Brazil passes law to legalize crypto as a payment method

[AmoreJaz]

Well, it is a start and an opportunity for those who want to pay in btc to have the option to pay. This process is way better than that of El-Salvador imo, the difference between the 2 is, Brazilians will have the option to pay in btc, get used to the process and even have the time to access and analyze the process, unlike El-Salvador who just went straight to adoption without given the citizens the opportunity to be acquainted and validate its importance.

you may have a point on this. at least their people have time to acquaint themselves to crypto payment method and the move is not a drastic one. once some of them got a hold of using btc transaction and experienced the advantages of using this method, they can easily spread it via word of mouth. this marketing tool is a very good one as the government doesn't need to spend money. if more and more people will be satisfied using crypto payment, in time, their crypto users will grow. the el salvador's approach was like draconian one, why it was encountered by street protesters.

[Tanvi50_]

i have no idea about the future but i can tell this will have a good impact on the crypto community. negative or positive it doesn't matter. negative feedback from others makes bitcoin stronger. it's like hammering iron to make it harder. and positive feedback is always good as it only helps bitcoin to grow and become stronger. brazil is doing one or the other. in the end it just helps bitcoin.

[Viscore]

Well, it is a start and an opportunity for those who want to pay in btc to have the option to pay. This process is way better than that of El-Salvador imo, the difference between the 2 is, Brazilians will have the option to pay in btc, get used to the process and even have the time to access and analyze the process, unlike El-Salvador who just went straight to adoption without given the citizens the opportunity to be acquainted and validate its importance.

you may have a point on this. at least their people have time to acquaint themselves to crypto payment method and the move is not a drastic one. once some of them got a hold of using btc transaction and experienced the advantages of using this method, they can easily spread it via word of mouth. this marketing tool is a very good one as the government doesn't need to spend money. if more and more people will be satisfied using crypto payment, in time, their crypto users will grow. the el salvador's approach was like draconian one, why it was encountered by street protesters.

At one point, yes people will get to know more about crypto and how it could be beneficial to them before they make an assessment whether it will be applicable for them or not. Although there may be a lot of reasons why Brazil legalized crypto, either they’ll regulate it or they have its future plan to make it as a legal tender next to El Salvador, but for now legalizing it as a payment method is already good enough.

[worle1bm]

I will say little steps forward towards adoption is far better then seeing it as negative way of monetary system and putting a ban on them.As Brazil have taken this decision then merchants can accept payment in crypto while people can pay in it without any fear as the government has allowed it.These slow steps can then move to regulations and wide adoption for it but at this time it's really better if they have implemented it as payment mode only.

[Mauser]

I saw the headline and thought we will be having another El Salvador experience in Brazil only to discover they didn’t make bitcoin a legal tender. I think the goal of the Brazil government is to regulate bitcoin and cryptocurrencies. And they are using the FTX scandal as an excuse to do so. I could be dead wrong or paranoid. What do you guys think about this development in Brazil? Is it good or bad for bitcoiners in Brazil?

El Salvador and Brazil are two very different country. Brazil has their own currency which is used by a lot of people in the world. It's the largest country in South America and there are millions of Brazilian who are living abroad and use money to send back to support their family. El Salvador is a much smaller country that had their own currency pegged on the US Dollar for a very long time. That is why I don't think Brazil could switch overnight to Bitcoin as the legal tender, they would need so much Bitcoins first to make that possible and probably can't afford it. But as far as I understand it they only accept Bitcoins as a legal payment method, so there is no real desire to get rid of the Reais. Which is a good thing in my opinion. Having the option to choose between the Reais and Bitcoins make it easier for people to get into crypto currencies. This is going to make it more attractive for crypto miners to settle down in Brazil. Looking at the cheap living cost in some parts of Brazil it could be a new destination for miners to live. The only problem is the heat, a lot of cooling will be required for the mining rigs.