The congress of Brazil has a new agenda on its list. As per the local media outlets, a congressman in Brazil has recently introduced a new cryptocurrency bill that can make Bitcoin payments legal in the region. It is worth noting that, at present, the sentiment of the cryptocurrency market is highly volatile and drowned in fear.
The FUD is set up by the continuous decline of the Bitcoin price tag since the beginning of the week. At present, the price of the top coin has dropped to $22K per unit. However, regardless of the bear market, the popularity of the crypto market has kept increasing in several countries around the world. Under the current circumstances, it seems that more than one country is planning to make Bitcoin payments legal.
Bitcoin as a Legal Payment Option
According to the latest reports, the bill that can elevate Bitcoin as a legal payment option in Brazil is penned and presented by Federal Deputy Paulo Martins. The bill is prepared under the supervision of the experienced legislators of the country. Furthermore, the bill also invokes Article 835’s 14th item about the legal payment legislature in the region.
The bill states that cryptocurrencies hold an inherent value as a digital currency. While the bill maintains that cryptocurrencies are not actual money, it acknowledges that the digital tokens represent the transfer of value in the absence of paper money with the help of digital ledgers and that can be used as a medium of exchange for the sale and purchase of goods and services.
Following the example of El Salvador, several Latin American nations are planning to introduce friendlier legal infrastructure for Bitcoin. At present, the congressmen in Brazil are planning to vote and deliberate on the bill. In case the country manages to go ahead with the bill, Brazil will join the likes of El Salvador, Panama, and CAR in elevating Bitcoin as a legal tender.
Recently, the real estate giant in Brazil moved to make Bitcoin payment options for its consumers. On the other hand, the Central Bank of Brazil has yet to recognize Bitcoin as legal tender in the region. Furthermore, Brazil is also the first country in the world to introduce a DeFi ETF in the first month of the no-going year listed on the B3 market.