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

A caller measure presented successful Brazil is trying to present bitcoin and different cryptocurrencies arsenic an approved means of outgo successful the country. The bill, presented by Federal Deputy Paulo Martins, proposes to amend already existing regulations to see respective dispositions that would let cryptocurrency payments and investments to beryllium officially supported.

New Bill Proposes to Legalize Crypto for Payments successful Brazil

Brazil is 1 of the countries successful Latam that has been making advancements erstwhile it comes to cryptocurrency regularisation successful the past year. Now, a caller bill has been projected successful the Brazilian Congress that seeks to present bitcoin and different cryptocurrencies arsenic a supported means of payment. The bill, which was presented by Federal Deputy Paulo Martins, proposes to scope this extremity by altering already existing Brazilian laws, including the civilian process code, introducing immoderate definitions and changes.

If approved, the measure would present disposition XIV successful nonfiction 835 of the Civil Procedure Code, which reads:

Crypto assets, understood arsenic integer representations of worth that, not being currency, person their ain portion of measure, traded electronically done the usage of cryptography and wrong the scope of distributed ledger technologies, utilized arsenic a fiscal asset, means of speech oregon payment, an instrumentality of entree to goods and services oregon investment.

Crypto Collection by Courts

The measure would besides present the enactment of collecting and paying debts with crypto via the courts, defining explicitly the steps that indispensable beryllium taken to usage this tech. First and foremost, the measure safeguards the backstage keys of the users, clarifying that the courts volition not person entree to these successful immoderate case. To cancel a indebtedness with cryptocurrencies, the debtor would person to deposit the desired cryptocurrencies to the wallet of the circumstantial court.

In the lawsuit of a indebtedness collection, the courts volition coordinate with intermediaries that volition past proceed to artifact the crypto assets of the debtors to guarantee they fulfill their obligations. However, the measure does not specify procedures successful the lawsuit that determination are nary intermediaries holding the funds, meaning that the assets are successful a self-custody wallet.

This is portion of the efforts of nationalist regulators to found wide norms for the usage of crypto connected Brazilian soil. Another cryptocurrency measure has already been discussed and approved by the Brazilian Senate and is expected to beryllium approved by the lawman enclosure of the legislature successful the coming months.

What bash you deliberation astir the caller cryptocurrency measure contiguous successful Brazil? Tell america successful the comments conception below.