Brazil Close to using Crypto as Legal Tender
The latest bill, presented by Federal Deputy Paulo Martins on June 10, seeks to add Bitcoin (BTC) and other cryptocurrencies as a payment method. This will be aided by current Brazil Article 835 of the Civil Procedure Code laying precedent for Crypto.
Next Steps
- The bill is headed to the South American country’s legislators, who will now hold discussions before the additions are passed by the Senate and are signed into law by the president.
- Additionally, in early May '22 Bit2me a Spain based Crypto firm announced plans to expand to Brazil
- Brazilian Development Bank launches Blockchain Network in late May '22
Why Brazil is important?
- One of the hottest Crypto markets in Latin America
- Federal judges in the country are currently receiving training on crypto-related matters as it anticipates an increase in court cases.
- It is the largest population (205M+ people) country in Latin America and the 5th largest population in the world.
Summary - El Salvador paved the way for other countries to leapfrog their learning and quicken their adoption. Fear not friends this Crypto party is just getting started!
