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Will Bitcoin be a legal tender in Brazil soon?

Brazilian lawmakers have approved a comprehensive regulatory framework for cryptocurrencies that authorizes Bitcoin to be used as a legal tender.

By Luc Vesters
• 2 min read
Will Bitcoin be a legal tender in Brazil soon?

Brazilian lawmakers have approved a fully regulatory framework for cryptocurrencies that authorizes the use of Bitcoin as a means of payment. The bill recognizes Bitcoin as a digital form of value that can be used as a payment method and as an asset. The Central Bank of Brazil (BCB) will take oversight of Bitcoin as a payment instrument, while the Securities and Exchange Commission (CVM) will oversee Bitcoin as an asset.

Both the BCB and the CVM have helped lawmakers draft the revised legislation. Before the proposal can take effect, however, the president still needs to sign it. Brazil remains positive about crypto.

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