This is really a thing of joy for the entire crypto space and ecosystem as there are now more global adoption of this currency Bitcoin.
Despite the adoption with is the pending full approval and stamp from the president ,there are also some restrictions sounding this adoption and some taxes paid on transactions .
Generally, regardless of whatever restrictions sounding Bitcoin and it's adoptions in some countries, Bitcoin has come to stay and it will gradually make it's way to tye heart of all.
Topic: Brazil Has Approved Bill Recognizing Bitcoin As a Payment Method. - page 4. (Read 874 times)
November 30, 2022, 01:18:50 PM
November 30, 2022, 12:56:37 PM
This is could be a much bigger news that it looks like right now in the near future. When you consider that Brazil is a member of BRICS and kind of a "leader" in South America since they can convince a bunch of other countries in South America to do the same specially because they have good economical relations amongst themselves.
In other words in the following year or two we could see a lot of other countries accept bitcoin as a legal payment method...
In other words in the following year or two we could see a lot of other countries accept bitcoin as a legal payment method...
As I posted in some other topic, this law is not what it looks like
It has nothing to do with payment method. This is much worse, and it is just old oligarchs trying to increase barriers to new players.
Tldr: bad, old, national exchanges trying to ban binance and every other foreign one that can offer a better service
As I am from Brazil, I have been following this for quite some time.
There is a fundamental problem here with this law, which can be checked in the portuguese version:
https://cointelegraph.com.br/news/on-a-historic-day-deputies-approve-cryptocurrency-bill-in-brazil
Abccripto, a group of old and low quality Brazilian exchanges is behind this law.
This group have tried many times before to as government to ban binance from Brazil, as binance offers a high quality service for very low fees.
You can see here abccripto asking central bank to ban binance
https://www.abcripto.com.br/post/abcripto-aciona-bacen-mpf-e-cvm-contra-corretora-binancehttps://exame.com/future-of-money/dinheiro-tendencias/abcripto-pede-que-bc-mpf-e-cvm-suspendam-operacoes-da-binance-no-brasil/
This group wouls never support this law if it didnt help them in their goal
In the end, national exchanges cannot compete with binance. They offer a bad service (low volume, few coins, high fees, instability and website goes down when price drops etc.. ). So they are trying to ban binance.
Biannce has now about 60% of Brazilian daily volume.
There is a fundamental problem here with this law, which can be checked in the portuguese version:
https://cointelegraph.com.br/news/on-a-historic-day-deputies-approve-cryptocurrency-bill-in-brazil
Abccripto, a group of old and low quality Brazilian exchanges is behind this law.
This group have tried many times before to as government to ban binance from Brazil, as binance offers a high quality service for very low fees.
You can see here abccripto asking central bank to ban binance
https://www.abcripto.com.br/post/abcripto-aciona-bacen-mpf-e-cvm-contra-corretora-binancehttps://exame.com/future-of-money/dinheiro-tendencias/abcripto-pede-que-bc-mpf-e-cvm-suspendam-operacoes-da-binance-no-brasil/
This group wouls never support this law if it didnt help them in their goal
In the end, national exchanges cannot compete with binance. They offer a bad service (low volume, few coins, high fees, instability and website goes down when price drops etc.. ). So they are trying to ban binance.
Biannce has now about 60% of Brazilian daily volume.
November 30, 2022, 12:36:56 PM
It sounds positive in general terms, though it’s not going to be considered Legal Tender as some are happily interpreting on this thread. It establishes a regulatory framework whereby bitcoin is recognized as a digital representation of value, and will therefore be permitted to be legally used as a means of payment (and investment).
To point out a clear difference between this consideration and that of El Salvador, El Salvador requires all business to accept bitcoin for a commercial transaction of goods and services, whilst Brazil will, I presume, require both parties to agree to accept it for a given commercial/goods TX (i.e. not mandatory throughout the country).
The regulatory framework, approved, but still pending the president’s signature, has implications for the bitcoin/crypto industry as mentioned by a few on this thread, setting control over which crypto service providers can legally perform within the country and under what circumstances.
We still need to see how it plays out and what rules and requirements will apply to payments made in bitcoin.
See:
https://www-camara-leg-br.translate.goog/noticias/923501-camara-aprova-projeto-que-regulamenta-criptomoedas/?_x_tr_sl=pt&_x_tr_tl=en&_x_tr_hl=es&_x_tr_pto=wapp
The above document should have a native translation to English, though it is currently unavailable on the brazilian site. GT will have to do for now.
