Brazil to allow Crypto Payments throughout the country – Katoch Tubes
Brazil passed the crypto vibe check
Brazil passed the crypto vibe check
What's the news?
What's the news?
Brazil's Congress has passed the bill to make crypto payments legal throughout the country. A shot in arm for the crypto community.
New Framework
New Framework
The new regulatory framework will allow users to transact in digital currencies and receive rewards like frequent traveler rewards from airlines in cryptos.
Not a Legal Tender
Not a Legal Tender
The bill will allow citizens to purchase product & services using digital currency but it won't recognise crypto as a legal tender.
What it means?
What it means?
It means its upto the banks to offer digital payment services to its customers and not a compulsion to use crypto as a form of payment.
Brazil leading Latin America
Brazil leading Latin America
Brazil is leading Latin America in the race towards crypto adoption. Many banks are already offering crypto related services.
Stress for Regulations
Stress for Regulations
The announcement came days after FTX collapse. Countries are taking steps to regulate crypto market to avoid possible economic damage to their currencies.