Brazil is poised to follow in El Salvador’s footsteps and adopt bitcoin as a legal currency.
El Salvador became the first country to adopt bitcoin as legal tender in June. According to Coin Rivet, Brazil is preparing to vote on a crypto regulation bill that could pave the way for widespread use.
“We want to separate the wheat from the chaff, create regulations so that you can trade, know where you’re buying and know who you’re dealing with,” Federal Deputy Aureo Ribeiro said.
“With this asset you will be able to buy a house, a car, go to McDonald’s to buy a hamburger – it will be a currency in the country as it happened in other countries.”
While the bill still must pass a vote, there appears to be widespread support and minimal remaining barriers to the bill’s passage.