Merry Christmas Peeps!

In a Press Release by the Brazilian government on December 22nd, President Jair Bolsonaro signed bill 14.478 into law.

"No. 679, of December 21, 2022. Refund to the National Congress of autograph of the bill that, sanctioned, becomes Law No. 14,478, of December 21, 2022."

This bill does not make cryptocurrency legal tender in Brazil, but it does designate crypto as a legal payment method, and enables the creation of licenses for crypto exchange platforms.

To avoid a disaster like FTX, the law will require exchanges to make a clear distinction between company and user funds.

This bill does not allow Brazil’s residents to use cryptocurrencies like Bitcoin as legal tender in the country, as is the case in El Salvador, but it does create a regulatory framework that allows for the cryptocurrency industry to grow.

The new crypto law is slated to take effect in about 180 days.

Here is a link to the full bill:

https://www.camara.leg.br/proposicoesWeb/fichadetramitacao?idProposicao=1555470&fichaAmigavel=nao

Interestingly, this may be the last action of Brazilian President Jair Bolsonaro, as he is set to leave office on December 31st. 

Hopefully the incoming president-elect Luiz Inácio Lula da Silva is friendly to crypto as well.

Is Brazil going to be the next and biggest country to make crypto a legal tender?

If not Brazil, which country is next?

If you have made it this far and enjoyed the post, please consider hitting the Thumbs Up 👍 and Follow buttons!

If you want to be even more awesome, please Tip before you go!

And while you're at it, Enter my Monthly Giveaway on Publish0x to win yourself some free Crypto!

It takes 5 seconds to enter!

See ya!

:)