Brazil passes law to legalize crypto as a payment method

Mauser

hero member

Activity: 1974

Merit: 534

Quote from: CryptoPanda on December 22, 2022, 09:28:57 AM

I saw the headline and thought we will be having another El Salvador experience in Brazil only to discover they didn’t make bitcoin a legal tender. I think the goal of the Brazil government is to regulate bitcoin and cryptocurrencies. And they are using the FTX scandal as an excuse to do so. I could be dead wrong or paranoid. What do you guys think about this development in Brazil? Is it good or bad for bitcoiners in Brazil?

El Salvador and Brazil are two very different country. Brazil has their own currency which is used by a lot of people in the world. It's the largest country in South America and there are millions of Brazilian who are living abroad and use money to send back to support their family. El Salvador is a much smaller country that had their own currency pegged on the US Dollar for a very long time. That is why I don't think Brazil could switch overnight to Bitcoin as the legal tender, they would need so much Bitcoins first to make that possible and probably can't afford it. But as far as I understand it they only accept Bitcoins as a legal payment method, so there is no real desire to get rid of the Reais. Which is a good thing in my opinion. Having the option to choose between the Reais and Bitcoins make it easier for people to get into crypto currencies. This is going to make it more attractive for crypto miners to settle down in Brazil. Looking at the cheap living cost in some parts of Brazil it could be a new destination for miners to live. The only problem is the heat, a lot of cooling will be required for the mining rigs.

worle1bm

full member

Activity: 1834

Merit: 166

I will say little steps forward towards adoption is far better then seeing it as negative way of monetary system and putting a ban on them.As Brazil have taken this decision then merchants can accept payment in crypto while people can pay in it without any fear as the government has allowed it.These slow steps can then move to regulations and wide adoption for it but at this time it's really better if they have implemented it as payment mode only.

Viscore

hero member

Activity: 3178

Merit: 661

Live with peace and enjoy life!

Quote from: AmoreJaz on December 24, 2022, 04:25:08 PM

Quote from: Bitstar_coin on December 23, 2022, 03:46:59 PM

Well, it is a start and an opportunity for those who want to pay in btc to have the option to pay. This process is way better than that of El-Salvador imo, the difference between the 2 is, Brazilians will have the option to pay in btc, get used to the process and even have the time to access and analyze the process, unlike El-Salvador who just went straight to adoption without given the citizens the opportunity to be acquainted and validate its importance.

you may have a point on this. at least their people have time to acquaint themselves to crypto payment method and the move is not a drastic one. once some of them got a hold of using btc transaction and experienced the advantages of using this method, they can easily spread it via word of mouth. this marketing tool is a very good one as the government doesn't need to spend money. if more and more people will be satisfied using crypto payment, in time, their crypto users will grow. the el salvador's approach was like draconian one, why it was encountered by street protesters.

At one point, yes people will get to know more about crypto and how it could be beneficial to them before they make an assessment whether it will be applicable for them or not. Although there may be a lot of reasons why Brazil legalized crypto, either they’ll regulate it or they have its future plan to make it as a legal tender next to El Salvador, but for now legalizing it as a payment method is already good enough.

Tanvi50_

member

Activity: 208

Merit: 62

i have no idea about the future but i can tell this will have a good impact on the crypto community. negative or positive it doesn't matter. negative feedback from others makes bitcoin stronger. it's like hammering iron to make it harder. and positive feedback is always good as it only helps bitcoin to grow and become stronger. brazil is doing one or the other. in the end it just helps bitcoin.

AmoreJaz

legendary

Activity: 3122

Merit: 1102

Leading Crypto Sports Betting & Casino Platform

Quote from: Bitstar_coin on December 23, 2022, 03:46:59 PM

Well, it is a start and an opportunity for those who want to pay in btc to have the option to pay. This process is way better than that of El-Salvador imo, the difference between the 2 is, Brazilians will have the option to pay in btc, get used to the process and even have the time to access and analyze the process, unlike El-Salvador who just went straight to adoption without given the citizens the opportunity to be acquainted and validate its importance.

you may have a point on this. at least their people have time to acquaint themselves to crypto payment method and the move is not a drastic one. once some of them got a hold of using btc transaction and experienced the advantages of using this method, they can easily spread it via word of mouth. this marketing tool is a very good one as the government doesn't need to spend money. if more and more people will be satisfied using crypto payment, in time, their crypto users will grow. the el salvador's approach was like draconian one, why it was encountered by street protesters.

el kaka22

legendary

Activity: 3654

Merit: 1165

www.Crypto.Games: Multiple coins, multiple games

It's not a shock that not everywhere will be like El Salvador, plus Brazil is a huge nation with tons of illegal activities famously known, so much so that people who commit crimes in the USA could run to Brazil with the knowledge that they won't be sent back, which creates a bit of a trouble and tension between the nations but maybe it is designed that way purposely, who knows?

