Brazil’s New Proposal Seeks to Recognize Bitcoin, Crypto as Legal Financial Assets
While it’s still early to speculate if Brazil is following in El Salvador’s footsteps, the latest proposal demonstrates the country racing towards meaningfully regulating the crypto industry as adoption reaches a pivotal stage.
While the proposed addition will not necessarily make crypto legal tender in the country, it will help the asset class to be used as a financial asset for various purposes, including means of exchange or payment, or instrument of access to goods and services or investment. 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.
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