Bitcoin Set to be Legal Tender in Brazil – Price Rockets to $54,000

Bitcoin is racing higher today after smashing through $50,000 yesterday for the first time since early September and now trading above $54,000, following news that Brazil is likely to make the virtual currency legal tender. Hot on the heals of El Salvador, which made the leading cryptocurrency legal tender in the country in early September, now Brazil looks set to follow in the central American country’s footsteps. However, the order of importance of Brazil’s move it far greater. As one of the world’s largest economies, its adoption of bitcoin as legal tender is a huge vote of confidence in bitcoin as a means of exchange. Get Coin Signals! Get Free Crypto Signals – 82% Win Rate! Bitcoin Bill comes to Brazil’s Chamber of Deputies The news from Brazil came overnight after it emerged that a bill to make it legal tender would be presented to the country’s chamber of deputies. It is expected to be passed into law because of it has the support of the president of the chamber of deputies Arthur Lira. A proposer of the bill, federal lawmaker Aureo Ribeiro, said: “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.” He added that Brazilians will soon be able to buy houses, cars and even McDonald’s with Bitcoin. “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.” The bill will also introduce tougher regulation of bitcoin and other crypto, with stiffer sentences for money laundering and anti AML fines that would seize two thirds of any funds found to have been used in money laundering. Want to know how to buy bitcoin – they read our guide to get started. Tougher AML regulations for crypto in Brazil The South American nation is preparing to vote on a cryptocurrency regulation bill which is expected to be presented to the Plenary of the Chamber of Deputies within…

Source: Bitcoin Set to be Legal Tender in Brazil – Price Rockets to $54,000

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