Brazil Has Approved Bill Recognizing Bitcoin As a Payment Method.

[Fivestar4everMVP]

Indeed another win for Bitcoin and the cryptocurrency ecosystem at large.

Today, it announced that the Latin America country - Brazil, through their lawmakers, has approved Bitcoin as a payment method.

This simply means that Bitcoin is now a legal means of payment for goods and services in the country.
This is another win for Bitcoin and gradually, adoption is coming to Bitcoin and the entire crypto ecosystem.


Read full update on: Cryptoslate

[1714935028]

1714935028

[cheezcarls]

Indeed another win for Bitcoin and the cryptocurrency ecosystem at large.

Today, it announced that the Latin America country - Brazil, through their lawmakers, has approved Bitcoin as a payment method.

This simply means that Bitcoin is now a legal means of payment for goods and services in the country.
This is another win for Bitcoin and gradually, adoption is coming to Bitcoin and the entire crypto ecosystem.


Read full update on: Cryptoslate

In other words a legal tender. Just like in El Salvador where BTC was widely adopted for payments in goods and services. For me I think this is indeed a long term win for Bitcoin.

Although that it may not impact the price that much though, but maybe in the long run once many Brazilians would fully embrace Bitcoin as an alternative payment method.

[avikz]

Good news! But before it becomes applicable, it still needs 5o be signed by the President. Then only it will become effective in Brazil. So wait a little before the actual celebration.

Also I see that cryptocurrency is classified as an investment asset class. So Brazilians should seek further clarifications on how it will be taxed. Investment assets are usually taxed based on the gains made and also the timeframe is considered for calculating taxes. So little bit of grey area is still there. But net positive, I must say!

[Antonas1]

Excluding all technical and price issues, that's a big move. But still not a victory if everything is still a framework bill. If their president has signed on and Bitcoin actually becomes legal in, that's a victory ^{(although I don't think this is a fight)}.

[Frankolala]

This is good news that will lead to the growth of Bitcoin worldwide in the sense that when the president have signed Bitcoin adoption into law,it will bring positive impact on the country and so the neighboring country or other countries,after seeing the benefit might also go for the adoption of Bitcoin as a legal tender.

As for the price hike of Bitcoin due to the adoption of Bitcoin in Brazil will not be soon,it is going to take a long period of time before this will happen. This is a good move which the Brazilians have taken in other to help their citizens enjoy Bitcoin decentralized system, I just hope that what happened to El Salvador after adopting Bitcoin will not be a challenge to Brazil. The government needs to know why Bitcoin adoption failed in El Salvador so that they can work to overcome the challenge. We are still waiting for the President's signature..

[pooya87]

This is could be a much bigger news that it looks like right now in the near future. When you consider that Brazil is a member of BRICS and kind of a "leader" in South America since they can convince a bunch of other countries in South America to do the same specially because they have good economical relations amongst themselves.
In other words in the following year or two we could see a lot of other countries accept bitcoin as a legal payment method...

[DapanasFruit]

Indeed, this is a big win for Bitcoin and even for cryptocurrency industry in general most especially at this time when we are feeling the many side-effects of the dramatic fall of FTX where we are witnessing the shrinking of the trust and confidence of many people to this alternative form of money or currency. However, there is still a long way to go to see the many benefits of this Brazil's journey with Bitcoin but getting the recognition can be a big push and I am expecting more good news coming from this country which is a lot bigger in many ways compared to El Salvador.

[Luzin]

Good news! But before it becomes applicable, it still needs 5o be signed by the President. Then only it will become effective in Brazil. So wait a little before the actual celebration.

Also I see that cryptocurrency is classified as an investment asset class. So Brazilians should seek further clarifications on how it will be taxed. Investment assets are usually taxed based on the gains made and also the timeframe is considered for calculating taxes. So little bit of grey area is still there. But net positive, I must say!

What are the president's chances of agreeing? I think there is still a chance of failure. But at least this makes me pretty happy because it's good news. I don't really understand the system of government there. Hopefully the majority vote of parliament will be the vote of the president's supporters so this can be considered finalisation.

If this has been approved I hope to encourage investor confidence to enter investing in bitcoin. In effect the price of bitcoin can reach a new ATH. 

[naira]

The bill was proposed a long time ago i.e. in 2015, well let me say that is great news for us to hear. But it doesn't mean that it will be a smooth road for quite a long time. Therefore, I tried to trace several sources to find out clearly about the ratification. When this bill has been ratified and signed by the President, it means that it becomes a permanent rule. Until now, based on the articles you shared and several sources that I found, it is still not certain that Bitcoin can fully operate until a court decision is won, and even then on condition that it is under the supervision of the Brazilian central bank. Based on :
"While this represents a huge step forward for cryptocurrency adoption, the bill falls short of making Bitcoin legal tender".

It should be remembered that service providers such as the Exchange will be involved in maintaining control of assets owned by Brazilian citizens so that they can be easily monitored.
For those who hold their crypto on exchanges, courts will have the power to compel “middlemen” such as exchanges to freeze debtors' crypto assets: "In the event that the debtor's assets are not found, the creditor may request the competent Court to issue a letter ex officio, electronically, to intermediaries involved in operations with crypto assets, so that the assets corresponding to the amount executed are blocked."

[Poker Player]

In other words a legal tender...

I think it is a little bit too far to say this is a classification for Bitcoin as legal tender in Brazil. It reads more like a recognition by the Brazilian government of Bitcoin as asset or medium of exchange. For example, in Brazil the United States Dollar is recognized as currency of value but it is not official legal tender within Brazilian territory.

That's what I thought. I have read that news and others, and it seems to me that it is far from being legal to tend and have the same status as in El Salvador. If so, an obligation should be imposed on businesses to accept Bitcoin, as happened in El Salvador (with some exception for rural areas), but here it seems to me that it is more a recognition that it is a valid means of payment if the two parties agree, as can be a gift check.

[Husires]

Is there a difference between Payment Method and a legal tender?

I have set up this list list Bitcoin Legal Tender and will be happy if Brazil is considered to be bitcoin as a legal tender.

Is this decision considered its deal in the face of the International Monetary Fund and the continued high interest rate, which has called on many South American countries to be taken into account when making such decisions?

[Lucius]

Is there a difference between Payment Method and a legal tender?

It is extremely frivolous to comment on something without reading what exactly it is about - is it so difficult to click on a link or do you consider it a waste of time?

While this represents a huge step forward for cryptocurrency adoption, the bill falls short of making Bitcoin legal tender.

For all those who relate this news in any way to El Salvador, don't be too excited - Brazil has not declared Bitcoin to be legal tender. How much this kind of law will help people in Brazil remains to be seen, and we will be able to see that only when it is officially approved by the new president next year.

[target]

This must be the reason why there is a pump of BTC price in Brazil. I'm not from the country but I just read it on the telegram channel.  More and more countries I think will come to recognize crypto. War against cash started long years ago but it's only now that it becomes very visible in economic trade while some countries prefer to recognize Digital Yuan.

[Zaguru12]

This is could be a much bigger news that it looks like right now in the near future. When you consider that Brazil is a member of BRICS and kind of a "leader" in South America since they can convince a bunch of other countries in South America to do the same specially because they have good economical relations amongst themselves.
In other words in the following year or two we could see a lot of other countries accept bitcoin as a legal payment method...

The drive to bitcoin adoption in Brazil and it used as method of payment feels like a way out for countries in BRICs since it will give the opportunity to pay in bitcoin, a way that has also been slightly followed by Russia since the Ukraine war. Maybe this is part of why Brazil is looking towards it. Hopefully this will drive China into lessing its own regulations on bitcoin since its the only Country that is left in BRICS, who still opposes it.

It will also aid the BRICS export of goods and raw materials and will hasten there plans of world biggest suppliers as it could be a general currency for trading

This must be the reason why there is a pump of BTC price in Brazil. I'm not from the country but I just read it on the telegram channel.  More and more countries I think will come to recognize crypto. War against cash started long years ago but it's only now that it becomes very visible in economic trade while some countries prefer to recognize Digital Yuan.

Its quite a great news but I don't think it has an impact in the rise of bitcoin just yet. Bitcoin has been resurging right before the news was broke out

[OgNasty]

Indeed another win for Bitcoin and the cryptocurrency ecosystem at large.

The wins are getting bigger and bigger.  It's great to see that Bitcoin is being embraced by some as we enter this global recession.  Countries jumping into the Bitcoin game while things are bottoming is a pretty good sign that the next bull run will have a lot of firepower behind it.  Things are rocky now, but once these countries are in the profit we may even see other nations taking a FOMO approach and sending Bitcoin higher than any of us think now.  Hopefully adoption continues to grow and 2025 is a magical year for Bitcoiners who had the faith to hold on.

[lizarder]

Indeed another win for Bitcoin and the cryptocurrency ecosystem at large.

And this announcement also proves that any country has the opportunity to adopt like Brazil, the next question is, do other countries see the opportunity like Brazil did?

Today, it announced that the Latin America country - Brazil, through their lawmakers, has approved Bitcoin as a payment method.

