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

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[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.