Brazil Has Approved Bill Recognizing Bitcoin As a Payment Method. - page 2.

jokers10

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Quote from: irhact on December 06, 2022, 12:20:34 AM

Quote from: Riodarvg on December 03, 2022, 02:28:29 AM

The same use of Bitcoin will also have a positive impact on the Brazilian economy, benefiting the people of the entire country and making them more free.

How is this going to have a positive impact on their economy, Bitcoin is just a payment system and just like other payment system that's been recognize by Brazilian government, Bitcoin just became one of them. The Brazil government didn't say they'll be investing in Bitcoin, If that's what they'll do then their involvement will have a positive impact as the country financial will increase when Bitcoin does go higher.

Bitcoin has grown so popular that it's unreasonable for any government to not make it a payment currency in their country then invest in them. You bring more awareness to your citizens when you accept Bitcoin and then your citizens investing in it can help them financially.

Bitcoin is not about investing only, it is a direct alternative to a classical bank system. So it gives an opportunity of using bank like solutions directly without permission or trust a third party, it returns control over own money. Competition makes system better, so bank system will have to make their system better not to lost their customers. So economy of Brazil will get a positive impact even without investing in Bitcoin.

irhact

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Quote from: Riodarvg on December 03, 2022, 02:28:29 AM

The same use of Bitcoin will also have a positive impact on the Brazilian economy, benefiting the people of the entire country and making them more free.

How is this going to have a positive impact on their economy, Bitcoin is just a payment system and just like other payment system that's been recognize by Brazilian government, Bitcoin just became one of them. The Brazil government didn't say they'll be investing in Bitcoin, If that's what they'll do then their involvement will have a positive impact as the country financial will increase when Bitcoin does go higher.

Bitcoin has grown so popular that it's unreasonable for any government to not make it a payment currency in their country then invest in them. You bring more awareness to your citizens when you accept Bitcoin and then your citizens investing in it can help them financially.

Sikinkato

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Bitcoin is considered a better payment method, which is a positive move for Bitcoin and the entire cryptocurrency industry. This major move proves that Bitcoin adoption has indeed progressed and that it is able to be widely used again.

Brazil has approved the decision to use Bitcoin as a payment method, which will attract the attention of more countries around the world, and more countries may legalize Bitcoin in the future.

Pandu Geddon

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So you think governments are going to make Bitcoin their legal currency and require their people to use Bitcoin only? That means the government prohibited the people from using other currencies, correct?

each government has its regulations regarding the allowed use of currency as a means of payment.
the use of Bitcoin will not necessarily erase their currency for transaction tools. it is simply an alternative payment that is legal and can be used in their country for the transaction of goods and services.
This concept is like facilitating trade transactions. where more and more people use Bitcoin and of course, the ease of choice of transactions will be better for a growing business. Brazil has opened itself up to technological and economic developments. where other countries only legalize ownership of Bitcoin assets as investment assets.

jokers10

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Quote from: jokers10 on December 03, 2022, 11:29:23 PM

When we talk about a legal tender we see that it has a mandatory acceptance part. So business in the country has to accept a legal tender as a payment for goods or services. May be not immediately but in the future countries legislated Bitcoin as a legal tender will have to control its acceptance by business.

So you think governments are going to make Bitcoin their legal currency and require their people to use Bitcoin only? That means the government prohibited the people from using other currencies, correct?

I think it's impossible as long as the government wanna control everything. Centralized is everything for the government. The most possible thing is to make Bitcoin the official "second" currency.

Incorrect. First, if centralization and control are everything for governments than why to give a decentralized currency the status of an "official second currency"?

Next, when it is done. Let's see an example of Venezuela: when pensions were once paid in el petro, there was no option of staying in bolivar which is still an official currency and a legal tender in a country. So you are not maid to use one of two currencies only, but you have no option to refuse it if it is a legal tender. And as for business it should accept payments if they are made with legal tender.

