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Brazil To Start Accepting Bitcoin As Currency, According to Brazilian Federal Deputy

After El Salvador’s bitcoin adoption, neighboring Brazil may start using Bitcoin as currency. Additionally, Federal Deputy Aureo Ribeiro says Brazilians will be able to purchase houses, cars, and McDonald’s with the largest cryptocurrency.

More so, the passing of Bill 2.303/15 last Wednesday makes this possible. Of course, it plans to get a legal framework for virtual currencies. However, a final test on the Bill before the plenary of the Chamber of Deputies (Cámara dos Diputados) comes up soon.

The Chamber of Deputies is the lower house of the National Congress of Brazil. Also, it has 513 elected-members every four years. Furthermore, this is the platform where deputies dialogue and vote for proposals.

Furthermore, Ribeiro notes this move will attract foreign investment to Brazil. Meanwhile, this will mean that bitcoin will be at the centre of day-to-day transactions.

“We want to separate the wheat from the chaff, create regulations so that you can trade,…”
“…know where you are buying, know who you are dealing with, and have this asset to buy a house, a car,…”
“…go to McDonald’s to buy a hamburger, it will be a currency in the country as it happens in other countries.”

Meanwhile, He notes that there’s strong support from the Chamber of Deputies.

Strong support for Bitcoin in Brazil

Sherlock Communications did a survey that revealed how nearly half of respondents thinks Bitcoin should be legal tender.

So, The study shows response from 2,700 over 18s from seven Latin American countries.
Namely… Brazil, Argentina, Chile, Colombia, Costa Rica, El Salvador, Venezuela, and Mexico.

Notably, the result reveals that 48% of Brazilians think the country should adopt Bitcoin.

“Brazilians were the biggest supporters of recognizing bitcoin in the region,…” “…with 56% supporting El Salvador’s approach and 48% saying they want Brazil to adopt it too.”

Conclusively, Researchers notice the reason behind 55% Brazilians investing in bitcoin isbfor diversification. While, 39% says its for an hedge against inflation and economic instability.

Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Crypto is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Crypto market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.