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Brazil’s New Proposal Seeks to Recognize Bitcoin, Crypto as Legal Financial Assets

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While it is too early to speculate whether Brazil will follow in the footsteps of El Salvador, the latest sentence shows that the country is committed to meaningful regulation of the crypto industry as implementation reaches a key stage.

  • The last bill presented Federal MP Paulo Martins is aiming to add Bitcoin (BTC) and other cryptocurrencies as a payment method on June 10.
  • The detailed legislative proposal is an addition to the current legislation of the country – Article 835 of the Code of Civil Procedure.
  • While the proposed addition would not necessarily make cryptocurrency legal tender in the country, it would help to use the asset class as a financial asset for a variety of purposes, including a medium of exchange or payment, or a vehicle for accessing goods and services or investments.
  • The bill is being sent to the South American country’s legislators, who will now hold deliberations before the additions are passed by the Senate and signed by the president.
  • The focus will also be on protecting users’ private keys, as well as providing new powers and restrictions that Brazilian courts will have if cryptocurrency is recognized as a financial asset. This includes actions such as freezing exchange accounts.
  • Brazil is one of the most popular crypto markets in Latin America, and the government is working to pass a cryptocurrency bill by the end of the year.
  • Crypto trading volumes in Brazil have skyrocketed in recent years. As a result, federal judges in the country are currently receiving education on crypto related issues as the number of such court cases is expected to increase.
  • Mercado Bitcoin, the largest cryptocurrency exchange in Brazil, recently partnered with the Stellar Development Foundation (SDF) to participate in the development of the country’s central bank digital currency (CBDC).
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Credit : cryptopotato.com

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