an invoice presented to recognize Bitcoin (BTC) as a means of payment

Bitcoin: Will it soon be recognized as a legal tender in Brazil?

On June 10, a Brazilian MP introduced a bill aimed at recognizing Bitcoin (BTC) as a means of payment.

In fact, the country could see itself as the queen of cryptocurrencies a legal tender in the near future. In this regard, and to be a little more specific, Federal Deputy Paulo Martins presented a detailed legislative proposal to members of the National Congress of Brazil.

Thus, a formulation was suggested to complement the current legislation of the country:

“Cryptocurrencies, understood as digital representations of value that, not being money, with their own unit of measurement, are exchanged in the context of distributed registration technologies and are used as a financial asset, a means of exchange or payment, instrument of access to goods and services or an investment. »

It is now the Brazilian legislator to deliberate in this bill. Likewise, the adoption of the latter could be an important step for the country that could join the footsteps of El Salvador, or even the Central African Republic.

👉 Read: What is Bitcoin?

Following in the footsteps of El Salvador and the Central African Republic?

In this perspective, Brazil was not the first country to propose this type of law. In fact, the El Salvador and the Central African Republic are the two countries that have recognized Bitcoin as a legal tender.

Adopting this cryptocurrency is also a way to attract foreign investments and / or investors. Specifically, companies in the sector, such as mining for example.

However, This approach can be criticized, or even pressure from institutions or politicians. In this regard, the International Monetary Fund (IMF) has repeatedly noted that this adoption poses a risk to both countries.

👉 To find out: El Salvador officially adopts Bitcoin (BTC) as the legal tender currency

Sources: Finbold Media and Federal Deputy Paulo Martins Bill



About the author: Antoni Bassetto

It was in 2017 when I discovered cryptocurrencies and blockchain technology. In addition, I would like to share with you the news of this sector, which is in full swing, so that you are up to date with the latest news.
All articles by Anthony Bassetto.

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