This should also be of particular concern to other countries, as bitcoin adoption has really progressed, to the point where it has become a legal method of payment. Brazil is not a high-income country for the people there, but the steps taken by the DPR will be enough to help entrepreneurs and small businesses there. Bearing in mind that tourists and the local community will be able to change the payment method into a long-term investment once this adoption goes smoothly.

This simply means that Bitcoin is now a legal means of payment for goods and services in the country.
This is another win for Bitcoin and gradually, adoption is coming to Bitcoin and the entire crypto ecosystem.

This is in line with the amount of internet use in the country, if I'm not mistaken Brazil is currently the fifth largest internet user, so that the adoption of Bitcoin and the entire crypto ecosystem as a legal means of payment can run quickly, because it is supported by the availability of sufficient infrastructure and that can be said perfect for them.
Thus the growth of Bitcoin in particular will go their way, as another step of long-term sustainable investment, and I believe the President will also approve the bill, once Parliament drafts and approves.

[bitzizzix]

This is very good news and whether Brazil's plans to approve bitcoin as a legal payment method work or not, we must hope for the best that bitcoin can be widely accepted and adopted again and without a hitch.
and I think it's only natural that slowly countries and small or large businesses around the world start accepting bitcoin as a form of payment, and by accepting bitcoin in enterprises, and that means bitcoin is at the forefront of developing technology, attracting new customers, and eliminating certain types of fraud and also very transparent.

[DU18]

This must be the reason why there is a pump of BTC price in Brazil. I'm not from the country but I just read it on the telegram channel.  More and more countries I think will come to recognize crypto. War against cash started long years ago but it's only now that it becomes very visible in economic trade while some countries prefer to recognize Digital Yuan.

Slowly bitcoin began to spread and was recognized by countries of the world as a better payment alternative, but even though bitcoin is now starting to be adopted as payment, I don't think that will kill the use of fiat money as official money in a country, I say bitcoin and fiat will be able to go hand in hand in building growth and creating a more diverse payment mechanism in a country like in brazil, the use of bitcoin will of course have a big influence on the brazilian economy and a positive impact may also be obtained by fiat currency later, now brazil has take innovative steps and hopefully they will be able to get a positive impact from the passage of the law so that in the end other countries will also follow Salvador and Brazil steps to be open for bitcoin or other crypto.

[uneng]

This is bad news. Next year a left wing government takes place in Brazil. It means they are going to regulate crypto market and as history shows us, left wing governments have fetish for stricting, controlling, censoring and difficulting individuals' actions.
Anyway, nothing has been approved yet:

Once passed into law, Brazilians can use Bitcoin as a payment method, while digital assets will be recognized as an investment asset class.

Governmental agency to rule crypto sector in Brazil. This is definitely not good...

House bill 4401/21 aims to establish an agency to oversee the Brazilian cryptocurrency industry. This includes managing the operations of service providers, such as crypto exchanges.

Today we have access to every existing exchanges on the internet. But with this bill, they will say exchanges we can have access and which we can't. Probably we can include every crypto services, besides exchanges on this point. Moreover, to gain approval from federal government is a dangerous requirement. It opens a gap for monopolies and protectionism, just like we have seen with FTX and US regulators. And in Brazil, bribery is pretty common in such negotiations at governmental and private enterprise negotiations' level.

Under the bill, exchanges are required to observe specific rules to be allowed access to the Brazilian market. For example, processes to segregate users’ funds from the exchange’s funds. The rules also require service providers to gain approval at the federal government level as well.

[Yatsan]

Indeed another win for Bitcoin and the cryptocurrency ecosystem at large.

Today, it announced that the Latin America country - Brazil, through their lawmakers, has approved Bitcoin as a payment method.

This simply means that Bitcoin is now a legal means of payment for goods and services in the country.
This is another win for Bitcoin and gradually, adoption is coming to Bitcoin and the entire crypto ecosystem.


Read full update on: Cryptoslate

In other words a legal tender. Just like in El Salvador where BTC was widely adopted for payments in goods and services. For me I think this is indeed a long term win for Bitcoin.

Although that it may not impact the price that much though, but maybe in the long run once many Brazilians would fully embrace Bitcoin as an alternative payment method.

Indeed, adoption of this technology won't mean that demand will increase in a sudden. It will only do so IF Bitcoin and other cryptocurrencies will have a function impossible for fiat and other fiat based digital currencies other than lower cost and faster transaction as well as anonymity with transactions, which would boost demand from people to invest towards this industry. This is a long term misconception; many people believe that once more countries allow usage of cryptocurrencies for daily transaction, price would go up eventually. But that's not true. There's a bigger chance that it will have a less volatile market value 'coz its supply will circulate on a daily basis unless it would be the only currency to be used which is impossible. So once this thing happen, will there be many people seeking for Bitcoin and other cryptos telling how advantageous it is compared to fiat? Let's be honest. This industry is so popular as an asset. But if it is regarding this industry in general being accepted by more countries, it is really a good thing for this technology, no doubt.

[Zanab247]

Congratulations to Brazil bitcoiners for the approval of the bitcoin as a payment in their country, I believe this method will surely attract more development to Brazil for their government not to regret for such decision. I guess, my country will be the next to approve bitcoin as a payment in the country, because many bitcoiners really want to use bitcoin as a payment for any kind of goods in the market but they find it difficult in the country to use bitcoin as a payment.

[rat03gopoh]

"While this represents a huge step forward for cryptocurrency adoption, the bill falls short of making Bitcoin legal tender".

Apparently they have specific differences between bitcoin and digital assets. I also don't know whether bitcoin circulation will become dispersed in centralized services, given that this plan only appoints the central bank as payment manager. Although the population is more than El Salvador, this policy is no better than El Salvador itself.

[CryptSafe]

This is a welcome development and a good news to reckon with. I know this day would definitely come when nation's would give in accepting Bitcoin as a legal tender which already Bitcoin is a store of value. I know it did not take this fit that easy  before this milestone was achieved. People proposed this to the Brazilian government and it took a whole lot of time before it was finally passed into law. This is a call to us in our various countries and localities to take the promotion and adoption movement to the next level. I myself personally I have been on the movement in my locality and I have been able to talk about Bitcoin to vendors, skilled and unskilled  freelancers, mini traders etc and so far the activities has been a successful engagement and the turn up is encouraging. I am looking forward to that day when nation's would finally accept Bitcoin as a means of payment.

Once again congratulations to the Brazilian Bitcoiners.

[Piesel]

I saw this headline this morning in the news, but never read it into detail, between this is a good move by the Brazilian people to adopt Bitcoin as a payment method in other news as a legal tender just like in El Salvador.

Now Brazil joins other countries in adopting bitcoin as an alternative currency which gives citizens a wide range of options for financial transactions.

[Flexystar]

“The agency will be tasked with authorizing and controlling the functioning of cryptocurrency service providers, including brokers and exchanges.”

However, there will be one controlling authority over them so that bitcoin's illicit use can be avoided in the long term. They have already mentioned that what type of charges they may face if such illicit use is found by crypto users within the Brazil.

However, though there is going to be control it's gonna be fun and fruitful for the Brazilians.

From the House bill 4401/21 it suggests that there will be optimum tax relaxation on the important stuff in crypto such as mining and its related process. Not just that, they will also relax the taxes on hardware required by miners up to some extent.

This is really impressive:

And, in a significant step forward for industry players, the bill also exempts “legal entities” from some taxes regarding activities to do with “processing, mining and conservation of virtual assets.”

“the bill would exempt hardware and software from certain taxes if used by legal entities for the processing, mining and conservation of virtual assets.”

In the trends of bearish and haunted period, this is definitely news which eases us!

[suzanne5223]

Yes, this is a piece of good news for all crypto enthusiasts that we see some lawmakers that acknowledge Bitcoin as legal tender but according to the article provided by the OP, this news is not official because the Brazilian new President's signature is still required, and from what I read the previous President will leave office on Dec. 31 while the new elected President will resume. Therefore, it will be next year before we know if BTC is truly legal tender in Brazil.

[lionheart78]

Is there a difference between Payment Method and a legal tender?

It is extremely frivolous to comment on something without reading what exactly it is about - is it so difficult to click on a link or do you consider it a waste of time?

While this represents a huge step forward for cryptocurrency adoption, the bill falls short of making Bitcoin legal tender.

For all those who relate this news in any way to El Salvador, don't be too excited - Brazil has not declared Bitcoin to be legal tender. How much this kind of law will help people in Brazil remains to be seen, and we will be able to see that only when it is officially approved by the new president next year.

It is possible that Brazil wanted to observe the performance of Bitcoin as a payment method before accepting it as legal tender.  Kinda confusing because they already accepted it as a payment method even though they are not recognized by the government.  So I think the Brazilian government is playing it safe on this matter to save themselves from any responsibility if ever Bitcoin prices plummet.  So this one is out of government responsibility but the recipient and issuer.  In this case, the Brazilian government recognizes Bitcoin as a money substitute just like checks and credit cards, which I think, is still a huge step towards Bitcoin mass adoption.

[Iroh]

This is great news and another win in the slow but steady race towards global adoption.
Reading the article, it says an agency would be set up to oversee cryptocurrency related affairs and would help regulate exchanges, making sure customer assets are separately kept from company’s assets.

