- Brazil apsses crypto and BTC regulatory bills.
- Will be implemented by the end of 2022.
- Possibilities to make BTC as legal tender, high.
Brazil, has been into various rumors and talks constantly when it comes to its crypto industry. True to the fact, Brazil is indeed one of the most highly active crypto users around the world. In spite of this, the nation’s decisions on crypto and Bitcoin (BTC) have been going on since last year.
However, finally, the bill in regards with all sorts of regulations and overall framework for both crypto and BTC has been passed to the senate. The news was officially confirmed and is out upon the local news sources and newspapers of the country.
Brazil’s Crypto and BTC Bill Passing
Taking the whole South American continent into consideration, Brazil ranks the top with the high end crypto users. In such terms, expectations were high for the nation to put out its crypto regulatory frameworks officially.
Though delayed, the bill has been finally passed to the senate. For the complete passing of the bill and into action, the bill has to be first accepted, approved and acknowledged by the Chamber of Deputies, which is actually the lower congress boards together.
Furthermore, once passed by the Chamber of Deputies, the bill has to be signed by the President of the nation, Jair Bolsonaro. In spite of all this, the bill is expected to be into complete implementation by the end of 2022.
Also, once the bill gets passed, Brazil’s economy will become the leading in the South American continent. On the other hand, as revealed and predicted by Nayib Bukele, the possibilities for Brazil to adopt BTC as one of its legal tender are indeed high.