Brazil to recognize crypto as means of payment

It’s becoming impossible for regulators all over the world to ignore crypto or treat it as a commodity, trying to fit it into the existing laws. The assets created on a blockchain are of a class that never existed before, and they require specific regulations, and an increasing number of countries now legally define crypto, setting foundation for its proper integration into the country’s laws.

After the recent introduction of a crypto-friendly regulation in Ukraine (which is still being worked on), now it’s Brazil’s turn to set a legal framework for crypto. After many years of development, a crypto bill was recently approved for presentation in the Plenary of the Chamber of Deputies. It aims at creating licensing regime for crypto service providers, introducing harsher punishment for money laundering and scams using crypto, and, what’s important, authorize it as a means of payment.

It’s no doubt too early to compare Brazil to El Salvador, but with the population that already uses crypto extensively, such regulation is a good sign: while protecting crypto users from scams, it acknowledges their right to pay with it.