 I think this is a great tool for keeping exchanges in check and keeping customers investment safe and secure. It’s still unclear what other powers the agency would have so I wouldn’t be excited about that just yet.

All that hinders this move now is the signature of the president. The president has to sign the bill for it to be law. The incumbent president Jair Bolsonaro, having recently lost the presidential election would in my opinion not sign the bill into law. The president elect Luiz Inácio Lula da Silva is more likely to sign such a bill and hopefully, the bill becomes law in Brazil.
This is another great win in the adoption of bitcoin worldwide.

[bitmover]

This is could be a much bigger news that it looks like right now in the near future. When you consider that Brazil is a member of BRICS and kind of a "leader" in South America since they can convince a bunch of other countries in South America to do the same specially because they have good economical relations amongst themselves.
In other words in the following year or two we could see a lot of other countries accept bitcoin as a legal payment method...

As I posted in some other topic, this law is not what it looks like
It has nothing to do with payment method. This is much worse, and it is just old oligarchs trying to increase barriers to new players.

Tldr: bad, old, national exchanges trying to ban binance and every other foreign one that can offer a better service

As I am from Brazil, I have been following this for quite some time.

There is a fundamental problem here with this law, which can be checked in the portuguese version:

https://cointelegraph.com.br/news/on-a-historic-day-deputies-approve-cryptocurrency-bill-in-brazil
Abccripto, a group of old and low quality Brazilian exchanges is behind this law.

This group have tried many times before to as government to ban binance from Brazil, as binance offers a high quality service for very low fees.

You can see here abccripto asking central bank to ban binance
https://www.abcripto.com.br/post/abcripto-aciona-bacen-mpf-e-cvm-contra-corretora-binancehttps://exame.com/future-of-money/dinheiro-tendencias/abcripto-pede-que-bc-mpf-e-cvm-suspendam-operacoes-da-binance-no-brasil/

This group wouls never support this law if it didnt help them in their goal

In the end, national exchanges cannot compete with binance. They offer a bad service (low volume, few coins, high fees, instability and website goes down when price drops etc.. ). So they are trying to ban binance.

Biannce has now about 60% of Brazilian daily volume.

[DdmrDdmr]

It sounds positive in general terms, though it’s not going to be considered Legal Tender as some are happily interpreting on this thread. It establishes a regulatory framework whereby bitcoin is recognized as a digital representation of value, and will therefore be permitted to be legally used as a means of payment (and investment).

To point out a clear difference between this consideration and that of El Salvador, El Salvador requires all business to accept bitcoin for a commercial transaction of goods and services, whilst Brazil will, I presume, require both parties to agree to accept it for a given commercial/goods TX (i.e. not mandatory throughout the country).

The regulatory framework, approved, but still pending the president’s signature, has implications for the bitcoin/crypto industry as mentioned by a few on this thread, setting control over which crypto service providers can legally perform within the country and under what circumstances.

We still need to see how it plays out and what rules and requirements will apply to payments made in bitcoin.  

See:
https://www-camara-leg-br.translate.goog/noticias/923501-camara-aprova-projeto-que-regulamenta-criptomoedas/?_x_tr_sl=pt&_x_tr_tl=en&_x_tr_hl=es&_x_tr_pto=wapp
The above document should have a native translation to English, though it is currently unavailable on the brazilian site. GT will have to do for now.

[uneng]

This is could be a much bigger news that it looks like right now in the near future. When you consider that Brazil is a member of BRICS and kind of a "leader" in South America since they can convince a bunch of other countries in South America to do the same specially because they have good economical relations amongst themselves.
In other words in the following year or two we could see a lot of other countries accept bitcoin as a legal payment method...

As I posted in some other topic, this law is not what it looks like
It has nothing to do with payment method. This is much worse, and it is just old oligarchs trying to increase barriers to new players.

Tldr: bad, old, national exchanges trying to ban binance and every other foreign one that can offer a better service

As I am from Brazil, I have been following this for quite some time.

There is a fundamental problem here with this law, which can be checked in the portuguese version:

https://cointelegraph.com.br/news/on-a-historic-day-deputies-approve-cryptocurrency-bill-in-brazil
Abccripto, a group of old and low quality Brazilian exchanges is behind this law.

This group have tried many times before to as government to ban binance from Brazil, as binance offers a high quality service for very low fees.

You can see here abccripto asking central bank to ban binance
https://www.abcripto.com.br/post/abcripto-aciona-bacen-mpf-e-cvm-contra-corretora-binancehttps://exame.com/future-of-money/dinheiro-tendencias/abcripto-pede-que-bc-mpf-e-cvm-suspendam-operacoes-da-binance-no-brasil/

This group wouls never support this law if it didnt help them in their goal

In the end, national exchanges cannot compete with binance. They offer a bad service (low volume, few coins, high fees, instability and website goes down when price drops etc.. ). So they are trying to ban binance.

Biannce has now about 60% of Brazilian daily volume.

I imagine what would happen to customers from crypto platforms which potentially become forbidden by local regulators through this law. Customers from Binance, Crypto.com or any other service providing credit/debit cards, investments' opportunities. Would they lose their money, lose access to services and investments and become hostages of useless, abusive, non-profitable local crypto services protected and endorsed by the country government's agencies? I've already stopped using local exchanges before due to high costs imposed on users and I don't pretend using them again futurely. And if we are going to be forced to, an alternative must be found.

[Obari]

This is really a thing of joy for the entire crypto space and ecosystem as there are now more global adoption of this currency Bitcoin.
Despite the adoption with is the pending full approval and stamp from the president ,there are also some restrictions sounding this adoption and some taxes paid on transactions .
Generally, regardless of whatever restrictions sounding Bitcoin and it's adoptions in some countries, Bitcoin has come to stay and it will gradually make it's way to tye heart of all.

[franky1]

recognising it as a currency. is different to treating it as a legal tender that all merchants should allow to be accepted as payment.

much like how the US did in 2014. treating it as a currency which allowed regulators to start knocking on doors of bitcoin swap services to declare them as money currency service businesses,(financial exchanges)
it was more about allowing those regulators in and not so much making bitcoin "mainstream"

anyways
brazil with a population of 200m

has a regulatory arena of possible business acceptance of customer base far more then the UK by a factor of 3.5x

has a regulatory arena of possible business acceptance of customer base far of 0.66x of the US

so brazils play in the arena could put UK down a peg and have brazil in 2nd/3rd place to the US, while also maybe taking businesses away from america if it sets the right consumer protection regulations and legitimises business better than the US did

only time can tell

[AmoreJaz]

This is really a thing of joy for the entire crypto space and ecosystem as there are now more global adoption of this currency Bitcoin.
Despite the adoption with is the pending full approval and stamp from the president ,there are also some restrictions sounding this adoption and some taxes paid on transactions .
Generally, regardless of whatever restrictions sounding Bitcoin and it's adoptions in some countries, Bitcoin has come to stay and it will gradually make it's way to tye heart of all.

the government is now seeing that they can't stop the adoption of crypto in their financial system. so they just need to accept this currency and make it legal. with this action, black market for this currency is prevented as people will just deal with it in legal means. also, the govt can collect their taxes from crypto-related businesses which is good for their economy. banning will just give them so much problem.

[aoluain]

Is there a difference between Payment Method and a legal tender?

It is extremely frivolous to comment on something without reading what exactly it is about - is it so difficult to click on a link or do you consider it a waste of time?

While this represents a huge step forward for cryptocurrency adoption, the bill falls short of making Bitcoin legal tender.

For all those who relate this news in any way to El Salvador, don't be too excited - Brazil has not declared Bitcoin to be legal tender. How much this kind of law will help people in Brazil remains to be seen, and we will be able to see that only when it is officially approved by the new president next year.

Yea while it does fall short of making Bitcoin legal tender, it's a massive step forward and
could be seen as a stepping stone to the legal tender status.

Another positive is that it's Brazil, largest country in South America. It's also another
government softening it's view on Bitcoin.

On the down side there will be more regulation. It's important in times like this that
we can be reminded that we should seek out decentralised options for entry and exit points.

[Finestream]

Indeed another win for Bitcoin and the cryptocurrency ecosystem at large.

Today, it announced that the Latin America country - Brazil, through their lawmakers, has approved Bitcoin as a payment method.

This simply means that Bitcoin is now a legal means of payment for goods and services in the country.
This is another win for Bitcoin and gradually, adoption is coming to Bitcoin and the entire crypto ecosystem.


Read full update on: Cryptoslate

Great news for everyone! Brazil has a good economy that gains a middle income, and with bitcoin adoption currently, there will be vast opportunities coming in the future for Brazil as it will bring progress when it comes to their finances and economy services. And with that, another milestone for bitcoin has been achieved. Hopefully in the years to follow, if Brazil will succeed this time, more countries will follow the path of Brazil.

[alexandr1115]

An interesting moment! Bitcoin has been adopted at the legislative level. But using it as a payment is not very convenient because of the very high fees. Doesn't that seem strange? Of course, this has some advantages for Bitcoin, but it cannot be said with certainty that it has changed something a lot! Maybe I don't understand something? The opinion of others will be interesting.

