Brazil Has Approved Bill Recognizing Bitcoin As a Payment Method.

[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.

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[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.