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    UK Court awards £20m Damages in favour of Nigeria against P&ID

    FG, States, LGs share ₦2.00 Trillion for month of July 2025

    SEC warns against investing with GVEST Global’s illegal schemes

    SEC warns against investing with GVEST Global’s illegal schemes

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    APGA candidates win Anambra by-elections

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    President Buhari commissions the new US$100m Ultra-modern MMIA Terminal

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    Conoil Plc reports 88.8% drop in profit to N900 million in H1 2025

    Brent crude oil price rise above $70 on OPEC projections

    OPEC+ agrees to increase oil production for September

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    • All
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    CBN’s Monetary Policy Committee retains interest rate at 27.50%

    President Tinubu approves establishment of South-East Investment Company

    President Tinubu approves establishment of South-East Investment Company

    UK tightens visa rules for care workers, skilled workers and students

    UK tightens visa rules for care workers, skilled workers and students

    United States scraps visa dropbox service for Nigerian applicants

    President Donald Trump cancels protection for 500,000 Haitian migrants

    Spain golden visa scheme ends as Portugal and Greece demand increases

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    CBN ends free ATM withdrawals for other banks’customers

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    United States scraps visa dropbox service for Nigerian applicants

    Buhari says Nigeria security and economy improved during his tenure

    Buhari says Nigeria security and economy improved during his tenure

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Home Markets Cryptocurrencies

Law to legalize crypto as a payment method passed in Brazil

Wednesday, 30 November 2022, 8:23 pm
in Cryptocurrencies, Economy, Markets, Policies
0
Law to legalize crypto as a payment method passed in Brazil
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A law that legalizes crypto as a payment method has been approved by the Chamber of Deputies of Brazil, and now requires the the signature of the president of Brazil for it to be enacted.

The Chamber of Deputies is a federal legislative body and the lower house of the National Congress of Brazil. The chamber comprises 513 deputies, who are elected by proportional representation to serve four-year terms.

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The regulatory framework passed by Brazil’s federal legislature legalizes the use of cryptocurrencies as a payment method throughout the country.

The move is significantly different from that of El Salvador, who made Bitcon a legal tender in 2021.

The passing of the bill does not make any cryptocurrencies legal tender within the country. However, the bill will include digital currencies and air mileage programs in the definition of payment methods that are under the supervision of the country’s central bank.

The law in addition to designating crypto as a payment method, also provided the following;

  • the creation of licenses for crypto exchange platforms and for custody and management of crypto by third parties.
  • requires exchanges to make a clear distinction between company and user funds.
Nnamdi Maduakor
Nnamdi Maduakor

Nnamdi Maduakor is a Writer, Investor and Entrepreneur

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