[Mamun74]

Very good and interesting news for all.Big congratulation for Brazil has approved the bill recocgnizing Bitcoin as a Payment method. Many countries are interesting on bitcoin investment. Many countries government accepted bitcoin and bitcoin payment method. Brazil is famous country and now their economic will be more growing in future. I think,it will be positivity in their countries bill payment method.

[fuguebtc]

Yes, this is a piece of good news for all crypto enthusiasts that we see some lawmakers that acknowledge Bitcoin as legal tender but according to the article provided by the OP, this news is not official because the Brazilian new President's signature is still required, and from what I read the previous President will leave office on Dec. 31 while the new elected President will resume. Therefore, it will be next year before we know if BTC is truly legal tender in Brazil.

I was reading this news in the morning, and I am wondering if this is the reason why bitcoin is going up today. Although no final decision has been made yet, this is a great start and hopefully the new president will also be a bitcoin-friendly person and Brazil is also a South American country known for its crypto-friendliness.

I am a Brazilian football fan, it would be great if they could win the WC this year and bitcoin would be legal tender in this country. That's just my wish .

[RockBell]

Looking at statistics, more people or individuals are interested in investing in bitcoin. Most people are comparing bitcoin and fiat, and Latin American Brazil, to be specific, accepting bitcoin as a payment method is actually a good one, it will also help the market, and other countries' law markers should consider it, as well. Bitcoin is gaining more traction since El Salvador made a disclosure that buying bitcoin every day will bring so many countries to have interest in investing in it. Looking at this new one was a good one and am seeing more coming.

[jokers10]

I saw this headline this morning in the news, but never read it into detail, between this is a good move by the Brazilian people to adopt Bitcoin as a payment method in other news as a legal tender just like in El Salvador.

Now Brazil joins other countries in adopting bitcoin as an alternative currency which gives citizens a wide range of options for financial transactions.

Brazil didn't make Bitcoin a legal tender, it just allowed to use it. And IMO it is good and better corresponds the spirit of Bitcoin: you got an alternative but you are not made to use it. Bitcoin has enough benefits of using it and not to be needed in legislative enforcement to use it.

[BlackBoss_]

Brazil didn't make Bitcoin a legal tender, it just allowed to use it. And IMO it is good and better corresponds the spirit of Bitcoin: you got an alternative but you are not made to use it. Bitcoin has enough benefits of using it and not to be needed in legislative enforcement to use it.

Brazil have yet made Bitcoin legal tender in their country but the impact from Brazil is bigger than legal tender in El Salvador.

Brazil is a far bigger country than El Salvador with bigger economy so that this adoption in Brazil is very important for Bitcoin community. After Brazil, we can have other smaller and bigger countries adopt Bitcoin as a payment method in their territories.

Annual GDP for Brazil in 2021 is $1,608,080M and for El Salvador is $28,737M

https://countryeconomy.com/countries/compare/brazil/el-salvador

[Antonas1]

-snip- Bitcoin has enough benefits of using it and not to be needed in legislative enforcement to use it.

The rule/law may not be important for some Bitcoin users. But the government will definitely implement it (laws and rules) to regulate all running systems in their countries. If some countries law forbid you to use Bitcoin in their territory, then you have to follow the rules whether you like it or not.

[suzanne5223]

Yes, this is a piece of good news for all crypto enthusiasts that we see some lawmakers that acknowledge Bitcoin as legal tender but according to the article provided by the OP, this news is not official because the Brazilian new President's signature is still required, and from what I read the previous President will leave office on Dec. 31 while the new elected President will resume. Therefore, it will be next year before we know if BTC is truly legal tender in Brazil.

I was reading this news in the morning, and I am wondering if this is the reason why bitcoin is going up today. Although no final decision has been made yet, this is a great start and hopefully the new president will also be a bitcoin-friendly person and Brazil is also a South American country known for its crypto-friendliness.

I am a Brazilian football fan, it would be great if they could win the WC this year and bitcoin would be legal tender in this country. That's just my wish .

Yes, Brazil is a crypto-friendly nation but they ought to have acknowledged Bitcoin as a legal tender should there no long ago. In the meantime, everything now lies in the new President's elected hand since he was positioned as a champion of business and always looking for something that will benefit the working class and lower socioeconomic classes I expect him to sign the lawmaker's approval of Bitcoin as a payment method especially now that Brazil currently has about 33 million hungry individuals while 58,7% of the population was said to experiences some form of food insecurity.

[tygeade]

Looking at statistics, more people or individuals are interested in investing in bitcoin. Most people are comparing bitcoin and fiat, and Latin American Brazil, to be specific, accepting bitcoin as a payment method is actually a good one, it will also help the market, and other countries' law markers should consider it, as well. Bitcoin is gaining more traction since El Salvador made a disclosure that buying bitcoin every day will bring so many countries to have interest in investing in it. Looking at this new one was a good one and am seeing more coming.

The point of these "smaller" nations accepting it is the fact that it gives the citizens of those nations a chance to actually make some real money, and that money comes from richer nations into these nations and those citizens spend it in their own nations.

Like for example a web developer in the USA may charge you $5000 for a good website, whereas a Brazilian would charge $500, I detest the idea that Brazilian web developer will always be worse, sure there are some great developers in the USA, some great in Brazil, some terrible in the USA, some terrible in Brazil, so that means people will pay the Brazil a lot more frequently and that money will be spent to pay his bills, food, rent and so forth.

[Davidvictorson]

When I first saw the news on Twitter, I was so delighted because I knew we are getting closer to the goal. To me, it seems the central and south American countries have seen the future and are wasting no time in doing something about bitcoin adoption. Could it be that they are tired of depending on the Dollar and they want freedom to be able to grow and expand their economy? 2023 is going to be an interesting year for bitcoin.

[Z-tight]

Could it be that they are tired of depending on the Dollar and they want freedom to be able to grow and expand their economy? 2023 is going to be an interesting year for bitcoin.

I don't think it is any of that, they aren't even making BTC a legal tender, they want to allow people spend BTC for payment if the merchant accepts it, it is almost the same thing everywhere, except in countries that have banned BTC meaning merchants can't accept it, but if BTC isn't banned in a country then i think merchants can accept it if they want, and that is the same thing Brazil are doing, nothing big in my humble opinion. I have also learnt from users in this topic that Brazil are just looking for a way to control the exchanges their citizens use, they want local exchanges to thrive, while they want foreign ones out, this news is covered with so much cloud, so i am not optimistic about it. 2023 is gonna be interesting for BTC all the same, but not because of this news.

[Rana590]

When I first saw the news on Twitter, I was so delighted because I knew we are getting closer to the goal. To me, it seems the central and south American countries have seen the future and are wasting no time in doing something about bitcoin adoption. Could it be that they are tired of depending on the Dollar and they want freedom to be able to grow and expand their economy? 2023 is going to be an interesting year for bitcoin.

It is beginning of new era and Bitcoin will lead in almost every sectors. We are getting many positive news about Bitcoin and obviously it is good sign. We have to depend on limited options but in future, we will be able to get huge benefits from Bitcoin. We need strong believe on Bitcoin for future benefits.

[kryptqnick]

Brazil's population is more than 200 million people, so it's a huge step in Bitcoin adoption. The president might not sign the law, of course, if he wants to create an inconvenience during his last weeks in office, but hopefully given the support of the parliament and a change of president soon, it won't be a big issue for this country. If it's recognized as a payment method, am I correct to assume it means that it's not getting taxed, just like fiat currencies aren't taxed? Of course, income taxes are a separate thing, but at least it isn't a property, so no VAT is applicable?

[lionheart78]

Brazil didn't make Bitcoin a legal tender, it just allowed to use it. And IMO it is good and better corresponds the spirit of Bitcoin: you got an alternative but you are not made to use it. Bitcoin has enough benefits of using it and not to be needed in legislative enforcement to use it.

Brazil have yet made Bitcoin legal tender in their country but the impact from Brazil is bigger than legal tender in El Salvador.

Brazil is a far bigger country than El Salvador with bigger economy so that this adoption in Brazil is very important for Bitcoin community. After Brazil, we can have other smaller and bigger countries adopt Bitcoin as a payment method in their territories.

Annual GDP for Brazil in 2021 is $1,608,080M and for El Salvador is $28,737M

https://countryeconomy.com/countries/compare/brazil/el-salvador

We haven't known whether the impact of acknowledging Bitcoin as payment by Brazil will have a bigger and better impact than El Salvador.  It does not matter how huge the population of the country is.  What matters in adoption is the people getting involved in the process.  Being a prospect doesn't mean they are already involved so we are not sure about the impact of the law about Bitcoin being accepted as a payment until the Brazilian President signs it, and people in Brazil start using Bitcoin as payment.  

When I first saw the news on Twitter, I was so delighted because I knew we are getting closer to the goal. To me, it seems the central and south American countries have seen the future and are wasting no time in doing something about bitcoin adoption. Could it be that they are tired of depending on the Dollar and they want freedom to be able to grow and expand their economy? 2023 is going to be an interesting year for bitcoin.

