Yugocean
Valued Contributor
Brazil's much-debated crypto bill has been approved by the country's President Jair Bolsonaro. Bitcoin critics are unhappy, but the crypto world is welcoming this.
After this approval, bitcoin (and other major altcoins) became acceptable for financial use in Brazil; now even children can use bitcoin as pocket money, parents can pay school fees, and merchants and buyers can buy and sell using crypto.
This new law, however, does not make bitcoin (or any other) legal tender, as in El Salvador or the Central African Republic, Brazil's national currency, the real, will remain the sole legal tender. The main currency will still be the National Real.
Brazil is the largest country in Latin America; it is also the 5th largest country in the world. Also, it is associated with many such international economic groups, such as BRICS (Brazil, Russia, India, China, and South Africa). This will give a boost to bitcoin in international trade.
