Brazil To Soon Propose A Bill To Make Bitcoin Legal Tender

SYNOPSIS

  • Brazil is getting ready to accept Bitcoin as legal money.
  • In a few days, a law to regulate Bitcoin will be introduced in the Chamber’s plenary.

A few years ago, there was a debate in Brazil over the adoption of digital assets. With the help of the Central Bank, the Brazilian government is on the verge of finalising preparations.

After the approval of its law, Brazil’s Federal Deputy, Aurero Ribeiro, stated in an interview that Brazilians will soon be able to buy houses, vehicles, and even McDonald’s using Bitcoin. This, he believes, will occur soon.

In more detail, the commission recently met and voted to approve the opinion. The bill will then proceed to the following level, which is the Chamber of Deputies plenary.

In addition, the Brazilian deputy stated that he is pleased with the Bitcoin Law’s passage.

According to him, this will aid in the prevention of impending bitcoin pyramid schemes. Aureo reiterated his belief in the long-term viability of the Brazilian market.

He described the move as a “innovative and sustainable” industry that is already in operation around the world. Crypto, he feels, is here to stay.

“We want to separate the wheat from the chaff, create regulations so that you can trade, know where you are buying, know who you are dealing with, and have this asset to buy a house, a car……It will be a currency in the country as it happens in other countries”

The congressman went on to say that the value of Bitcoin outperforms any return on assets listed on the stock exchange. He then went on to compare BTC investment in dollars to gold investment.

Above all, before the end of 2021, bitcoin is most likely to be adopted as a Legal Tender in Brazil. This demonstrates Brazil’s goal of becoming a model for fresh international investment.

People reacted optimistically to the news and tweeted about it.

As countries are adopting digital currencies for future money handling purposes bitcoin jumps to $50K mark since the last downfall.

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