All in all I have to say that it's not going to be that much of a big deal when the time comes and Brazil makes it a legal tender as well, but as long as they make it allowed, that means it's not going to actually be bothering the bitcoin world, it is not for anything against us, it's probably against the big players, and protecting us.

Bitstar_coin

hero member

Activity: 2478

Merit: 695

SecureShift.io | Crypto-Exchange

Well, it is a start and an opportunity for those who want to pay in btc to have the option to pay. This process is way better than that of El-Salvador imo, the difference between the 2 is, Brazilians will have the option to pay in btc, get used to the process and even have the time to access and analyze the process, unlike El-Salvador who just went straight to adoption without given the citizens the opportunity to be acquainted and validate its importance.

Kasabus

hero member

Activity: 2814

Merit: 576

Quote from: hd49728 on December 22, 2022, 10:24:01 AM

They accepted it as a payment method but not as a currency and not legal tender. Brazil is different than El Salvador where Bitcoin is legal tender.

What is legal tender and what is difference between being a legal tender or not legal tender?
In El Salvador, you can not reject if a buyer want to pay in Bitcoin. In Brazil, you can reject the buyer because it is not legal tender.

Brazil is a big nation in Latin America and they belong to G20 too so this adoption is very good for cryptocurrency in general.

Brazil enacts Bitcoin payments bill
Brazil passes law to legalize crypto as a payment method. You use this one as source of your discussion but it is about 1 month old.

However, this is still considered another big achievement for bitcoin, adopting bitcoin as a legal currency and a payment method. At least we can expect that bitcoin will be known already in Brazil and maybe years from now, having it as a legal tender might also be possible if the government will allow it. But as long as bitcoin is now already legally adopted and accepted, I think that’s something that the bitcoin community should be thankful for.

DaveF

legendary

Activity: 3500

Merit: 6320

Crypto Swap Exchange

Any time any country makes commerce for it's people more available with more things it's good.
Am I going to to to Brazil now since I would be able to use BTC? No. Are there others that would. Obviously yes. And that is what matters as other countries see that someone else is getting a piece of the pie they are going to want to get it too. Then they start to accept crypto, and so on.

-Dave

Leviathan.007

hero member

Activity: 1778

Merit: 722

Leading Crypto Sports Betting & Casino Platform

Quote from: CryptoPanda on December 22, 2022, 09:28:57 AM

I saw the headline and thought we will be having another El Salvador experience in Brazil only to discover they didn’t make bitcoin a legal tender. I think the goal of the Brazil government is to regulate bitcoin and cryptocurrencies.

I'm not sure about people in Brazil and how they would like to react after they saw bitcoin and cryptocurrencies are legal in their country.
Maybe there will be some people against this ruse because they believe bitcoin is not for their economic systems and this is mostly because they don't have enough knowledge about cryptocurrencies.
On the other hand, I think Brazil is just paying more attention to cryptocurrencies because they want to make it legal and milk tax from the investors.

panganib999

hero member

Activity: 1750

Merit: 589

It is fine and dandy. Honestly I am happy they were this receptive with bitcoin and cryptocurrency in general but I am a bit scared of the implications that this may cause. For instance, we know Brazil is home to the most heinous of crimes there is, and I'm not talking about simple kidnapping and murder, AFAIK illegal black market trades of trafficked humans and organs are made here (correct me if I am wrong), so legalizing crypto utilization within their borders may just make the chase for these criminals extra hard. I do hope they made contingency plans for such instances, otherwise it would be as if they are turning a blind eye on these pressing issues.

kryptqnick

legendary

Activity: 3248

Merit: 1402

Join the world-leading crypto sportsbook NOW!

If it's recognized officially as a means of payment, why isn't it like in El Salvador where Bitcoin is legal tender? Isn't legal tender the same as legal recognition as a means of payment? I understand the law is not as friendly as the legislation in El Salvador, but that's on other matters like mining taxes, right? So it's crypto-related business, but not Bitcoin's recognition and regulation specifically. To me, it seems like Brazil made a big positive step forward, and it's big news for Bitcoin adoption, especially considering that the population of Brazil is 216 million people, against 6.5 million in El Salvador.

Woodie

hero member

Activity: 1834

Merit: 879

Rollbit.com ⚔️Crypto Futures

First it was Venezuela, then El Salvador (technically central American) now Brazil... Am just wondering why most South American countries are going crypto in the last couple of years, do they see Bitcoin for example as the answer to weakening local currencies or its genuine interest they have developed over the years, or it's the politics at play Huh

Either way, this is a win for the crypto ecosystem!

