btgbtg
Brazil’s President Jair Bolsonaro has signed legislation regulating the use of cryptocurrencies like Bitcoin (BTC-USD) and Ethereum (ETH-USD) in the country, according to a press release Thursday.
The passage of legislation recognizing crypto as a payment method or as an investment, followed approval by the Brazilian Chamber of Deputies and the Senate.
While the law does not mean that crypto will be considered legal tender in the country, it certainly has the potential to lead to wider acceptance of digital tokens as a form of payment in Brazil, Latin America’s largest economy.
Under the new legislation, the Brazilian Securities and Exchange Commission is set to oversee digital assets that qualify as securities.
The rules will come into effect 180 days after approval on Thursday.
Bitcoin (BTC-USD), the world’s largest crypto by market cap, has been trading sideways at low levels among other major tokens following the collapse of crypto exchange FTX (FTT-USD) last month. BTC changed hands at $16.64k, -0.8%at 11:08 am ET, and Ether (ETH-USD) fell 1.8% to $1.18k, both trading well below their November 2021 highs.
See why Seeking Alpha contributor Anna Sokolidou thinks conservative investors should “stay away” from Bitcoin in 2023.
Learn Crypto Trading, Yield Farms, Income strategies and more at CrytoAnswers
https://nov.link/cryptoanswers
Comments are closed.