Brazil to Adopt Bitcoin as Legal Tender

Earlier today, Brazilian Federal Deputy, Aurero Ribeiro, announced that the Central Bank of the country was on the verge of adopting Bitcoin as a legal tender. The congressman stated that Brazilians would soon be able to use Bitcoin for the purchase of regular everyday material.

According to the Federal Deputy, the commission voted in favor of pursuing the bill recently. It is expected that the bill will be forwarded to the plenary of the Chamber of Deputies in the next few days. The Brazilian deputy noted his happiness with the approval of the Bitcoin Law stating that it will help stop cryptocurrency pyramid schemes. Recall that the Federal Deputy had earlier stated that up to 300,000 Brazilians had fallen victim to scams involving cryptocurrency pyramids.

Expanding further on the matter, Aureo noted that the move to have Bitcoin as a legal tender was timely and sustainable given the increased adoption of the crypto asset globally. The congressman also stated that Bitcoin valuation surpasses any return on assets listed on the stock exchange, going on to compare investing in BTC with gold.

Bitcoin as Legal tender in Brazil: An Expected Development

Although the debate around the adoption of the digital asset as legal tender commenced In Brazil a few years back, El-Salvador became the first nation in Latin America to make Bitcoin a legal tender. Earlier today, the country also announced that Salvadorans will be able to buy petrol at a lesser price if they’re buying with Bitcoin.

Following the adoption of Bitcoin as legal tender in El-Salvador, a research survey by Sherlock Communications found that 48% of Brazilians think their country should adopt bitcoin, with 31% agreeing and 17% strongly agreeing with the idea.

According to Luiz Eduardo Abreu Haddad, consultant for Sherlock, “In Brazil, friendlier regulation has attracted institutional investors and corporations to the sector.’ The consultant noted that El Salvador’s experiment could become a reference point for Latino America on implementing blockchain and incorporating cryptocurrencies into their economies.