Merit.s

sr. member

Activity: 378

Merit: 258

Lohamor Family

Bitcoin must not be adopted as a legal tender before it can be used,the most important thing is that bitcoin has been legalize in Brazil for transactions which is a plus to the economy. If most countries can imitate Brazil in accepting bitcoin for transactions, bitcoin will supersede fiat currency. I appreciate the president of Brazil for signing this into law immediately without a waste of time. Bitcoin should be the crptocurrency they should be using or else, some person may end up losing their investment,if they invested on alt coins. How to keep their bitcoin safe in their own wallet should be the next awareness Brazil government should give to the citizens,so that they don't keep their bitcoin in an exchange,to avoid regrets and blames.

The Cryptovator

legendary

Activity: 2394

Merit: 2223

Signature space for rent

It makes no difference that Brazil did not adopt Bitcoin as quickly as El Salvador. At the very least, Bitcoin is legal there, and that is reason enough to use Bitcoin and thing that connects. They understand the value of Bitcoin and, like El Salvador, will eventually adapt to it. Changing the government's mind about accepting Bitcoin is a good sign. At least some good news in the presence of all the bullshit. My country has yet to recognize the value of Bitcoin, and I hope that one day I will be able to freely use Bitcoin here.

Xxmodded

sr. member

Activity: 2296

Merit: 315

SOL.BIOKRIPT.COM

Last update about Bitcoin become legal tender waiting from parliament approving but I don't find with new update how long it progress approved or reject with Bitcoin adopt as payment method in Brazil. Trough FTX collapse and give bad reputation for Bitcoin can use for legal tender seems not good moment waiting approval from Brazil parliament.

Not matter if Bitcoin can't adopted as legal payment tender in Brazil but still ability use it for investment assets or use it for trading, my country not legal and can't use Bitcoin as payment method but legalize for using Bitcoin as investment assets and have taxes regulation in our government about Bitcoin and all cryptocurrency transaction.

Dunamisx

hero member

Activity: 952

Merit: 555

Brazil had been on this for a while without having an good edge to hold unto and now that they show interest in cryptocurrency i hope their focus will be on bitcoin only before they got mishandled by the whole crypto coins even though they are still on the look for this law to be enacted for public use, their indecision is somehow flunctuating base on how to they can be able to achieve it regulations but i think now people can feely perform bitcoin transactions without any glitch and other crypto affiliates could get regulated under their capacity.

DdmrDdmr

legendary

Activity: 2338

Merit: 10802

There are lies, damned lies and statistics. MTwain

According to what I’ve been reading, the law will still need six months to come into force, with a large part of the focus being placed on regulating bitcoin related service providers that can operate in within the country. What we’ve still got to see is how these laws translate into specific regulations, and how these play out.

On the other hand, I haven’t been able to read anything yet on how this will impact customer-to-business (not B2B) type TXs. Although it should be something that both the business and the customer may use for their payments on a voluntarily basis (not being legal tender), for those business that do/will accept BTC et al as a payment method, and those customers willing to use it for their payments, there are no details yet on the specific regulation requirements that will need to be met by both parties. These details are what can make using bitcoin a seamless means of payment, or a burocratic pain in the ass (i.e with/without KYC, from what TX values onwards, report/no report of TXs to the country’s IRS equivalent and so forth).

See (GT): https://www-criptonoticias-com.translate.goog/regulacion/ley-bitcoin-brasil-entrara-vigencia-2023-sancionada-presidente/?_x_tr_sl=es&_x_tr_tl=en&_x_tr_hl=es&_x_tr_pto=wapp

Welsh

staff

Activity: 3304

Merit: 4115

Regardless of the technicalities, it's nice to see a little bit of positive news floating around. Which is something that we've been lacking the last couple of months. I'm not saying it'll have an effect on the current price, as I imagine it won't. However, it's definitely nice to see this instead of the normal doom, and gloom that's become normal the last couple of months.

Quote from: rat03gopoh on December 22, 2022, 10:48:16 AM

That is to reduce the functional disparity, if parliament doesn't pass these laws then the only option for crypto users is to accumulate them in investment portfolios. This would involve nothing but services such as FTX as storage to be trusted if the user isn't confident enough to deposit in a personal wallet.

Isn't that their only options anyway? Most users aren't prepared to learn how to safe guard their own Bitcoin, so they tend to trust the simplest, and most convenient option which is usually the exchanges. I don't think this news particularly changes anything about that?

Artemis3

legendary

Activity: 2030

Merit: 1569

CLEAN non GPL infringing code made in Rust lang

Quote from: suzanne5223 on December 22, 2022, 10:30:04 AM

This was actually old news. I was planning to create a thread about the latest news before I see your post. The Brazilian lawmaker has passed the law and the President is what is needed to make it official.
The latest news now is that the Brazil's President has signed the bill into law this morning and it creates a thorough regulatory framework for the country's use and trading of bitcoin.

More like he didn't vetoed so it passed.

Topic: Brazil passes law to legalize crypto as a payment method (Read 254 times)