Brazil Set To Adopt Bitcoin As Its Legal Tender

The debate for a digital asset adoption in Brazil started a few years back. Today, the Brazilian government is on the verge of finalizing plans with the aid of the Central Bank. Brazil’s Federal Deputy, Aurero Ribeiro has noted in an interview that Brazilians will soon be able to buy houses, cars, and even McDonald’s with Bitcoin after the approval of its law. According to him, this will soon happen.

In detail, the commission met and voted for the approval of the opinion recently. Thereafter, the bill will now move to the next stage, which is the plenary of the Chamber of Deputies. To add on, the Brazilian deputy stressed that he is happy with the approval of the Bitcoin Law. To him, this will help to stop cryptocurrency pyramids that are imminent.

Aureo again insisted that the Brazilian market is sustainable. He declared that the move is an innovative and sustainable sector that is already working all over the world. He believes that crypto is here to stay.

We want to separate the wheat from the chaff, create regulations so that you can trade, know where you are buying, know who you are dealing with, and have this asset to buy a house, a car……It will be a currency in the country as it happens in other countries

Expanding further on his point, the congressman stated that Bitcoin valuation surpasses any return on assets listed on the stock exchange. He went on by comparing BTC investment in Dollars and gold.

Above all, bitcoin is most likely to be adopted as a Legal Tender in Brazil before 2021 ends. This shows Brazil’s strategy towards becoming a reference for new foreign investments.