Bitcoin is recognized as a means of payment in Brazil

Bitcoin can be used as a means of payment and an investment asset in Brazil.

The President of the country, Jair Bolsonaro, signed a law that secured this status for BTC.

The Head of State approved the document proposed by the Congress without any changes. The law will come into force 180 days after its signing.

The law defines bitcoin as a digital value representation.

It is expected that the Bank of Brazil will be responsible for using the first cryptocurrency as a payment.
The Securities and Exchange Commission will take responsibility for overseeing digital gold as an investment asset.

Both these agencies and the country’s Tax Administration are co-authors of this law.

What do you think, which country will be the next to recognize cryptocurrency at the official level?

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