According to a report published in Financial Express, Brazilian crypto media portal Livecoins reported that earlier this week the country’s Federal Deputy Orio Ribeiro said that bitcoin would soon become a currency in Brazil and that Brazilian citizens would soon be able to go home with bitcoin, Car and even shop at McDonald’s. The country’s bitcoin bill has been approved on 29 September. The bill will now be discussed in the Plenary of Chambers of Deputies – the Lower House of the National Congress of Brazil.
Ribeiro said the bill has an innovation text. After the bill’s approval, many countries will copy Brazil’s regulatory model. “We debated for a few years to arrive at a text recognizing this asset, which permits the transaction of this asset in our country. It will be regulated by a government agency. Since we work with the central bank and CVM depending on how the asset will be recognized, such as the value of real estate or currency of daily use.
While El Salvador and now Brazil are adopting bitcoin as a legal tender, countries like China, Turkey, Egypt, Bolivia, Indonesia etc. have banned the use of cryptocurrencies. Whereas countries like India, which includes the names of countries like Pakistan, Vietnam etc., are now preparing to come up with crypto regulation soon.
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