Brazil recognizes bitcoin as legal tender and investment asset
The relevant law was signed by the country’s President Jair Bolsonaro
23.12.2022 - 08:15
526
2 min
0
What’s new? On December 21, Brazilian President Jair Bolsonaro signed a law proposed by Congress to legalize bitcoin as a means of payment and investment asset. The law will take effect 180 days after it is signed and will allow 214 million Brazilian citizens to legally use the first cryptocurrency.
What else is known? According to the law passed, BTC is defined as a digital representation of value. The country’s Revenue Authority, the Central Bank, and the Securities and Exchange Commission were involved in the development of the document. It is known that two agencies will regulate bitcoin in the country. Bank of Brazil will be responsible for the use of cryptocurrency as a means of payment, the Securities and Exchange Commission will oversee the use of BTC as an investment asset.
The signing of the law made Brazil the third country in the world to legalize bitcoin as a means of payment. Earlier, the authorities of El Salvador and the Central African Republictook this step.
In April, the Brazilian Senate passed a bill to regulate cryptocurrencies, which became the basis for the creation of a regulatory framework for the crypto industry in the country. And in July, Rio de Janeiro authorities announced plans to buy bitcoin for the city treasury to make the city the main cryptocurrency hub of Brazil.
Useful material?
Telegram 
Twitter Market
The company’s unrealized profits from investing in its first cryptocurrency approached $14 billion
Nov 19, 2024
Incidents
The search, the reason for which was not announced, took place a week after the election, the results of which Polymarket users predicted quite accurately
Nov 14, 2024
Market
Analysts point to the growing popularity of the first cryptocurrency as a safe haven asset
Nov 13, 2024
Market
The product will begin trading on the Swiss Exchange on November 19
Nov 12, 2024
Market
The company’s unrealized profits from investing in the first cryptocurrency approached $13 billion
Nov 12, 2024
Market
The company predicts that the rate of the first cryptocurrency will grow to $200 000 by the end of next year
Nov 11, 2024
Cryptocurrency rates
-
Bitcoin
$98 832
BTC
+2.98%
-
Ethereum
$3 364.22
ETH
+8.76%
-
BNB Smart Chain
$579.4
BSC
+1.23%
-
Ripple
$1.38
XRP
+24.62%
-
Dogecoin
$0.393192
DOGE
+3.74%
-
Cardano
$0.869677
ADA
+11.42%
-
Bitcoin Cash
$494.99
BCH
+9.81%
-
Polkadot
$6.17
DOT
+10.59%
-
Stellar XLM
$0.283321
XLM
+18.07%
-
Litecoin
$90.09
LTC
+7.07%