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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

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    Federal Government approves 30-year concession for Enugu Airport

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    Breaking: US and EU agree trade deal

    Federal Government commissions three “ultra-modern” oncology centers

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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

    Spain golden visa scheme ends as Portugal and Greece demand increases

    CBN fines nine banks 150 million Naira each for failing to dispense cash

    CBN ends free ATM withdrawals for other banks’customers

    FG increases private university application fee from N5m to N25m

    FG increases private university application fee from N5m to N25m

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    United States scraps visa dropbox service for Nigerian applicants

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    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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