I think Brazil isn't tired of dependin on the dollar, they just think that having another option of payment is better.  Besides, it is also possible that they wanted to tap the potentials of accepting Bitcoin.

[The Cryptovator]

That means Brazilians will be able to use Bitcoin legally and fearlessly. Bitcoin would be accepted as a payment method by merchants, and users would be able to make payments. That is enough to adapt Bitcoin at all. What else can we expect? We simply need legalization so that Bitcoin can be used peacefully. More good news like this is actually needed to see another bull run. I'm just wondering when our stupid government will consider the importance of Bitcoin; hopefully, it will happen one day. Anyway, thanks for sharing with us, I was unaware of the news.

[Blawpaw]

We could say it is a big win for Bitcoin which it is, but it is also a big win for lawmakers who will now have the chance to have Bitcoin-related companies reporting to them and this way improve a develop new ways of tracking Bitcoin users. Depending on how regulation is at work in regard to digital transactions as opposed to Bitcoin transactions, and how the Brasilian federal digital audit will work, it can be a big blow to Bitcoin "privacy" which will have global effects...

[romero121]

From a country like Brazil, it is a big move forward. From the beginning days Brazil have got good number of stores that accept bitcoin as payment. Particularly coffee shop in Brazil seems to be the first store to accept bitcoin. People who have been using with some fear could now use it freely as the government have supported it through the bill.

Brazil's decision will be surely watched by more world countries and the same could lead more countries legalizing the usage of bitcoin through law. Small such actions taken by countries will make it a big change in the cryptospace.

[jokers10]

Brazil have yet made Bitcoin legal tender in their country but the impact from Brazil is bigger than legal tender in El Salvador.
...

And I hope it won't go that way, because, as I already said, IMO permissive legislation corresponds the spirit of Bitcoin much more than enforcement.

For me it is more important that more people would get benefits from Bitcoin and will find out it makes their life better then impact from governmental decisions on Bitcoin's price or smth like that.

The rule/law may not be important for some Bitcoin users. But the government will definitely implement it (laws and rules) to regulate all running systems in their countries. If some countries law forbid you to use Bitcoin in their territory, then you have to follow the rules whether you like it or not.

Legislation can be of different kind, prohibition is bad, but permissive is better than enforcement. I'm talking not about if Bitcoin can avoid regulation, I'm talking about which type of regulation is better.

[Xxmodded]

Reported from Cointelegraph Brazil try to make Bitcoin as legal payment method but still requires the approval from parliament, I think have positive side about submission of proposals for Bitcoin become legal payment method because Brazil as the countries has the largest population. I can't imagine what happen later with highest population having by Brazil make Bitcoin grow up drastically and become popular currency transaction there, but still waiting with approval from executive  parliament about agree or not for Bitcoin become payment method in their country.

Maybe need one or two months later about Bitcoin become legal payment method in Brazil waiting vote from parliament and analyze advantage and disadvantage when Bitcoin have been legal currency transaction.

[Nrcewker]

That’s indeed a great news. Really another milestone for Bitcoins and it’s holders. Is it also mandatory at Brazil to keep the coins at a centralised exchange? Or people can hold their coins anywhere? This is done in order to impose tax on payments. So my query is regarding this only. Nevertheless as this is a positive news, so this gonna definitely help to rise the price of the coin. Let’s hope for the best and see what happens next.

[Sayeds56]

It is a big step forward towards adapting Bitcoin as method of payment from a country like Brazil who is member of G20 and very good news for crypto enthusiasts who have been saddened by negative events happened during the past months.

We should hope the government & people of Brazil will make this experiment a big success story which other countries will definitely follow.

[Antonas1]

The rule/law may not be important for some Bitcoin users. But the government will definitely implement it (laws and rules) to regulate all running systems in their countries. If some countries law forbid you to use Bitcoin in their territory, then you have to follow the rules whether you like it or not.

Legislation can be of different kind, prohibition is bad, but permissive is better than enforcement. I'm talking not about if Bitcoin can avoid regulation, I'm talking about which type of regulation is better.

Now I'm so confused, because I didn't find what you said about the better type of regulation in your previous reply; instead you said that Bitcoin doesn't need to be put into "legislative enforcement". That's what I got from your sentence. Whereas in my head the bill is a legislative product, and if the bill is signed by the president, then it will become a law/rule/regulation.

[jokers10]

Now I'm so confused, because I didn't find what you said about the better type of regulation in your previous reply; instead you said that Bitcoin doesn't need to be put into "legislative enforcement". That's what I got from your sentence. Whereas in my head the bill is a legislative product, and if the bill is signed by the president, then it will become a law/rule/regulation.

That's right, I was talking about legislative enforcement and in here I don't see the enforcement part. May be I was not attentive to the details of this legal act and it is not only permitting, but as I see no one is enforced using or accepting Bitcoin. This bill gives an opportunity of totally legal usage, but doesn't enforce to do that. Am I not right?

[adzino]

Last I have heard, the bill was passed but one final approval and investigation is still required before they can finally approve the bill and make bitcoin as a payment method. I guess that won't be a issue and is actually a positive event among all the bad events that has been recently taking place. Just letting you know that all they did was made bitcoin legal and is regulating it, but they haven't made it into a legal tender. This means, the government now will have better understand and control of the usage of crypto currency which isn't what everyone wants but then again, business/merchants will be able to accept bitcoin legally without falling into legal troubles.

[Rigon]

Could it be that they are tired of depending on the Dollar and they want freedom to be able to grow and expand their economy?

The Chamber of Deputies of Brazil has drafted a law to legalize Bitcoin and recognize it as a cryptocurrency payment.  But after the most recent FTX scandal, its policy has been somewhat disrupted.  However, the Executive Branch of the Government has decided that the security of cryptocurrencies should be investigated by the Brazilian Securities Exchange Commission.  And it has been decided that users' funds and their securities may be considered under the Brazilian Securities Exchange Commission.

2023 is going to be an interesting year for bitcoin.

It is impossible to predict exactly what the Bitcoin market will look like in 2023.  The impact of the global recession on the Bitcoin market is closely related.  At the moment, the impact of the war between Ukraine and Russia has had a negative impact on cryptocurrencies.  Moreover, two consecutive major scandals, one being the Luna Crash and the other being the FTX scandal, forced the Bitcoin market below a certain support line.  However, everyone expects the Bitcoin market to turn upside down in early 2023.

[Antonas1]

Now I'm so confused, because I didn't find what you said about the better type of regulation in your previous reply; instead you said that Bitcoin doesn't need to be put into "legislative enforcement". That's what I got from your sentence. Whereas in my head the bill is a legislative product, and if the bill is signed by the president, then it will become a law/rule/regulation.

That's right, I was talking about legislative enforcement and in here I don't see the enforcement part. May be I was not attentive to the details of this legal act and it is not only permitting, but as I see no one is enforced using or accepting Bitcoin. This bill gives an opportunity of totally legal usage, but doesn't enforce to do that. Am I not right?

Oh, now I can get to your point a little. So you didn't see an oblige point to using of Bitcoin in that Brazilian bill, did you?
1. You can't see the details because they weren't put in the media.
2. Of course, any government will not publish a bill carelessly to the media, especially since it's still a framework that has not been signed.
3. I bet there will not be a single country now or in the future that requires its citizens to use Bitcoin. There will always be another currency that takes precedence.

Bitcoin has never forced anyone to use it. Everyone has a choice.

[Riodarvg]

The news of Brazil accepting Bitcoin as a payment method represents a huge win for Bitcoin in the long run. This move will bring Bitcoin to the attention of more countries and use by more people, making Bitcoin grow on a global scale. In the future, more other countries may accept Bitcoin as a legal payment method.
The same use of Bitcoin will also have a positive impact on the Brazilian economy, benefiting the people of the entire country and making them more free.

[Viscore]

I saw this headline this morning in the news, but never read it into detail, between this is a good move by the Brazilian people to adopt Bitcoin as a payment method in other news as a legal tender just like in El Salvador.

Now Brazil joins other countries in adopting bitcoin as an alternative currency which gives citizens a wide range of options for financial transactions.

Brazil didn't make Bitcoin a legal tender, it just allowed to use it. And IMO it is good and better corresponds the spirit of Bitcoin: you got an alternative but you are not made to use it. Bitcoin has enough benefits of using it and not to be needed in legislative enforcement to use it.

Brazilian real is still the legal tender in Brazil, while bitcoin has also been legalized as a payment method throughout the country. But even so, this is still a big win for bitcoin as not all countries have been open to bitcoin and legalize it. Brazil can now boost the adoption of digital currencies, and definitely will expand the cryptocurrency community in their own country.

[BitcoinPanther]

I saw this headline this morning in the news, but never read it into detail, between this is a good move by the Brazilian people to adopt Bitcoin as a payment method in other news as a legal tender just like in El Salvador.

Now Brazil joins other countries in adopting bitcoin as an alternative currency which gives citizens a wide range of options for financial transactions.

Brazil didn't make Bitcoin a legal tender, it just allowed to use it. And IMO it is good and better corresponds the spirit of Bitcoin: you got an alternative but you are not made to use it. Bitcoin has enough benefits of using it and not to be needed in legislative enforcement to use it.

