Brazil Has Approved Bill Recognizing Bitcoin As a Payment Method.

[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.

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[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.