Bill Presented in Brazil Seeks to Include Crypto as Approved Means of Payment

brazil

A new bill presented in Brazil is trying to introduce bitcoin and other cryptocurrencies as an approved means of payment in the country. The bill, presented by Federal Deputy Paulo Martins, proposes to amend already existing regulations to include several dispositions that would allow cryptocurrency payments and investments to be officially supported.

New Bill Proposes to Legalize Crypto for Payments in Brazil

Brazil is one of the countries in Latam that has been making advancements when it comes to cryptocurrency regulation in the last year. Now, a new bill has been proposed in the Brazilian Congress that seeks to introduce bitcoin and other cryptocurrencies as a supported means of payment. The bill, which was presented by Federal Deputy Paulo Martins, proposes to reach this goal by altering already existing Brazilian laws, including the civil procedure code, introducing some definitions and changes.

If approved, the bill would introduce disposition XIV in article 835 of the Civil Procedure Code, which reads:

Crypto assets, understood as digital representations of value that, not being currency, have their own unit of measure, traded electronically through the use of cryptography and within the scope of distributed ledger technologies, used as a financial asset, means of exchange or payment, an instrument of access to goods and services or investment.

Crypto Collection by Courts

The bill would also introduce the option of collecting and paying debts with crypto via the courts, defining explicitly the steps that must be taken to use this tech. First and foremost, the bill safeguards the private keys of the users, clarifying that the courts will not have access to these in any case. To cancel a debt with cryptocurrencies, the debtor would have to deposit the desired cryptocurrencies to the wallet of the specific court.

In the case of a debt collection, the courts will coordinate with intermediaries that will then proceed to block the crypto assets of the debtors to ensure they fulfill their obligations. However, the bill does not define procedures in the case that there are no intermediaries holding the funds, meaning that the assets are in a self-custody wallet.

This is part of the efforts of national regulators to establish clear norms for the use of crypto on Brazilian soil. Another cryptocurrency bill has already been discussed and approved by the Brazilian Senate and is expected to be approved by the deputy chamber of the congress in the coming months.

What do you think about the new cryptocurrency bill present in Brazil? Tell us in the comments section below.

Share:

Share on facebook
Facebook
Share on twitter
Twitter
Share on pinterest
Pinterest
Share on linkedin
LinkedIn
On Key

Related Posts

Third Biggest Whale Adds 1,416 Bitcoins In Last 2 Days; Will This Pump BTC?

Bitcoin (BTC) prices have slid by another 9% over the past 7 days. However, the whales have seized this dip opportunity to add more BTC to their wallets. Whale holds 132K BTCs According to the data, the third largest Bitcoin whale has bought around 1,416 BTCs in the last two days. Yesterday, the whale wallet

‘Big Short’ Michael Burry Says Bitcoin Crash Is Only Halfway Through

Michael Burry, the co-founder of Scion Asset Management, predicted on Twitter that the market fall is about halfway through. Pointing to the massive downfall in the S&P 500, Nasdaq, and Bitcoin prices, Burry predicted that the market went through multiple compressions, with earning compression to follow. Michael Burry became famous for predicting and profiting off

Breaking: El Salvador Buys 80 Bitcoin (BTC), Here’s How Prices Reacted

El Salvador President Nayib Bukele said the country purchased 80 Bitcoin on Friday amid a broader decline in the token’s prices. The South American country bought 80 Bitcoin at about $19,000 each, valuing the total transaction at $1.5 million. The buy appeared to have slightly boosted Bitcoin prices, helping them briefly retake $20,000. The buying