Brazilian Congress Passes Crypto Bill

Brazil’s lower house of Congress has passed a crypto bill granting restricted legitimate status to crypto payments and established an administrative framework for the industry.

Who Approves Crypto Bill

On Tuesday, Brazil’s Chamber of Deputies approved a bill to lay out an administrative system for the country’s crypto industry. The bill was recently approved by the Senate in April and was awaiting the decision of the Chamber of Deputies.

The bill has passed into law and only requires the signature of the President to be enacted. However, the most significant point of the law is that it grants legal status to crypto payments for goods and services without granting crypto the status of legal tender.

Brazil’s Blossoming Crypto Industry

Brazil has been taking huge actions in its crypto industry, taking strides instead of steps to laying out an administrative structure for crypto.

For example,

• Most recently, the country’s biggest digital bank, Nubank, sent off a program permitting its residents to purchase Bitcoin through its platform.
• Recently, the chairman of Rio De Janeiro announced his plans to foster the city as the next global crypto hub.
• KuCoin’s “Into the Cryptoverse” report has additionally uncovered that over 34 million Brazilians have put their resources into cryptocurrency.

Therefore, this quickly developing industry desperately required an administrative structure, which the Crypto Bill will presently give.