Friday, June 2, 2023

Brazil Crypto Proposal Seeks To Recognize BTC As Legal Financial Asset

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The Brazil crypto proposal seeks to recognize BTC as a legal financial asset amid the global finance meltdown so let’s have a closer look at today’s latest cryptocurrency news.

While it is still early to speculate if Brazil is following the steps of El Salvador, the latest proposal shows the country racing toward regulating the industry as adoption reaches a pivotal state and the new bill, presented by Federal Deputy Paulo Martins seeks to add BTC and other crypto coins as a payment method.

The detailed legislative proposal is an addition to the country’s existing laws so according to that, the Brazil crypto proposal seeks to recognize BTC as legal tender in the country which will help the asset class to be used as a financial asset for different purposes like means of exchange or payments or even instrument of access to goods and services. The bill is headed to the country’s legislators who will hold discussions before the additions get passed by the Senate and get signed into law.

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The focus will be on protecting the users’ private keys and providing new powers and limitations in the Brazilian courts that will possess if the crypto is recognized as a financial asset including actions like freezing exchange accounts. Brazil Is one of the hottest markets in Latin America and the government was already working on getting crypto bills passed by the year-end.

Brazil’s crypto trading volume surged in recent years and as a result, the federal judges in the country got some training on crypto-related matters as it awaits an increase in these court cases. Mercado Bitcoin is the biggest exchange in Brazil already partnered with Stellar to take part in the development of the country’s central bank digital currency.

As recently reported, Brazil’s new government blockchain network went live after a cooperation agreement between the Court of Accounts of Uniam and the Development Bank. The launch event was even live-streamed on the official YouTube channel of the Court of Accounts of Uniam and the main focus was to discuss the technical aspects of the proejct based on the experiences of other guests. The Brazilian Blockchain Network is under development but will be used in a few public institutions that aim to improve the services offered to citizens and will also provide traceability on the public expenditures.

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