In the near future, Brazil could consider Bitcoin (BTC) and other cryptocurrencies as a means of payment, after a deputy presented a bill on June 10 recognizing them as such.
A bill that recognizes bitcoin as a form of payment.
In particular, the deputy federal deputy in Congress Paul Martin presented a detailed legislative proposal to the Brazilian Congress. It would complement the existing laws in the country by adding article 835, section 14. This proposes a definition of the proposed terms for cryptocurrencies.
“Cryptoactives, understood as digital representations of value that are not money. They are with their own unit of measure, they are exchanged electronically through the use of cryptography. In the context of distributed ledger technologies, used as a financial asset, means of exchange or payment, instrument of access to goods and services or investment”.
Bonus: Brazil is launching a blockchain network to combat corruption in public spending.
According to Martins, the legislative proposal is based on a tax law proposal from experts with extensive academic experience. It is within the scope of:
- of the Tax Research Center of I founded Getulius Vargas (FGV),
- a Brazilian higher education institution,
- its law of the school branch of São Paulo, and
- project discussions “Administrative, judicial and tax application of the 21st century”.
Will Brazil follow the path of El Salvador and the Central African Republic?
Brazilian lawmakers are now expected to consider the bill. Its adoption could mark a big step for the Brazil becomes the next country to introduce bitcoin as legal tender after The Savior and the Central African Republic (rca).
Recently, one of the main real estate developers in Brazil introduced bitcoin as a form of payment to buy apartments. This despite the country’s central bank yet to consider digital assets as a mode of payment.
In addition, the country has been a pioneer in approving the launch of the first exchange-traded fund (YF) decentralized finance (Challenge) to the worldwhich you have already done in January 2022. In fact, theYF was launched on the stock market B3 of the country in February.
ALSO READ: Coinbase lays off nearly 1,100 employees after hiring freeze amid crypto winter.