What will be your first Bitcoin purchase when visiting Brazil?

[Spacebar96]

Brazil 🇧🇷 approves legislation to recognize Bitcoin and other digital assets as payment methods.

https://www.btctimes.com/news/brazil-passes-bill-to-recognize-bitcoin-and-digital-assets-as-payment


You thought about this?

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[Tytanowy Janusz]

Brazil 🇧🇷 approves legislation to recognize Bitcoin and other digital assets as payment methods.

https://www.btctimes.com/news/brazil-passes-bill-to-recognize-bitcoin-and-digital-assets-as-payment


You thought about this?

They did not made it a "legal tender" as El Salvador and Central African Republic so its not like you can go shopping with bitcoin only. They only changed legislation so that bitcoin is not "collectables" anymore and now has a "representation of value". I think they did it to be able to tax and track every bitcoin transaction not only crypto/fiat trades.

[Zlantann]

Brazil 🇧🇷 approves legislation to recognize Bitcoin and other digital assets as payment methods.




You thought about this?

This is good news coming from Brazil. They have finally decided to join the moving train because the government has discovered that Bitcoin has many opportunities that would benefit the country. Recognizing Bitcoin as a currency that can be used for the payment of goods and services and an investment instrument is only second to making Bitcoin a legal tender. This would lead to massive Bitcoin awareness and adoption in that South American country. Although the government would do everything possible to regulate Bitcoin transactions so that they would be able to collect tax and monitor the sector, I am still confident that Bitcoin education would still liberate most of the citizens from government control. Teaching them how to use decentralized exchanges and encouraging the to embrace P2P transactions might be one of the means of escaping from government regulations.

[Plaguedeath]

They did not made it a "legal tender" as El Salvador and Central African Republic so its not like you can go shopping with bitcoin only. They only changed legislation so that bitcoin is not "collectables" anymore and now has a "representation of value". I think they did it to be able to tax and track every bitcoin transaction not only crypto/fiat trades.

Although Brazil still not declare Bitcoin as legal tender, but you need to read it twice since they're accept Bitcoin as a form of payment, not only about investment instrument! it's just only valid for the next 180 days, so this is a temporary to know how good does Bitcoin can give an affect to their country. After all it's still a good news, Brazil is still give a chance to their citizens to use Bitcoin as payment, not ban it.

The bill was passed by Congress in November and was enacted today by President Bolsonaro without any changes. The new regulations acknowledge Bitcoin as a digital representation of value that can be used in the South American country as a means of payment and as an investment instrument.

The bill defines a virtual asset as “a digital representation of value that can be negotiated or transferred electronically and used for payments or as an investment.”

The new law takes effect 180 days from the day it is signed, but does not declare Bitcoin or other cryptocurrencies as legal tender within the country.

[EarnOnVictor]

I am no more new in the crypto environment, and for Brazil to recognize BTC is though a welcome development but will not change anything about how I feel about the coin and how I spend the one in my possession.

As a matter of fact, I would rather take my fiat USD to Brazil while visiting and exchange it for Brazilian Real for local spending without any interference with my BTC. My BTC is my private business and I spend/trade it every day without Brazil.

Conclusively, visiting Brazil will not change anything in this regard.

[BRINIRHA]

I really didn't expect this bill to be signed so quickly by President Jair Bolsonaro. And yes this is very good news. because fortunately this policy can be completed and legalized before the president's term of office ends. Although this is different from what El Salvador is doing. But at least bitcoin transactions in Brazil have become Legal. and I think the impact will be quite good for the current bitcoin market. In fact, I think many countries will pay attention to this and maybe follow the steps taken by Brazil.

[Charles-Tim]

You thought about this?

According to what I read, not only bitcoin is allowed as a payment method, bitcoin and other digital currencies were made a payment method according to the bill signed by Jair Bolsonaro, the president of Brazil. That can be seen if you read the content of the link you provided to noticed that, or read the quote below:

According to the text of the bill, Brazil’s residents will not be able to use cryptocurrencies like Bitcoin (BTC) as legal tender in the country, as is the case in El Salvador. However, the newly passed law includes many digital currencies under the definition of legal payment methods in Brazil. It also establishes a licensing regime for virtual asset service providers and sets penalties for fraud using digital assets.

It is a good news, but I am surprised that other cryptocurrencies are allowed too as centralized as they are. Only well decentralized cryptocurrency, like bitcoin would have been better.

it's just only valid for the next 180 days, so this is a temporary to know how good does Bitcoin can give an affect to their country. After all

It is not only for 180 days, but it was reported that the new law takes 180 days from the day it was signed.

The new law takes effect 180 days from the day it is signed, but does not declare Bitcoin or other cryptocurrencies as legal tender within the country.

I am no more new in the crypto environment, and for Brazil to recognize BTC is though a welcome development but will not change anything about how I feel about the coin and how I send the one in my possession.

But there is possibility that some people will like to visit Brazil and use bitcoin for paying for goods and services. The more countries support cryptocurrencies, the adoption continues. Although, bitcoin does not depend on countries to accept it as a payment method or legal tender before its adoption can continue, its valuation has continues even before El Salvador made it a legal tender, followed by CAR and an island in Honduras, and also before some countries made it a payment method.

[Ayers]

Brazil 🇧🇷 approves legislation to recognize Bitcoin and other digital assets as payment methods.

https://www.btctimes.com/news/brazil-passes-bill-to-recognize-bitcoin-and-digital-assets-as-payment


You thought about this?

They did not made it a "legal tender" as El Salvador and Central African Republic so its not like you can go shopping with bitcoin only. They only changed legislation so that bitcoin is not "collectables" anymore and now has a "representation of value". I think they did it to be able to tax and track every bitcoin transaction not only crypto/fiat trades.

We need to look at the bright side of it, they accept bitcoin as a payment method has been a huge success for bitcoin and Brazilian users, you shouldn't ask for too much. I think we hate the government so much that whatever they do to us makes us uncomfortable, when they don't accept bitcoin, we say they are selfish, but when they accept and legitimize bitcoin, we say they are trying to control and tax us. Anyway, we still need the government to run this society, otherwise, it will be chaos before you are free.

[Zanab247]

At least it will reduce so many things from Brazil economy and, it will really make their citizens to have more knowledge about Bitcoin investment and also help them to improve well in the areas of financial aspect. Despite they didn't made it legal tender to their citizens in this present government, at least it will give crypto users free access to operate but they will not too enjoy it like other countries that made it legal tender to their countries.