Brazil Approves Use Of Bitcoin As Payment — Bitcoin Magazine

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Brazil­ian law­mak­ers have approved a com­plete reg­u­la­to­ry frame­work for the trad­ing and use of cryp­tocur­ren­cies in the country.

Vot­ed on Tues­day evening in Brasil­ia, the country’s cap­i­tal, the new rules rec­og­nize bit­coin as a dig­i­tal rep­re­sen­ta­tion of val­ue that can be used as a means of pay­ment and as an invest­ment asset in the South Amer­i­can nation. 

The bill applies broad­ly to a sec­tor which it calls “vir­tu­al assets,” and now only needs the President’s sig­na­ture before it becomes law. It does not make bit­coin or any cryp­tocur­ren­cy a legal ten­der in the country.

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