, buying & selling crypto assets is fully legal and also people can use cryptocurrencies as a payment option via third-party crypto & fiat-linked processor companies. In Brazil, Crypto assets are recognized as movable digital property.
Just recently House bill 4401/21 was approved by the lawmakers of Brazil. The final approval of this bill will allow the use of Bitcoin as a payment option and also all the crypto assets will fall under the category of investment assets class. In short, Bitcoin will get better adoption support in this Latin American country, which was already friendly to the crypto sector because of the existing laws.
This bill also aims to impose a more clear regulation on the crypto service providers like crypto exchanges. Reports also claim that the new bill allows the Central Bank of Brazil to be involved directly in the management of Bitcoin use in the payment system. The country’s securities regulatory body will manage the crypto regulation work.
Few experts believe that crypto use in the payment systems is already at a better level in this country because of the role of many crypto companies, which helps to facilitate payments via crypto network support.
But the latest initiative by Brazilian lawmakers is showing that the country is ready to move toward crypto adoption at a better level under a fully regulated environment for investors.
In the present time, there is only El Salvador, as a single Latin country, which uses Bitcoin as a legal tender in a country where people can use Bitcoin as the payment option in the whole country via the use of the national digital Bitcoin wallet Chivo.