SNEAK PEEK
- Brazil has recently passed a law legalizing crypto-based transactions as means of payment.
- The document under which the law has been passed includes virtual currencies with frequent travel rewards for travellers from airlines such as Miles.
- This step is in the proper procedure to regulate and boost the legal adoption of digital currency with the expansion of economic stability in the country.
For a decent amount of time, Brazil has been working considerably and progressing its laws in terms of cryptocurrency regulation and adoption amongst the owners in the country. It is moreover, the only country with the maximum cryptocurrency ETFs in Latin A`merica. At the same time, Brazil has now recognized cryptocurrency-based Bitcoin payments in the country.
Brazil has just officially recognised #bitcoin as a means of payment!
— Lark Davis (@TheCryptoLark) November 30, 2022
Brazil currently has not designated Bitcoin as a term for legal tender but has passed a law legalizing crypto-based transactions as means of payment. This step is in the proper procedure to regulate and boost the legal adoption of digital currency with the expansion of economic stability in the country.
The document under which the law has been passed includes virtual currencies with frequent travel rewards for travellers from airlines such as Miles. These payments would moreover be under the supervision of the Country’s Central Bank.
The cryptocurrency laws in the country establish an accurate amount of rules for crypto transactions with services and administration of cryptocurrency which is trusted with third-party agreements as well.
Moreover, the law currently does not include any role regarding the issuance of a Central bank digital currency, but the country is in the works for making ample progress in the matter.