Brazilian real is still the legal tender in Brazil, while bitcoin has also been legalized as a payment method throughout the country. But even so, this is still a big win for bitcoin as not all countries have been open to bitcoin and legalize it. Brazil can now boost the adoption of digital currencies, and definitely will expand the cryptocurrency community in their own country.

I agree, business in Brazil can now accept Bitcoin and people can freely use them to pay for goods.  I think this will bring new demands for Bitcoin since there is a huge possibility that Bitcoin start-ups will probably explore the potential of creating new crypto services in Brazil.  Bitcoin being accepted as mode of payment in Brazil is really a huge booster in this bearish market and somehow can offer a relief in this negative sentiment due to the FTX collapse.

[Bobrox]

Brazil have interested potential increasing tourism when accepting Bitcoin as legal tender payment method learned from El Savador success increasing up above 50% tourist visits to their country. Have many excited spot and view in Brazil I think easy when Bitcoin have been legal payment method many tourist interested go there.

Lets waiting vote and agreement acquire needed from Brazil's legislative agree or not for making Bitcoin payment method and seeing impact later after Bitcoin have legal, I sure huge demand and increasing when Bitcoin have adopted as payment method not only coming from their citizen but also tourism destination will increase up.

[Ojima-ojo]

The Latin American countries have been proactive in Bitcoin adoption just like El Salvador which made Bitcoin a full legal tender over a year ago, now Brazil from the same region has also made Bitcoin a legal tender and this is another good development for the entire cryptocurrency ecosystem.

If everything goes well Brazil will soon be competing with other crypto friendly countries in Bitcoin related development such as what El Salvador has presently called the Bitcoin city which has become a big foreign attraction.

[jokers10]

...
I bet there will not be a single country now or in the future that requires its citizens to use Bitcoin. There will always be another currency that takes precedence.
...

When we talk about a legal tender we see that it has a mandatory acceptance part. So business in the country has to accept a legal tender as a payment for goods or services. May be not immediately but in the future countries legislated Bitcoin as a legal tender will have to control its acceptance by business.

Brazil didn't make Bitcoin a legal tender, it just allowed to use it. And IMO it is good and better corresponds the spirit of Bitcoin: you got an alternative but you are not made to use it. Bitcoin has enough benefits of using it and not to be needed in legislative enforcement to use it.

Brazilian real is still the legal tender in Brazil, while bitcoin has also been legalized as a payment method throughout the country. But even so, this is still a big win for bitcoin as not all countries have been open to bitcoin and legalize it. Brazil can now boost the adoption of digital currencies, and definitely will expand the cryptocurrency community in their own country.

As I said, IMO it is the best way of adoption of Bitcoin as it corresponds its spirit. And of course Brazilians will get all benefits they can get from Bitcoin.

[LittleBitFunny]

The Latin American countries have been proactive in Bitcoin adoption just like El Salvador which made Bitcoin a full legal tender over a year ago, now Brazil from the same region has also made Bitcoin a legal tender and this is another good development for the entire cryptocurrency ecosystem.

If everything goes well Brazil will soon be competing with other crypto friendly countries in Bitcoin related development such as what El Salvador has presently called the Bitcoin city which has become a big foreign attraction.

No, Brazil only recognizes bitcoin as a legal payment method, does not make bitcoin a legal tender, two completely different things. This is considered a big win for our entire crypto ecosystem with this move by the Brazilian government. I don't expect all countries to recognize bitcoin as a legal tender but at least they will legally accept it as an alternative means of payment besides fiat. That will be a great success of the bitcoin revolution.

[Antonas1]

...
I bet there will not be a single country now or in the future that requires its citizens to use Bitcoin. There will always be another currency that takes precedence.
...

When we talk about a legal tender we see that it has a mandatory acceptance part. So business in the country has to accept a legal tender as a payment for goods or services. May be not immediately but in the future countries legislated Bitcoin as a legal tender will have to control its acceptance by business.

So you think governments are going to make Bitcoin their legal currency and require their people to use Bitcoin only? That means the government prohibited the people from using other currencies, correct?

I think it's impossible as long as the government wanna control everything. Centralized is everything for the government. The most possible thing is to make Bitcoin the official "second" currency.

[jokers10]

When we talk about a legal tender we see that it has a mandatory acceptance part. So business in the country has to accept a legal tender as a payment for goods or services. May be not immediately but in the future countries legislated Bitcoin as a legal tender will have to control its acceptance by business.

So you think governments are going to make Bitcoin their legal currency and require their people to use Bitcoin only? That means the government prohibited the people from using other currencies, correct?

I think it's impossible as long as the government wanna control everything. Centralized is everything for the government. The most possible thing is to make Bitcoin the official "second" currency.

Incorrect. First, if centralization and control are everything for governments than why to give a decentralized currency the status of an "official second currency"?

Next, when it is done. Let's see an example of Venezuela: when pensions were once paid in el petro, there was no option of staying in bolivar which is still an official currency and a legal tender in a country. So you are not maid to use one of two currencies only, but you have no option to refuse it if it is a legal tender. And as for business it should accept payments if they are made with legal tender.

So no, it is not about using bitcoins only, it is about how payments can be made.

[Pandu Geddon]

So you think governments are going to make Bitcoin their legal currency and require their people to use Bitcoin only? That means the government prohibited the people from using other currencies, correct?

each government has its regulations regarding the allowed use of currency as a means of payment.
the use of Bitcoin will not necessarily erase their currency for transaction tools. it is simply an alternative payment that is legal and can be used in their country for the transaction of goods and services.
This concept is like facilitating trade transactions. where more and more people use Bitcoin and of course, the ease of choice of transactions will be better for a growing business. Brazil has opened itself up to technological and economic developments. where other countries only legalize ownership of Bitcoin assets as investment assets.

[Antonas1]

Incorrect.

Which one is wrong? Is your statement that I quoted or my statement about centralized is everything for the government?

First, if centralization and control are everything for governments than why to give a decentralized currency the status of an "official second currency"?

The "second" word refers to alternative payments. Countries still have other main currencies, while the government allows Bitcoin to be used as a means of payment for goods and services. If you read how governments create their own "cryptocurrency" instead of using Bitcoin, you will know that centralizing is important to them.

Next, when it is done. Let's see an example of Venezuela: when pensions were once paid in el petro, there was no option of staying in bolivar which is still an official currency and a legal tender in a country. So you are not maid to use one of two currencies only, but you have no option to refuse it if it is a legal tender. And as for business it should accept payments if they are made with legal tender.

Bolivars are still used in Venezuela, especially in the formal sector. Also, you can buy stuff there using dollars. And people trust AXS more than Petro, don't you believe it? Look at this:

So no, it is not about using bitcoins only, it is about how payments can be made.

Oh my Goodness. I'm out.

So you think governments are going to make Bitcoin their legal currency and require their people to use Bitcoin only? That means the government prohibited the people from using other currencies, correct?

each government has its regulations regarding the allowed use of currency as a means of payment.
the use of Bitcoin will not necessarily erase their currency for transaction tools. it is simply an alternative payment that is legal and can be used in their country for the transaction of goods and services.
This concept is like facilitating trade transactions. where more and more people use Bitcoin and of course, the ease of choice of transactions will be better for a growing business. Brazil has opened itself up to technological and economic developments. where other countries only legalize ownership of Bitcoin assets as investment assets.

Didn't I say it? Here

[Sikinkato]

Bitcoin is considered a better payment method, which is a positive move for Bitcoin and the entire cryptocurrency industry. This major move proves that Bitcoin adoption has indeed progressed and that it is able to be widely used again.

Brazil has approved the decision to use Bitcoin as a payment method, which will attract the attention of more countries around the world, and more countries may legalize Bitcoin in the future.

[irhact]

The same use of Bitcoin will also have a positive impact on the Brazilian economy, benefiting the people of the entire country and making them more free.

How is this going to have a positive impact on their economy, Bitcoin is just a payment system  and just like other payment system that's been recognize by Brazilian government, Bitcoin just became one of them. The Brazil government didn't say they'll be investing in Bitcoin, If that's what they'll do then their involvement will have a positive impact as the country financial will increase when Bitcoin does go higher.

Bitcoin has grown so popular that it's unreasonable for any government to not make it a payment currency in their country then invest in them. You bring more awareness to your citizens when you accept Bitcoin and then your citizens investing in it can help them financially.

[jokers10]

The same use of Bitcoin will also have a positive impact on the Brazilian economy, benefiting the people of the entire country and making them more free.

How is this going to have a positive impact on their economy, Bitcoin is just a payment system  and just like other payment system that's been recognize by Brazilian government, Bitcoin just became one of them. The Brazil government didn't say they'll be investing in Bitcoin, If that's what they'll do then their involvement will have a positive impact as the country financial will increase when Bitcoin does go higher.

Bitcoin has grown so popular that it's unreasonable for any government to not make it a payment currency in their country then invest in them. You bring more awareness to your citizens when you accept Bitcoin and then your citizens investing in it can help them financially.

