Brazil moves closer to implement Bitcoin’s legal framework

Federal deputy of Brazil indicated that they are very close to move their steps towards implement the legal framework for the decentralized Bitcoin adoption.

Amid the increasing discussion about the regulation of the crypto industry, news of Bitcoin adoption to allow in the payment system is also increasing. A recent example of Ukraine, Tonga can be seen, which shows how they want to grow and increase the opportunities for their citizens. And also they are looking towards the advancement of the financial structure over the traditional system. In the latest, Brazil is also moving and adopting the same nature like El Salvador but through a different approach. 

Read also: Brazil’s new crypto law will eliminate crypto anonymous transactions

Aureo Ribeiro, Federal Deputy, stated the adoption of the cryptocurrency as a medium of the payment system. Aureo said that the new legal framework will allow Brazilians to buy Houses, cars and McDonald’s with the use of crypto. 

Aureo said that all will be possible because of 2.303/15, which was passed last Wednesday. This law will allow the Brazilians to use crypto in the payment options. But here we have to wait to get passed the bill before the plenary of the Chamber of Deputies. 

Aureo said that Brazilians need to formalize the use of crypto assets in a unique way and that will attract the foreign investment in the country and that will generate huge opportunities for the country.

“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, go to McDonald’s to buy a hamburger, it will be a currency in the country as it happens in other countries.”

Aureo claimed that the 2.303/15 bill has very high support to get passed in the final because it has support by the Chamber of Deputies fully.  But still there are some obstacles that we have to tackle. 

Read also: Tonga May Follow El Salvador to adopt Bitcoin