So no, it is not about using bitcoins only, it is about how payments can be made.

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Quote from: Ojima-ojo on December 03, 2022, 11:22:35 PM

The Latin American countries have been proactive in Bitcoin adoption just like El Salvador which made Bitcoin a full legal tender over a year ago, now Brazil from the same region has also made Bitcoin a legal tender and this is another good development for the entire cryptocurrency ecosystem.

If everything goes well Brazil will soon be competing with other crypto friendly countries in Bitcoin related development such as what El Salvador has presently called the Bitcoin city which has become a big foreign attraction.

No, Brazil only recognizes bitcoin as a legal payment method, does not make bitcoin a legal tender, two completely different things. This is considered a big win for our entire crypto ecosystem with this move by the Brazilian government. I don't expect all countries to recognize bitcoin as a legal tender but at least they will legally accept it as an alternative means of payment besides fiat. That will be a great success of the bitcoin revolution.

jokers10

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Quote from: Antonas1 on December 03, 2022, 02:21:55 AM

...
I bet there will not be a single country now or in the future that requires its citizens to use Bitcoin. There will always be another currency that takes precedence.
...

When we talk about a legal tender we see that it has a mandatory acceptance part. So business in the country has to accept a legal tender as a payment for goods or services. May be not immediately but in the future countries legislated Bitcoin as a legal tender will have to control its acceptance by business.

Quote from: Viscore on December 03, 2022, 05:27:22 PM

Quote from: jokers10 on December 01, 2022, 07:23:52 AM

Brazil didn't make Bitcoin a legal tender, it just allowed to use it. And IMO it is good and better corresponds the spirit of Bitcoin: you got an alternative but you are not made to use it. Bitcoin has enough benefits of using it and not to be needed in legislative enforcement to use it.

Brazilian real is still the legal tender in Brazil, while bitcoin has also been legalized as a payment method throughout the country. But even so, this is still a big win for bitcoin as not all countries have been open to bitcoin and legalize it. Brazil can now boost the adoption of digital currencies, and definitely will expand the cryptocurrency community in their own country.

As I said, IMO it is the best way of adoption of Bitcoin as it corresponds its spirit. And of course Brazilians will get all benefits they can get from Bitcoin.

Ojima-ojo

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The Latin American countries have been proactive in Bitcoin adoption just like El Salvador which made Bitcoin a full legal tender over a year ago, now Brazil from the same region has also made Bitcoin a legal tender and this is another good development for the entire cryptocurrency ecosystem.

If everything goes well Brazil will soon be competing with other crypto friendly countries in Bitcoin related development such as what El Salvador has presently called the Bitcoin city which has become a big foreign attraction.

Bobrox

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Brazil have interested potential increasing tourism when accepting Bitcoin as legal tender payment method learned from El Savador success increasing up above 50% tourist visits to their country. Have many excited spot and view in Brazil I think easy when Bitcoin have been legal payment method many tourist interested go there.

Lets waiting vote and agreement acquire needed from Brazil's legislative agree or not for making Bitcoin payment method and seeing impact later after Bitcoin have legal, I sure huge demand and increasing when Bitcoin have adopted as payment method not only coming from their citizen but also tourism destination will increase up.

BitcoinPanther

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Quote from: Viscore on December 03, 2022, 05:27:22 PM

Quote from: jokers10 on December 01, 2022, 07:23:52 AM

Quote from: Piesel on November 30, 2022, 11:42:50 AM

I saw this headline this morning in the news, but never read it into detail, between this is a good move by the Brazilian people to adopt Bitcoin as a payment method in other news as a legal tender just like in El Salvador.

Now Brazil joins other countries in adopting bitcoin as an alternative currency which gives citizens a wide range of options for financial transactions.

Brazil didn't make Bitcoin a legal tender, it just allowed to use it. And IMO it is good and better corresponds the spirit of Bitcoin: you got an alternative but you are not made to use it. Bitcoin has enough benefits of using it and not to be needed in legislative enforcement to use it.

