Brazil Has Approved Bill Recognizing Bitcoin As a Payment Method. - page 5.

Lucius

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Quote from: Husires on November 30, 2022, 09:20:09 AM

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?

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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.

Husires

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Is there a difference between Payment Method and a legal tender?

I have set up this list list Bitcoin Legal Tender and will be happy if Brazil is considered to be bitcoin as a legal tender.

Is this decision considered its deal in the face of the International Monetary Fund and the continued high interest rate, which has called on many South American countries to be taken into account when making such decisions?

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Quote from: cheezcarls on November 30, 2022, 06:47:35 AM

In other words a legal tender...

I think it is a little bit too far to say this is a classification for Bitcoin as legal tender in Brazil. It reads more like a recognition by the Brazilian government of Bitcoin as asset or medium of exchange. For example, in Brazil the United States Dollar is recognized as currency of value but it is not official legal tender within Brazilian territory.

That's what I thought. I have read that news and others, and it seems to me that it is far from being legal to tend and have the same status as in El Salvador. If so, an obligation should be imposed on businesses to accept Bitcoin, as happened in El Salvador (with some exception for rural areas), but here it seems to me that it is more a recognition that it is a valid means of payment if the two parties agree, as can be a gift check.

naira

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The bill was proposed a long time ago i.e. in 2015, well let me say that is great news for us to hear. But it doesn't mean that it will be a smooth road for quite a long time. Therefore, I tried to trace several sources to find out clearly about the ratification. When this bill has been ratified and signed by the President, it means that it becomes a permanent rule. Until now, based on the articles you shared and several sources that I found, it is still not certain that Bitcoin can fully operate until a court decision is won, and even then on condition that it is under the supervision of the Brazilian central bank. Based on :
"While this represents a huge step forward for cryptocurrency adoption, the bill falls short of making Bitcoin legal tender".

It should be remembered that service providers such as the Exchange will be involved in maintaining control of assets owned by Brazilian citizens so that they can be easily monitored.
For those who hold their crypto on exchanges, courts will have the power to compel “middlemen” such as exchanges to freeze debtors' crypto assets: "In the event that the debtor's assets are not found, the creditor may request the competent Court to issue a letter ex officio, electronically, to intermediaries involved in operations with crypto assets, so that the assets corresponding to the amount executed are blocked."

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Quote from: avikz on November 30, 2022, 06:51:21 AM

Good news! But before it becomes applicable, it still needs 5o be signed by the President. Then only it will become effective in Brazil. So wait a little before the actual celebration.

Also I see that cryptocurrency is classified as an investment asset class. So Brazilians should seek further clarifications on how it will be taxed. Investment assets are usually taxed based on the gains made and also the timeframe is considered for calculating taxes. So little bit of grey area is still there. But net positive, I must say!

What are the president's chances of agreeing? I think there is still a chance of failure. But at least this makes me pretty happy because it's good news. I don't really understand the system of government there. Hopefully the majority vote of parliament will be the vote of the president's supporters so this can be considered finalisation.

If this has been approved I hope to encourage investor confidence to enter investing in bitcoin. In effect the price of bitcoin can reach a new ATH.

DapanasFruit

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Indeed, this is a big win for Bitcoin and even for cryptocurrency industry in general most especially at this time when we are feeling the many side-effects of the dramatic fall of FTX where we are witnessing the shrinking of the trust and confidence of many people to this alternative form of money or currency. However, there is still a long way to go to see the many benefits of this Brazil's journey with Bitcoin but getting the recognition can be a big push and I am expecting more good news coming from this country which is a lot bigger in many ways compared to El Salvador.

pooya87

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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...

Frankolala

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This is good news that will lead to the growth of Bitcoin worldwide in the sense that when the president have signed Bitcoin adoption into law,it will bring positive impact on the country and so the neighboring country or other countries,after seeing the benefit might also go for the adoption of Bitcoin as a legal tender.

As for the price hike of Bitcoin due to the adoption of Bitcoin in Brazil will not be soon,it is going to take a long period of time before this will happen. This is a good move which the Brazilians have taken in other to help their citizens enjoy Bitcoin decentralized system, I just hope that what happened to El Salvador after adopting Bitcoin will not be a challenge to Brazil. The government needs to know why Bitcoin adoption failed in El Salvador so that they can work to overcome the challenge. We are still waiting for the President's signature..

Antonas1

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Excluding all technical and price issues, that's a big move. But still not a victory if everything is still a framework bill. If their president has signed on and Bitcoin actually becomes legal in, that's a victory ^{(although I don't think this is a fight)}.

avikz

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Good news! But before it becomes applicable, it still needs 5o be signed by the President. Then only it will become effective in Brazil. So wait a little before the actual celebration.

Also I see that cryptocurrency is classified as an investment asset class. So Brazilians should seek further clarifications on how it will be taxed. Investment assets are usually taxed based on the gains made and also the timeframe is considered for calculating taxes. So little bit of grey area is still there. But net positive, I must say!

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Quote from: Fivestar4everMVP on November 30, 2022, 06:32:08 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.

Fivestar4everMVP

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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

Topic: Brazil Has Approved Bill Recognizing Bitcoin As a Payment Method. - page 5. (Read 874 times)