To point out a clear difference between this consideration and that of El Salvador, El Salvador requires all business to accept bitcoin for a commercial transaction of goods and services, whilst Brazil will, I presume, require both parties to agree to accept it for a given commercial/goods TX (i.e. not mandatory throughout the country).
The regulatory framework, approved, but still pending the president’s signature, has implications for the bitcoin/crypto industry as mentioned by a few on this thread, setting control over which crypto service providers can legally perform within the country and under what circumstances.
We still need to see how it plays out and what rules and requirements will apply to payments made in bitcoin.
See:
https://www-camara-leg-br.translate.goog/noticias/923501-camara-aprova-projeto-que-regulamenta-criptomoedas/?_x_tr_sl=pt&_x_tr_tl=en&_x_tr_hl=es&_x_tr_pto=wapp
The above document should have a native translation to English, though it is currently unavailable on the brazilian site. GT will have to do for now.
November 30, 2022, 12:10:29 PM
This is could be a much bigger news that it looks like right now in the near future. When you consider that Brazil is a member of BRICS and kind of a "leader" in South America since they can convince a bunch of other countries in South America to do the same specially because they have good economical relations amongst themselves.
In other words in the following year or two we could see a lot of other countries accept bitcoin as a legal payment method...
In other words in the following year or two we could see a lot of other countries accept bitcoin as a legal payment method...
As I posted in some other topic, this law is not what it looks like
It has nothing to do with payment method. This is much worse, and it is just old oligarchs trying to increase barriers to new players.
Tldr: bad, old, national exchanges trying to ban binance and every other foreign one that can offer a better service
As I am from Brazil, I have been following this for quite some time.
There is a fundamental problem here with this law, which can be checked in the portuguese version:
https://cointelegraph.com.br/news/on-a-historic-day-deputies-approve-cryptocurrency-bill-in-brazil
Abccripto, a group of old and low quality Brazilian exchanges is behind this law.
This group have tried many times before to as government to ban binance from Brazil, as binance offers a high quality service for very low fees.
You can see here abccripto asking central bank to ban binance
https://www.abcripto.com.br/post/abcripto-aciona-bacen-mpf-e-cvm-contra-corretora-binancehttps://exame.com/future-of-money/dinheiro-tendencias/abcripto-pede-que-bc-mpf-e-cvm-suspendam-operacoes-da-binance-no-brasil/
This group wouls never support this law if it didnt help them in their goal
In the end, national exchanges cannot compete with binance. They offer a bad service (low volume, few coins, high fees, instability and website goes down when price drops etc.. ). So they are trying to ban binance.
Biannce has now about 60% of Brazilian daily volume.
There is a fundamental problem here with this law, which can be checked in the portuguese version:
https://cointelegraph.com.br/news/on-a-historic-day-deputies-approve-cryptocurrency-bill-in-brazil
Abccripto, a group of old and low quality Brazilian exchanges is behind this law.
This group have tried many times before to as government to ban binance from Brazil, as binance offers a high quality service for very low fees.
You can see here abccripto asking central bank to ban binance
https://www.abcripto.com.br/post/abcripto-aciona-bacen-mpf-e-cvm-contra-corretora-binancehttps://exame.com/future-of-money/dinheiro-tendencias/abcripto-pede-que-bc-mpf-e-cvm-suspendam-operacoes-da-binance-no-brasil/
This group wouls never support this law if it didnt help them in their goal
In the end, national exchanges cannot compete with binance. They offer a bad service (low volume, few coins, high fees, instability and website goes down when price drops etc.. ). So they are trying to ban binance.
Biannce has now about 60% of Brazilian daily volume.
November 30, 2022, 12:05:28 PM
This is great news and another win in the slow but steady race towards global adoption.
Reading the article, it says an agency would be set up to oversee cryptocurrency related affairs and would help regulate exchanges, making sure customer assets are separately kept from company’s assets.
I think this is a great tool for keeping exchanges in check and keeping customers investment safe and secure. It’s still unclear what other powers the agency would have so I wouldn’t be excited about that just yet.
