Wilbur Kwok
New member
The Brazilian government has approved and built a thorough legal framework for the use of cryptocurrencies there.
Unlike El Salvador, which has made Bitcoin a legal tender, Brazil has allowed cryptocurrency payments nationwide. A framework for cryptocurrency law has finally been accepted by the Chamber of Deputies, Brazil's federal legislative assembly. This is a significant development for cryptocurrency in Brazil since it opens the door for its use as a nationwide payment method.
The President's signature is still required for the last stage. His signature will give bitcoin payments for goods and services legal standing. The executive arm of the government must decide which office will be in charge of enforcing the law after it has been adopted. However, tokens will continue to fall within the jurisdiction of the Brazilian Securities and Exchange Commission (CVM) (security tokens).
Additionally, the legislation would enable third-party crypto management and crypto exchanges to seek licenses. Exchanges are required by law to provide a clear distinction between user funds and business funds. Hopefully, this action will stop a repeat of the collapse of FTX. The statute as of right now makes no mention of dispositions pertaining to a central bank digital currency. But it's believed that the Central Bank will be in charge of regulating the law.
Sadly, a provision that would have provided tax advantages to cryptocurrency miners was removed from the law. The measure attempted to reduce some state and federal taxes when purchasing bitcoin mining equipment, however, it was unable to complete its course. The government will also continue to closely monitor the cryptocurrency industry.
The majority of Latin American cryptocurrency ETFs are presently available in Brazil. Sincerity be damned, I believe they are adjusting and moving forward with the digital economy admirably. They have a government agency to supervise them, banks that actively employ cryptocurrency, and customers that adore it. In fact, even their BFT, or Brazilian Football fan token, is anticipating progress. How far will Brazil take its cryptocurrency journey?
Unlike El Salvador, which has made Bitcoin a legal tender, Brazil has allowed cryptocurrency payments nationwide. A framework for cryptocurrency law has finally been accepted by the Chamber of Deputies, Brazil's federal legislative assembly. This is a significant development for cryptocurrency in Brazil since it opens the door for its use as a nationwide payment method.
The President's signature is still required for the last stage. His signature will give bitcoin payments for goods and services legal standing. The executive arm of the government must decide which office will be in charge of enforcing the law after it has been adopted. However, tokens will continue to fall within the jurisdiction of the Brazilian Securities and Exchange Commission (CVM) (security tokens).
Additionally, the legislation would enable third-party crypto management and crypto exchanges to seek licenses. Exchanges are required by law to provide a clear distinction between user funds and business funds. Hopefully, this action will stop a repeat of the collapse of FTX. The statute as of right now makes no mention of dispositions pertaining to a central bank digital currency. But it's believed that the Central Bank will be in charge of regulating the law.
Sadly, a provision that would have provided tax advantages to cryptocurrency miners was removed from the law. The measure attempted to reduce some state and federal taxes when purchasing bitcoin mining equipment, however, it was unable to complete its course. The government will also continue to closely monitor the cryptocurrency industry.
The majority of Latin American cryptocurrency ETFs are presently available in Brazil. Sincerity be damned, I believe they are adjusting and moving forward with the digital economy admirably. They have a government agency to supervise them, banks that actively employ cryptocurrency, and customers that adore it. In fact, even their BFT, or Brazilian Football fan token, is anticipating progress. How far will Brazil take its cryptocurrency journey?