Bitcoin is not about investing only, it is a direct alternative to a classical bank system. So it gives an opportunity of using bank like solutions directly without permission or trust a third party, it returns control over own money. Competition makes system better, so bank system will have to make their system better not to lost their customers. So economy of Brazil will get a positive impact even without investing in Bitcoin.

[JayJuanGee]

The same use of Bitcoin will also have a positive impact on the Brazilian economy, benefiting the people of the entire country and making them more free.

How is this going to have a positive impact on their economy, Bitcoin is just a payment system

"Bitcoin is just a payment system"

That is not true.

You must not understand bitcoin if you are summarizing it up in that sort of way.

Or maybe you are mixing bitcoin up with shitcoins? or fiat?

In other words, bitcoin is quite a bit more than just a payment system.. especially if you look into the matter a wee bit.

 and just like other payment system that's been recognize by Brazilian government, Bitcoin just became one of them.

Sure it is true that a government might recognize and even assess bitcoin as "only" a payment system... but bitcoin gives few shits about that.  Bitcoin is what it is, and even if a government tries to describe bitcoin as "only" a payment system.. or to proclaim that bitcoin "can only be used" as a payment system, bitcoin is extra-jurisdictional.. meaning that it is not contained within one jurisdiction, and is designed to make it difficult to jurisdictionally capture it.. even if some jurisdictions might have more power than others in terms their abilities to effectuate their mandates.. we do not have a world-wide authority that would easily be able to capture king daddy... even if some of them might try and some of them might even coordinate to try to effectuate capture and/or suppression of bitcoin.
 

The Brazil government didn't say they'll be investing in Bitcoin, If that's what they'll do then their involvement will have a positive impact as the country financial will increase when Bitcoin does go higher.

Sure.. bitcoin does not discriminate.. so in that regard, any government that gets involved in investing into bitcoin sooner rather than later will be advantaged, in similar ways that individuals and institutions are advantaged by getting involved into investing (whether time, money or mental energies) sooner rather than later.  

Many of us longer term bitcoiners recognize and appreciate that bitcoin has served and continues to serve as one of the best of investments for individuals who should be much more equipped (meaning they are more flexible) to be able to act more quickly than institutions and/or governments and therefore more able to front-run institutions and governments in terms of their investment into bitcoin.

Bitcoin has grown so popular that it's unreasonable for any government to not make it a payment currency in their country then invest in them. You bring more awareness to your citizens when you accept Bitcoin and then your citizens investing in it can help them financially.

I think that I agree with you about these points - even though it still seems to me that you are somewhat convoluting what bitcoin actually is and what people might say or consider bitcoin to be - even while at the same time, it appears that you seem to understand that bitcoin is more than merely a payment system, even if governments might initially "get into" bitcoin based on considering bitcoin to be a "payment system."

The same use of Bitcoin will also have a positive impact on the Brazilian economy, benefiting the people of the entire country and making them more free.

How is this going to have a positive impact on their economy, Bitcoin is just a payment system  and just like other payment system that's been recognize by Brazilian government, Bitcoin just became one of them. The Brazil government didn't say they'll be investing in Bitcoin, If that's what they'll do then their involvement will have a positive impact as the country financial will increase when Bitcoin does go higher.

Bitcoin has grown so popular that it's unreasonable for any government to not make it a payment currency in their country then invest in them. You bring more awareness to your citizens when you accept Bitcoin and then your citizens investing in it can help them financially.

Bitcoin is not about investing only, it is a direct alternative to a classical bank system. So it gives an opportunity of using bank like solutions directly without permission or trust a third party, it returns control over own money. Competition makes system better, so bank system will have to make their system better not to lost their customers. So economy of Brazil will get a positive impact even without investing in Bitcoin.

Maybe we are all talking past each other?  which also seems to demonstrate that bitcoin is more than a payment system and more than investment.. so maybe it does not even matter upon which premises any country inches into bitcoin, advantages are likely going to come to the people and to bitcoin through more awareness and more expansion, even if the initial reasons for awareness and expansion seem to be wrong...

[virasog]

The news of Brazil accepting Bitcoin as a payment method represents a huge win for Bitcoin in the long run. This move will bring Bitcoin to the attention of more countries and use by more people, making Bitcoin grow on a global scale. In the future, more other countries may accept Bitcoin as a legal payment method.
The same use of Bitcoin will also have a positive impact on the Brazilian economy, benefiting the people of the entire country and making them more free.

Slowly and surely more countries will accept bitcoin and one day we may see bitcoin as a global payment method around the world.

We may see new countries becoming the economic leader in the future who will adopt bitcoin early while the giant nations of today whose governments are resistant to accepting bitcoin or trying to ban bitcoin may remain behind financially and economically.

[Sanitough]

I saw this headline this morning in the news, but never read it into detail, between this is a good move by the Brazilian people to adopt Bitcoin as a payment method in other news as a legal tender just like in El Salvador.

Now Brazil joins other countries in adopting bitcoin as an alternative currency which gives citizens a wide range of options for financial transactions.

Brazil didn't make Bitcoin a legal tender, it just allowed to use it. And IMO it is good and better corresponds the spirit of Bitcoin: you got an alternative but you are not made to use it. Bitcoin has enough benefits of using it and not to be needed in legislative enforcement to use it.

Yes, Brazil has still their own legal tender which is Brazilian Real. The news is all about recognizing and legalizing the use of bitcoin and cryptocurrencies as a payment method, so they are widely recognized now by the people of Brazil. I know this is a very positive news for the bitcoin community, and hopefully not only Brazil will benefit bitcoin but also it’s neighboring countries in the future.

[ultrloa]

The news of Brazil accepting Bitcoin as a payment method represents a huge win for Bitcoin in the long run. This move will bring Bitcoin to the attention of more countries and use by more people, making Bitcoin grow on a global scale. In the future, more other countries may accept Bitcoin as a legal payment method.
The same use of Bitcoin will also have a positive impact on the Brazilian economy, benefiting the people of the entire country and making them more free.

Slowly and surely more countries will accept bitcoin and one day we may see bitcoin as a global payment method around the world.

We may see new countries becoming the economic leader in the future who will adopt bitcoin early while the giant nations of today whose governments are resistant to accepting bitcoin or trying to ban bitcoin may remain behind financially and economically.

Well maybe they will be the first to adopt but I don't think they became the economic leader because the financial state of the country still vary with this since if first world country will adopt it for sure they will be the one who's still the big name placed on the mainstream in terms of getting recognition towards possible economic growth on certain aspect to their country also with global economy.

[SOKO-DEKE]

That is a great news for Brazil as a country to adopt Bitcoin as mode of payment, this show that some government are understanding the existence of Bitcoin as alternative to fiat cryptocurrency. I believe with this, their economy will improve because people at other countries can able to do easy transactions without following the long processing of banks as third party.

This must be the reason why there is a pump of BTC price in Brazil.

I don't think the current adoption of Bitcoin in Brazil have easily have impact in current market price of BTC but with time I believe much will happen.

[jokers10]

...
Maybe we are all talking past each other?  which also seems to demonstrate that bitcoin is more than a payment system and more than investment.. so maybe it does not even matter upon which premises any country inches into bitcoin, advantages are likely going to come to the people and to bitcoin through more awareness and more expansion, even if the initial reasons for awareness and expansion seem to be wrong...

Any permissive legislation is good in some way, some ways are better than others, but most important is the right trend. What will work better we'll see in the future, but at the moment we can stand for some specific way and push it with argues. Even if to have some dispute in details most of us agree with each other in general, Bitcoin expansion gives lots of benefits to people.

[_BlackStar]

I don't think the current adoption of Bitcoin in Brazil have easily have impact in current market price of BTC but with time I believe much will happen.

That is good news for bitcoin and its users around the world. I believe the adoption of bitcoin as a means of payment will continue to increase over time, and will spread and continue to be adopted into even small businesses.

A positive impact on price is to be expected due to this adoption, but right now I don't think the impact will be immediate. As you can imagine, prices will have an impact from time to time and the market will continue to strengthen as investors recover and the world economy conditions. I expected the bitcoin price to be bullish, but it should take a long time after the FTX crash.

[gabbie2010]

This is a  welcome development by the Brazilian lawmakers I hope their president assent the bill as soon as possible, gradually we are getting there with regards to Bitcoin global adoption, I read a lot of positive news about bitcoin lately apart from FTX exchange hack though it seem that the adoption is slow nevertheless lot of countries will follow suit, just like EL Salvador and Central African Republic who had already adopted it while other other countries might be working out modalities for their own adoption in the nearest future, I hope with time Bitcoin will become an alternative mode of payment in many countries.

[Party24*7]

Although there is no final official information yet, congratulations to Brazil and the bitcoin community for another commendable step forward. Hopefully in the future, especially when the 2024 bull season will have more and more countries accepting bitcoin, just as long as countries legalize bitcoin, companies and corporations will automatically accept bitcoin. What bitcoin is aiming for now is the national level, not the companies or individuals anymore.

[JayJuanGee]

Although there is no final official information yet, congratulations to Brazil and the bitcoin community for another commendable step forward. Hopefully in the future, especially when the 2024 bull season will have more and more countries accepting bitcoin, just as long as countries legalize bitcoin, companies and corporations will automatically accept bitcoin. What bitcoin is aiming for now is the national level, not the companies or individuals anymore.