Brazilian real is still the legal tender in Brazil, while bitcoin has also been legalized as a payment method throughout the country. But even so, this is still a big win for bitcoin as not all countries have been open to bitcoin and legalize it. Brazil can now boost the adoption of digital currencies, and definitely will expand the cryptocurrency community in their own country.

I agree, business in Brazil can now accept Bitcoin and people can freely use them to pay for goods. I think this will bring new demands for Bitcoin since there is a huge possibility that Bitcoin start-ups will probably explore the potential of creating new crypto services in Brazil. Bitcoin being accepted as mode of payment in Brazil is really a huge booster in this bearish market and somehow can offer a relief in this negative sentiment due to the FTX collapse.

Viscore

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Quote from: jokers10 on December 01, 2022, 07:23:52 AM

Quote from: Piesel on November 30, 2022, 11:42:50 AM

I saw this headline this morning in the news, but never read it into detail, between this is a good move by the Brazilian people to adopt Bitcoin as a payment method in other news as a legal tender just like in El Salvador.

Now Brazil joins other countries in adopting bitcoin as an alternative currency which gives citizens a wide range of options for financial transactions.

Brazil didn't make Bitcoin a legal tender, it just allowed to use it. And IMO it is good and better corresponds the spirit of Bitcoin: you got an alternative but you are not made to use it. Bitcoin has enough benefits of using it and not to be needed in legislative enforcement to use it.

Brazilian real is still the legal tender in Brazil, while bitcoin has also been legalized as a payment method throughout the country. But even so, this is still a big win for bitcoin as not all countries have been open to bitcoin and legalize it. Brazil can now boost the adoption of digital currencies, and definitely will expand the cryptocurrency community in their own country.

Riodarvg

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The news of Brazil accepting Bitcoin as a payment method represents a huge win for Bitcoin in the long run. This move will bring Bitcoin to the attention of more countries and use by more people, making Bitcoin grow on a global scale. In the future, more other countries may accept Bitcoin as a legal payment method.
The same use of Bitcoin will also have a positive impact on the Brazilian economy, benefiting the people of the entire country and making them more free.

Antonas1

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Quote from: jokers10 on December 02, 2022, 11:44:40 PM

Quote from: ?? on ??

Now I'm so confused, because I didn't find what you said about the better type of regulation in your previous reply; instead you said that Bitcoin doesn't need to be put into "legislative enforcement". That's what I got from your sentence. Whereas in my head the bill is a legislative product, and if the bill is signed by the president, then it will become a law/rule/regulation.

That's right, I was talking about legislative enforcement and in here I don't see the enforcement part. May be I was not attentive to the details of this legal act and it is not only permitting, but as I see no one is enforced using or accepting Bitcoin. This bill gives an opportunity of totally legal usage, but doesn't enforce to do that. Am I not right? Huh

Oh, now I can get to your point a little. So you didn't see an oblige point to using of Bitcoin in that Brazilian bill, did you?
1. You can't see the details because they weren't put in the media.
2. Of course, any government will not publish a bill carelessly to the media, especially since it's still a framework that has not been signed.
3. I bet there will not be a single country now or in the future that requires its citizens to use Bitcoin. There will always be another currency that takes precedence.

Bitcoin has never forced anyone to use it. Everyone has a choice.

Rigon

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Quote from: Davidvictorson on December 01, 2022, 11:45:25 AM

Could it be that they are tired of depending on the Dollar and they want freedom to be able to grow and expand their economy?

The Chamber of Deputies of Brazil has drafted a law to legalize Bitcoin and recognize it as a cryptocurrency payment. But after the most recent FTX scandal, its policy has been somewhat disrupted. However, the Executive Branch of the Government has decided that the security of cryptocurrencies should be investigated by the Brazilian Securities Exchange Commission. And it has been decided that users' funds and their securities may be considered under the Brazilian Securities Exchange Commission.