All that hinders this move now is the signature of the president. The president has to sign the bill for it to be law. The incumbent president Jair Bolsonaro, having recently lost the presidential election would in my opinion not sign the bill into law. The president elect Luiz Inácio Lula da Silva is more likely to sign such a bill and hopefully, the bill becomes law in Brazil.
This is another great win in the adoption of bitcoin worldwide.
Reading the article, it says an agency would be set up to oversee cryptocurrency related affairs and would help regulate exchanges, making sure customer assets are separately kept from company’s assets.
I think this is a great tool for keeping exchanges in check and keeping customers investment safe and secure. It’s still unclear what other powers the agency would have so I wouldn’t be excited about that just yet.
All that hinders this move now is the signature of the president. The president has to sign the bill for it to be law. The incumbent president Jair Bolsonaro, having recently lost the presidential election would in my opinion not sign the bill into law. The president elect Luiz Inácio Lula da Silva is more likely to sign such a bill and hopefully, the bill becomes law in Brazil.
This is another great win in the adoption of bitcoin worldwide.
November 30, 2022, 12:04:11 PM
Is there a difference between Payment Method and a legal tender?
It is extremely frivolous to comment on something without reading what exactly it is about - is it so difficult to click on a link or do you consider it a waste of time?
Quote
While this represents a huge step forward for cryptocurrency adoption, the bill falls short of making Bitcoin legal tender.
For all those who relate this news in any way to El Salvador, don't be too excited - Brazil has not declared Bitcoin to be legal tender. How much this kind of law will help people in Brazil remains to be seen, and we will be able to see that only when it is officially approved by the new president next year.
It is possible that Brazil wanted to observe the performance of Bitcoin as a payment method before accepting it as legal tender. Kinda confusing because they already accepted it as a payment method even though they are not recognized by the government. So I think the Brazilian government is playing it safe on this matter to save themselves from any responsibility if ever Bitcoin prices plummet. So this one is out of government responsibility but the recipient and issuer. In this case, the Brazilian government recognizes Bitcoin as a money substitute just like checks and credit cards, which I think, is still a huge step towards Bitcoin mass adoption.
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November 30, 2022, 12:00:04 PM
Yes, this is a piece of good news for all crypto enthusiasts that we see some lawmakers that acknowledge Bitcoin as legal tender but according to the article provided by the OP, this news is not official because the Brazilian new President's signature is still required, and from what I read the previous President will leave office on Dec. 31 while the new elected President will resume. Therefore, it will be next year before we know if BTC is truly legal tender in Brazil.
November 30, 2022, 11:54:04 AM
Quote
“The agency will be tasked with authorizing and controlling the functioning of cryptocurrency service providers, including brokers and exchanges.”
However, there will be one controlling authority over them so that bitcoin's illicit use can be avoided in the long term. They have already mentioned that what type of charges they may face if such illicit use is found by crypto users within the Brazil.
However, though there is going to be control it's gonna be fun and fruitful for the Brazilians.
From the House bill 4401/21 it suggests that there will be optimum tax relaxation on the important stuff in crypto such as mining and its related process. Not just that, they will also relax the taxes on hardware required by miners up to some extent.
This is really impressive:
Quote
And, in a significant step forward for industry players, the bill also exempts “legal entities” from some taxes regarding activities to do with “processing, mining and conservation of virtual assets.”
“the bill would exempt hardware and software from certain taxes if used by legal entities for the processing, mining and conservation of virtual assets.”
“the bill would exempt hardware and software from certain taxes if used by legal entities for the processing, mining and conservation of virtual assets.”
In the trends of bearish and haunted period, this is definitely news which eases us!
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.
Now Brazil joins other countries in adopting bitcoin as an alternative currency which gives citizens a wide range of options for financial transactions.
November 30, 2022, 11:37:04 AM
This is a welcome development and a good news to reckon with. I know this day would definitely come when nation's would give in accepting Bitcoin as a legal tender which already Bitcoin is a store of value. I know it did not take this fit that easy before this milestone was achieved. People proposed this to the Brazilian government and it took a whole lot of time before it was finally passed into law. This is a call to us in our various countries and localities to take the promotion and adoption movement to the next level. I myself personally I have been on the movement in my locality and I have been able to talk about Bitcoin to vendors, skilled and unskilled freelancers, mini traders etc and so far the activities has been a successful engagement and the turn up is encouraging. I am looking forward to that day when nation's would finally accept Bitcoin as a means of payment.
