Brazil Has Approved Bill Recognizing Bitcoin As a Payment Method.

[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.

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[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.