Personal Finance

After El Salvador, now Brazil is also preparing to make Bitcoin a currency!

NDTV Gadgets 360 Hindi
Brazil is now set to become the next country after El Salvador to recognize bitcoin as a currency. Let us remind you that last month i.e. on 7th September, El Salvador declared bitcoin a legal tender. However, it did not get a very positive response from the public, due to which the law and order situation in the country was shaken. But later the situation went back to normal. Now Brazil is also on the way to El Salvador and is preparing to declare bitcoin a legal tender soon. Not surprisingly, bitcoin is the largest cryptocurrency in the world and the favorite cryptocurrency of investors. Therefore, countries are now looking quite confident to adopt it as a currency.

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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Experienced Senior Content Writer with a demonstrated history of working in the information technology and services industry. Skilled in SEO Copywriting, Web Content Writing, Storytelling, Blogging, and Social Media. Strong media and communication professional with a mass communication focused in Journalism from Sjmc davv indore.

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Damini Sharma
Experienced Senior Content Writer with a demonstrated history of working in the information technology and services industry. Skilled in SEO Copywriting, Web Content Writing, Storytelling, Blogging, and Social Media. Strong media and communication professional with a mass communication focused in Journalism from Sjmc davv indore.

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