Bitcoin to Become a Legal Mode of Transactions in Brazil!

Brazil is moving towards accepting Bitcoin as a legal payment method. Brazil’s Federal Depute Aureo Ribeiro stated that Brazilians might soon be able to pay for McDonald’s with Bitcoin. Brazil is currently preparing a cryptocurrency regulation bill that will be presented to the Plenary of The Chamber of Deputies in the coming days. The bill will allow bitcoin to be used in all transactions, big and small.

IMF warned earlier this week about the potential consequences of “cryptoization”, which is the complete transfer of the economy to digital assets and the end of the use of local currency. Brazilian authorities claim that residents face many problems when buying, selling and transferring money online, as everything is now being converted to bitcoin. This is to make transactions easier for citizens.

Regulations will play an important role

Recent regulatory amendments have increased the amount of fines by two-thirds the amount of laundered money. This is an increase of one-third. In addition to a fine, the bill proposes to increase minimum prison terms to three to four and to increase maximum prison terms to 16 years and 8 months.

These propositions are designed to improve and regulate cryptos in the face of fraud and online thefts. This will make it easier for consumers to use bitcoin for their everyday needs.

Ribeiro stated that he is optimistic about other aspects of the bill. This includes regulation of trading, custody and payments. Brazil has shown potential growth in cryptocurrency adoption and has done well in the crypto market through the restructuring of local regulations.

Brazil’s willingness to implement stricter regulations may prove more successful than those of other countries like El Salvador, Bahamas and Nigeria. Interests are high in other countries, and the United States is one.

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