Brazil Approves Crypto AS a Legal Payment Method

The Chamber of Deputies, a national Parliament of Brazil, has approved a bill that legalises the use of cryptocurrencies as a payment method within the country. The initiative marks significant progress for crypto within Brazil, although the bill still needs to be signed by the president of Brazil before it becomes law. The passing of the bill does not make cryptocurrencies legal tender in Brazil. Instead, digital currencies and air mileage programmes will be included in the definition of payment methods that are under the supervision of the country’s central bank. Apart from designating crypto as a payment method, the law will enable the creation of licences for crypto exchange platforms and for custody and management of crypto by third parties. Moreover, the law will require exchanges to make a clear distinction between company and user funds.


CH-019830 (Webpage Portal) 2022-11-30 (Published) 2022-12-05 (Updated)