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

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

A new bill presented in Brazil is trying to introduce bitcoin and other cryptocurrencies as an approved means of payment in the country. The bill, presented by Federal Deputy Paulo Martins, proposes to amend already existing regulations to include several dispositions that would allow cryptocurrency payments and investments to be officially supported. New Bill Proposes to Legalize Crypto for Payments in Brazil

Brazil is one of the countries in Latam that has been making advancements when it comes to cryptocurrency regulation in the last year. Now, a new bill has been proposed in the Brazilian Congress that seeks to introduce bitcoin and other cryptocurrencies as a supported means of payment. The bill, which was presented by Federal Deputy Paulo Martins, proposes to reach this goal by altering already existing Brazilian laws, including the civil procedure code, introducing some definitions and changes.

If approved, the bill would introduce disposition XIV in article 835 of the Civil Procedure Code, which reads:

Crypto assets, understood as digital representations of value that, not being currency, have their own unit of measure, traded electronically through the use of cryptography and within the scope of distributed ledger technologies, used as a financial asset, means of exchange or payment, an instrument of access to goods and services or investment. Crypto Collection by Courts

The bill would also introduce the option of collecting and paying debts with crypto via the courts, defining explicitly the steps that must be taken to use this tech. First and foremost, the bill safeguards the private keys of the users, clarifying that the courts will not have access to these in any case. To cancel a debt with cryptocurrencies, the debtor would have to deposit the desired cryptocurrencies to the wallet of the specific court.

In the case of a debt collection, the courts will coordinate with intermediaries that will then proceed to block the crypto assets of the debtors to ensure they fulfill their obligations. However, the bill does not define procedures in the case that there are no intermediaries holding the funds, meaning that the assets are in a self-custody wallet.

This is part of the efforts of national regulators to establish clear norms for the use of crypto on Brazilian soil. Another cryptocurrency bill has already been discussed and approved by the Brazilian Senate and is expected to be approved by the deputy chamber of the congress in the coming months. Tags in this story Bitcoin, Brazil, Collection, Crypto, debts, means of payment, paulo martins

What do you think about the new cryptocurrency bill present in Brazil? Tell us in the comments section below. Sergio Goschenko

Sergio is a cryptocurrency journalist based in Venezuela. He describes himself as late to the game, entering the cryptosphere when the price rise happened during December 2017. Having a computer engineering background, living in Venezuela, and being impacted by the cryptocurrency boom at a social level, he offers a different point of view about crypto success and how it helps the unbanked and underserved. Kenyan Law Enforcement Agency Arrests Two Students Accused of Using Stolen Funds to Buy BTC REGULATION | 45 mins ago Colombian Financial Superintendence Prepares Norms for Crypto Transactions REGULATION | 14 hours ago

Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleBitcoin, Ethereum Technical Analysis: ETH, BTC Lower as Bearish Momentum Returns on Friday Next articleBiggest Movers: HNT Nears 1-Week High, as XMR Rebounds on Friday Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItRipple CEO: SEC Lawsuit Over XRP "Has Gone Exceedingly Well"

The CEO of Ripple Labs says that the lawsuit brought by the U.S. Securities and Exchange Commission (SEC) against him and his company over XRP "has gone exceedingly well." He stressed: "This case is important, not just for Ripple, it’s ... read more.Central Bank of Brazil Confirms It Will Run a Pilot Test for Its CBDC This Year Privacy-Centric Monero Plans for July Hard Fork, Plans Include Ring Signature, Bulletproof Upgrade Fed"s Bullard Wants to Raise Bank Rate to 3.5% by Year"s End, Hints at 75 Basis Point Rate Hike Survey: Adoption in Argentina Grows, With 12 out of 100 Adults Having Invested in Crypto