Brazil Aims to Follow El Salvador’s Push for Increased BTC Adoption; Lawmakers Propose to Make BTC Legal Payment

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Brazilian lawmakers, led by Federal Deputy Aureo Ribeiro, are reportedly eyeing to establish a local regulatory framework that renders Bitcoin (BTC) and altcoins easier to invest in while also adding another layer of protection against illicit hackers and scammers.

At the very core of this latest pro-crypto push, Brazil seemingly intends to make BTC a legal form of payment soon, following the strides made by El Salvador these past few months. Ribeiro notes that Brazilians may soon purchase cars, houses, and even fast food using the world-leading cryptocurrency. The proposed crypto regulation bill is expected to go under a vote on the Chamber of Deputies Plenary in the next few days.

Ribeiro’s bill aims to replace the proposal previously submitted by Deputy Expedito Netto. As per the reports, Ribeiro’s new crypto regulation proposal, the Bill 2.303 / 15, expands and builds on Netto’s initial draft, all the while clarifying several vague or controversial topics, such as the exemption of rewards points from the list of virtual asset definitions.

Ribeiro and his supporters firmly believe that BTC could become legal tender, much like how it is in El Salvador, as early as this year, given that no significant hurdle comes into the picture. Considering Brazil’s stature as one of the most innovative countries in the world today in terms of investment products, BTC as legal payment is seemingly indeed within arm’s length.

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