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Brazilian President Jair Bolsonaro has signed a bill to regulate the use of cryptocurrencies like bitcoin (BTC-USD) and ethereum (ETH-USD) in the country, according to a statement dated Thursday.
The enactment of the legislation, which recognizes crypto as a method of payment or as an investment, followed the approval of Brazil’s Chamber of Deputies and Senate.
Although the law does not mean that crypto will be considered legal tender in the country, it certainly has the potential to lead to more widespread adoption of digital tokens as a means of payment in Brazil, Latin America’s largest economy. .
Under the new legislation, the Brazilian Securities and Exchange Commission is responsible for overseeing digital assets considered securities.
The rules will go into effect 180 days after Thursday’s approval.
Bitcoin (BTC-USD), the world’s largest crypto by market capitalization, among other major tokens, traded sideways at depressed levels following last month’s collapse of crypto exchange FTX (FTT- USD). BTC changed hands at $16,640, -0.8%, at 11:08 a.m. ET, and ether (ETH-USD) fell 1.8% to $1,180, both trading well below from their November 2021 highs.
Find out why Seeking Alpha contributor Anna Sokolidou thinks conservative investors should “stay away” from bitcoin in 2023.
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