Once again congratulations to the Brazilian Bitcoiners.
Once again congratulations to the Brazilian Bitcoiners.
November 30, 2022, 10:53:04 AM
Apparently they have specific differences between bitcoin and digital assets. I also don't know whether bitcoin circulation will become dispersed in centralized services, given that this plan only appoints the central bank as payment manager. Although the population is more than El Salvador, this policy is no better than El Salvador itself.
November 30, 2022, 10:40:55 AM
Congratulations to Brazil bitcoiners for the approval of the bitcoin as a payment in their country, I believe this method will surely attract more development to Brazil for their government not to regret for such decision. I guess, my country will be the next to approve bitcoin as a payment in the country, because many bitcoiners really want to use bitcoin as a payment for any kind of goods in the market but they find it difficult in the country to use bitcoin as a payment.
November 30, 2022, 10:37:39 AM
Indeed another win for Bitcoin and the cryptocurrency ecosystem at large.
Today, it announced that the Latin America country - Brazil, through their lawmakers, has approved Bitcoin as a payment method.
This simply means that Bitcoin is now a legal means of payment for goods and services in the country.
This is another win for Bitcoin and gradually, adoption is coming to Bitcoin and the entire crypto ecosystem.
Read full update on: Cryptoslate
In other words a legal tender. Just like in El Salvador where BTC was widely adopted for payments in goods and services. For me I think this is indeed a long term win for Bitcoin.
Although that it may not impact the price that much though, but maybe in the long run once many Brazilians would fully embrace Bitcoin as an alternative payment method.
November 30, 2022, 10:34:27 AM
This is bad news. Next year a left wing government takes place in Brazil. It means they are going to regulate crypto market and as history shows us, left wing governments have fetish for stricting, controlling, censoring and difficulting individuals' actions.
Anyway, nothing has been approved yet:
Governmental agency to rule crypto sector in Brazil. This is definitely not good...
Today we have access to every existing exchanges on the internet. But with this bill, they will say exchanges we can have access and which we can't. Probably we can include every crypto services, besides exchanges on this point. Moreover, to gain approval from federal government is a dangerous requirement. It opens a gap for monopolies and protectionism, just like we have seen with FTX and US regulators. And in Brazil, bribery is pretty common in such negotiations at governmental and private enterprise negotiations' level.
Anyway, nothing has been approved yet:
Quote
Once passed into law, Brazilians can use Bitcoin as a payment method, while digital assets will be recognized as an investment asset class.
Governmental agency to rule crypto sector in Brazil. This is definitely not good...
Quote
House bill 4401/21 aims to establish an agency to oversee the Brazilian cryptocurrency industry. This includes managing the operations of service providers, such as crypto exchanges.
Today we have access to every existing exchanges on the internet. But with this bill, they will say exchanges we can have access and which we can't. Probably we can include every crypto services, besides exchanges on this point. Moreover, to gain approval from federal government is a dangerous requirement. It opens a gap for monopolies and protectionism, just like we have seen with FTX and US regulators. And in Brazil, bribery is pretty common in such negotiations at governmental and private enterprise negotiations' level.
Quote
Under the bill, exchanges are required to observe specific rules to be allowed access to the Brazilian market. For example, processes to segregate users’ funds from the exchange’s funds. The rules also require service providers to gain approval at the federal government level as well.
November 30, 2022, 10:14:16 AM
This must be the reason why there is a pump of BTC price in Brazil. I'm not from the country but I just read it on the telegram channel. More and more countries I think will come to recognize crypto. War against cash started long years ago but it's only now that it becomes very visible in economic trade while some countries prefer to recognize Digital Yuan.
Slowly bitcoin began to spread and was recognized by countries of the world as a better payment alternative, but even though bitcoin is now starting to be adopted as payment, I don't think that will kill the use of fiat money as official money in a country, I say bitcoin and fiat will be able to go hand in hand in building growth and creating a more diverse payment mechanism in a country like in brazil, the use of bitcoin will of course have a big influence on the brazilian economy and a positive impact may also be obtained by fiat currency later, now brazil has take innovative steps and hopefully they will be able to get a positive impact from the passage of the law so that in the end other countries will also follow Salvador and Brazil steps to be open for bitcoin or other crypto. 
