Brazilian legislators approve cryptocurrencies as a mode of payment for goods and services.
However, the new law doesn’t grant legal tender status to virtual assets.
The Brazilian government needs to decide what body will regulate cryptocurrency usage if the bill goes through to the president.
The bill defines cryptocurrency exchange operations and provides tax packages to cryptocurrency mining firms and individuals.
Prior to the bill, Brazil was a prominent cryptocurrency market because of its large-scale cryptocurrency firms.
Brazil’s Chamber of Deputies has approved a regulatory enactment that legally recognizes cryptocurrency as a means of payment in the country.
With the law, cryptocurrency will be recognized in the South American country as a means of payment for goods and services. However, this doesn’t give virtual assets legal tender status. Currently, the law awaits the assent of the President of Brazil, Jair Messias Bolsonaro, to become law.
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