Of course, bitcoin adoption starts at the individual level, then moves to a variety of institutions and then becomes more adopted and used at the governmental level.

Nonetheless, individuals remain way more flexible to get involved in bitcoin and if some individuals do not have any exposure to bitcoin then it is likely in their better interest to start to invest into bitcoin sooner rather than later. 

In the earliest times of bitcoin, there were a lot of smaller level of scams in which individuals were losing money through shenanigans, and since the actors in bitcoin are getting bigger, in recent times, we see richer players and even institutions getting reckt pretty badly by similar kinds of shenanigans - but just on BIGGER and more sophisticated scales... So we might speculate that BIGGER players should be smarter, but we find them making similar kinds of mistakes as individuals had made in earlier times in bitcoin - which still likely provides evidence that each of us likely needs to figure out ways that we are holding our own keys and protecting our keys. 

Sure there might be some bitcoin value that we have available for spending or even keeping some on exchanges and with 3rd parties, yet at the same time, if there are problems with third parties or various kinds of vulnerabilities, we have to make sure that our bitcoin is protected and not easily removed from our possession, unless by our own complete will, we choose to spend it.

[m2017]

It seems that BTC adoptions will be distributed from countries with weak economies. Salvador, Brazil, what will be the next country? Definitely a huge step for bitcoin. Probably most bitcoiners are already packing their bags to move to Brazil. Many people were waiting for this, so that they could freely pay using bitcoin, and now the whole country has officially accepted it as a means of payment. In fact, this is a significant event, which, as it happens, is not particularly advertised in the mass media.

[Kasabus]

The Latin American countries have been proactive in Bitcoin adoption just like El Salvador which made Bitcoin a full legal tender over a year ago, now Brazil from the same region has also made Bitcoin a legal tender and this is another good development for the entire cryptocurrency ecosystem.

If everything goes well Brazil will soon be competing with other crypto friendly countries in Bitcoin related development such as what El Salvador has presently called the Bitcoin city which has become a big foreign attraction.

No, Brazil only recognizes bitcoin as a legal payment method, does not make bitcoin a legal tender, two completely different things. This is considered a big win for our entire crypto ecosystem with this move by the Brazilian government. I don't expect all countries to recognize bitcoin as a legal tender but at least they will legally accept it as an alternative means of payment besides fiat. That will be a great success of the bitcoin revolution.

Bitcoin is designed not to be completely a legal tender but legalizing it as a payment method has already achieved its goal. So what Brazil has did is already a big win for bitcoin and its bitcoin community. Brazilian Real will never become obsolete, it will always be their official currency and bitcoin can only serve as an alternative.

[lalabotax]

In other words a legal tender. Just like in El Salvador where BTC was widely adopted for payments in goods and services. For me I think this is indeed a long term win for Bitcoin.

As long as I read, they are still not approving Bitcoin as the legal tender because they still need approval from the executive brand to enact the rapproval. But, they approve it as the payment method in the country.

While Brazil has not made Bitcoin legal tender as El Salvador did last year, the South-American nation has passed a law that legalizes crypto payments throughout the country.

Here is the completed news:
https://cointelegraph.com/news/brazil-passes-law-to-legalize-crypto-as-a-payment-method

However, this new law, widens the activity of using cryptocurrency especially Bitcoin for making transaction and paying with Bitcoin in the country. This is a very good improvement, right?

ALthough the impact is not big for the crypto world, at least, there are many more countries that legalize Bitcoin as payment method. This is a very good progress for accpetance.

[LDL]

Brazil is one of the top five cryptocurrency user's friendly countries in the world.  Their population reports that 10 million people are directly involved in cryptocurrency in 2020, which is 4.9% of the country's population.  Later in 2021, the number of cryptocurrency users increased to 16 million, which is 7.8% of the country's population.  This is how day by day a certain part of the population of Brazil is going to be associated with cryptocurrency.  According to a report by Foxbit, an exchange in that country, 650,000 of their users are from Brazil and 41% of them are directly involved in the Bitcoin market.

Moreover, Brazil has around 23 Bitcoin ATMs for Bitcoin transactions.  Experts believe that the number of Bitcoin ATMs will increase significantly after the acceptance of Bitcoin as payment in Brazil.
Sao Paulo (12 ATMs), Rio de Janeiro (4 ATMs) Brasilia (2 ATMs) , others (5 ATMs)

Therefore, the Brazilian government has recognized Bitcoin as a means of payment for the time being considering various positive aspects.

[uneng]

It's too late. I've seen on local news the bill has been already approved by the congress house and now it depends on the president's sanction to take into effect. They want the current president to sanction the bill, because they fear the next president, who is going to take place from next year on, won't give his sanction, seeking for a more strict regulation regards cryptocurrencies.

There were modifications on the original project. Asset segregation, which could be a measure to protect users' funds in exchanges, was removed. With assets segregation feature, exchanges are forced to respect the money people have on the platforms. They can't use it to pump their native tokens, donate to their political parties or run scam schemes in general.

Congressmen gave total independence and rights to exchanges to do what they want with customers' money. Therefore, a new FTX scam event is possible.

In my opinion it should be passed a bill stating in case of bankruptcy, bank run or any scams, the CEO and his first tier team would be immeditely held responsible, losing their patrimonies to the state, which would use it to repay the debt they have with customers. This way, we wouldn't see money being wasted to pay scammers' wages while operating the companies in recovery or during chapter 11 (bankruptcy) and the cases would be solved faster. But that would be to ask too much...

[Abiky]

Slowly and surely more countries will accept bitcoin and one day we may see bitcoin as a global payment method around the world.

We may see new countries becoming the economic leader in the future who will adopt bitcoin early while the giant nations of today whose governments are resistant to accepting bitcoin or trying to ban bitcoin may remain behind financially and economically.

Of course. But even if all of the world's countries adopt Bitcoin as payment method, that doesn't mean Fiat will disappear from the face of the Earth. That's because governments won't surrender their control over the way we use money anytime soon. If Bitcoin becomes adopted worldwide, it will live alongside Fiat for years to come. I'm fine with that as long as people have an escape route from the current monetary system controlled by central banks and governments alike.

The more governments adopt Bitcoin, the easier it becomes for you to live solely on crypto. El Salvador was the first country to make the move, so we should expect other countries to follow soon. If Brazil's President signs the bill, then it will mark history as the first South-American country to adopt Bitcoin as legal tender. Let's see how everything will unfold as Fiat continues to lose traction in the mainstream world. Just my thoughts

[Tubicolous]

That’s great. If more countries start to adopt Bitcoin, it would be great. Countries like El Salvadore and CAR have already done that, but it would be great if some big economies could start to do that. It will take time, but it will eventually happen.

[Zanab247]

This is very good news and whether Brazil's plans to approve bitcoin as a legal payment method work or not, we must hope for the best that bitcoin can be widely accepted and adopted again and without a hitch.

Traders in this country will do everything possible to make this plan come to reality to approve Bitcoin as a legal payment, so that bitcoiners in the country will start purchasing goods from sellers and pay with bitcoins. If the tax the Brazil government will impose to Bitcoin users will not too high in the country, I guess it will attract other customers to have interest on Bitcoin and how to use it to purchase goods and other things in the country without using fiat money for payment

[Thomas Kralow]

Good news! But before it becomes applicable, it still needs 5o be signed by the President. Then only it will become effective in Brazil. So wait a little before the actual celebration.

Also I see that cryptocurrency is classified as an investment asset class. So Brazilians should seek further clarifications on how it will be taxed. Investment assets are usually taxed based on the gains made and also the timeframe is considered for calculating taxes. So little bit of grey area is still there. But net positive, I must say!

This is indeed exciting news. Brazil’s use of Bitcoin as a means of payment also means that the government will increase supervision in this regard to prevent criminal groups from using Bitcoin as a tool for illegal activities. For the Brazilian people, they can effectively protect their private assets. Although the volatility of Bitcoin is still relatively large, in the long run, it is undoubtedly a huge improvement in the decentralized world.

[Abiky]

Traders in this country will do everything possible to make this plan come to reality to approve Bitcoin as a legal payment, so that bitcoiners in the country will start purchasing goods from sellers and pay with bitcoins. If the tax the Brazil government will impose to Bitcoin users will not too high in the country, I guess it will attract other customers to have interest on Bitcoin and how to use it to purchase goods and other things in the country without using fiat money for payment

I'm hopeful Brazil will soon join the ever-growing list of countries that accept Bitcoin as legal tender. If the President signs the bill, then this would be a huge win for Bitcoin in the long term. After all, Brazil is one of the major economies in South America. With more countries joining the game, we may be closer towards "hyperbitcoinization" than we've thought. Maybe this will signal the end of Fiat sometime in the future?

As inflation continues to harm the economy, we will continue to see more countries inclined towards Bitcoin. Early adopters like you and me would greatly benefit in the long run if the world embraces "The Bitcoin Standard" with open arms. As long as Bitcoin remains decentralized, there should be nothing to worry about. Just my opinion