Quote from: Davidvictorson on December 01, 2022, 11:45:25 AM

2023 is going to be an interesting year for bitcoin.

It is impossible to predict exactly what the Bitcoin market will look like in 2023. The impact of the global recession on the Bitcoin market is closely related. At the moment, the impact of the war between Ukraine and Russia has had a negative impact on cryptocurrencies. Moreover, two consecutive major scandals, one being the Luna Crash and the other being the FTX scandal, forced the Bitcoin market below a certain support line. However, everyone expects the Bitcoin market to turn upside down in early 2023.

adzino

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Last I have heard, the bill was passed but one final approval and investigation is still required before they can finally approve the bill and make bitcoin as a payment method. I guess that won't be a issue and is actually a positive event among all the bad events that has been recently taking place. Just letting you know that all they did was made bitcoin legal and is regulating it, but they haven't made it into a legal tender. This means, the government now will have better understand and control of the usage of crypto currency which isn't what everyone wants but then again, business/merchants will be able to accept bitcoin legally without falling into legal troubles.

jokers10

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Quote from: ?? on ??

Now I'm so confused, because I didn't find what you said about the better type of regulation in your previous reply; instead you said that Bitcoin doesn't need to be put into "legislative enforcement". That's what I got from your sentence. Whereas in my head the bill is a legislative product, and if the bill is signed by the president, then it will become a law/rule/regulation.

That's right, I was talking about legislative enforcement and in here I don't see the enforcement part. May be I was not attentive to the details of this legal act and it is not only permitting, but as I see no one is enforced using or accepting Bitcoin. This bill gives an opportunity of totally legal usage, but doesn't enforce to do that. Am I not right? Huh

Sayeds56

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It is a big step forward towards adapting Bitcoin as method of payment from a country like Brazil who is member of G20 and very good news for crypto enthusiasts who have been saddened by negative events happened during the past months.

We should hope the government & people of Brazil will make this experiment a big success story which other countries will definitely follow.

Nrcewker

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That’s indeed a great news. Really another milestone for Bitcoins and it’s holders. Is it also mandatory at Brazil to keep the coins at a centralised exchange? Or people can hold their coins anywhere? This is done in order to impose tax on payments. So my query is regarding this only. Nevertheless as this is a positive news, so this gonna definitely help to rise the price of the coin. Let’s hope for the best and see what happens next.

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Reported from Cointelegraph Brazil try to make Bitcoin as legal payment method but still requires the approval from parliament, I think have positive side about submission of proposals for Bitcoin become legal payment method because Brazil as the countries has the largest population. I can't imagine what happen later with highest population having by Brazil make Bitcoin grow up drastically and become popular currency transaction there, but still waiting with approval from executive parliament about agree or not for Bitcoin become payment method in their country.

Maybe need one or two months later about Bitcoin become legal payment method in Brazil waiting vote from parliament and analyze advantage and disadvantage when Bitcoin have been legal currency transaction.

jokers10

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Quote from: BlackBoss_ on December 01, 2022, 07:56:32 AM

Brazil have yet made Bitcoin legal tender in their country but the impact from Brazil is bigger than legal tender in El Salvador.
...

And I hope it won't go that way, because, as I already said, IMO permissive legislation corresponds the spirit of Bitcoin much more than enforcement.

For me it is more important that more people would get benefits from Bitcoin and will find out it makes their life better then impact from governmental decisions on Bitcoin's price or smth like that.

Quote from: ?? on ??

The rule/law may not be important for some Bitcoin users. But the government will definitely implement it (laws and rules) to regulate all running systems in their countries. If some countries law forbid you to use Bitcoin in their territory, then you have to follow the rules whether you like it or not.

Legislation can be of different kind, prohibition is bad, but permissive is better than enforcement. I'm talking not about if Bitcoin can avoid regulation, I'm talking about which type of regulation is better.

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