November 30, 2022, 10:03:39 AM
This is very good news and whether Brazil's plans to approve bitcoin as a legal payment method work or not, we must hope for the best that bitcoin can be widely accepted and adopted again and without a hitch.
and I think it's only natural that slowly countries and small or large businesses around the world start accepting bitcoin as a form of payment, and by accepting bitcoin in enterprises, and that means bitcoin is at the forefront of developing technology, attracting new customers, and eliminating certain types of fraud and also very transparent.
and I think it's only natural that slowly countries and small or large businesses around the world start accepting bitcoin as a form of payment, and by accepting bitcoin in enterprises, and that means bitcoin is at the forefront of developing technology, attracting new customers, and eliminating certain types of fraud and also very transparent.
November 30, 2022, 10:02:00 AM
Indeed another win for Bitcoin and the cryptocurrency ecosystem at large.
And this announcement also proves that any country has the opportunity to adopt like Brazil, the next question is, do other countries see the opportunity like Brazil did?Quote
Today, it announced that the Latin America country - Brazil, through their lawmakers, has approved Bitcoin as a payment method.
This should also be of particular concern to other countries, as bitcoin adoption has really progressed, to the point where it has become a legal method of payment. Brazil is not a high-income country for the people there, but the steps taken by the DPR will be enough to help entrepreneurs and small businesses there. Bearing in mind that tourists and the local community will be able to change the payment method into a long-term investment once this adoption goes smoothly.Quote
This simply means that Bitcoin is now a legal means of payment for goods and services in the country.
This is another win for Bitcoin and gradually, adoption is coming to Bitcoin and the entire crypto ecosystem.
This is in line with the amount of internet use in the country, if I'm not mistaken Brazil is currently the fifth largest internet user, so that the adoption of Bitcoin and the entire crypto ecosystem as a legal means of payment can run quickly, because it is supported by the availability of sufficient infrastructure and that can be said perfect for them.This is another win for Bitcoin and gradually, adoption is coming to Bitcoin and the entire crypto ecosystem.
Thus the growth of Bitcoin in particular will go their way, as another step of long-term sustainable investment, and I believe the President will also approve the bill, once Parliament drafts and approves.
November 30, 2022, 09:52:45 AM
Indeed another win for Bitcoin and the cryptocurrency ecosystem at large.
The wins are getting bigger and bigger. It's great to see that Bitcoin is being embraced by some as we enter this global recession. Countries jumping into the Bitcoin game while things are bottoming is a pretty good sign that the next bull run will have a lot of firepower behind it. Things are rocky now, but once these countries are in the profit we may even see other nations taking a FOMO approach and sending Bitcoin higher than any of us think now. Hopefully adoption continues to grow and 2025 is a magical year for Bitcoiners who had the faith to hold on.
November 30, 2022, 09:45:05 AM
This is could be a much bigger news that it looks like right now in the near future. When you consider that Brazil is a member of BRICS and kind of a "leader" in South America since they can convince a bunch of other countries in South America to do the same specially because they have good economical relations amongst themselves.
In other words in the following year or two we could see a lot of other countries accept bitcoin as a legal payment method...
In other words in the following year or two we could see a lot of other countries accept bitcoin as a legal payment method...
The drive to bitcoin adoption in Brazil and it used as method of payment feels like a way out for countries in BRICs since it will give the opportunity to pay in bitcoin, a way that has also been slightly followed by Russia since the Ukraine war. Maybe this is part of why Brazil is looking towards it. Hopefully this will drive China into lessing its own regulations on bitcoin since its the only Country that is left in BRICS, who still opposes it.
It will also aid the BRICS export of goods and raw materials and will hasten there plans of world biggest suppliers as it could be a general currency for trading
This must be the reason why there is a pump of BTC price in Brazil. I'm not from the country but I just read it on the telegram channel. More and more countries I think will come to recognize crypto. War against cash started long years ago but it's only now that it becomes very visible in economic trade while some countries prefer to recognize Digital Yuan.
Its quite a great news but I don't think it has an impact in the rise of bitcoin just yet. Bitcoin has been resurging right before the news was broke out
November 30, 2022, 09:35:57 AM
This must be the reason why there is a pump of BTC price in Brazil. I'm not from the country but I just read it on the telegram channel. More and more countries I think will come to recognize crypto. War against cash started long years ago but it's only now that it becomes very visible in economic trade while some countries prefer to recognize Digital Yuan.
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