????BREAKING: Brazil Approves Bill Regulating Use of Bitcoin as Payment Brazilian lawmakers have approved a complete regulatory framework for the trading and use of cryptocurrencies in the country. Voted on Tuesday evening in Brasilia, the country’s capital, the new rules recognize bitcoin as a digital representation of value that can be used as a means of payment and as an investment asset in the South American nation. The bill applies broadly to a sector which it calls “virtual assets,” and now only needs the President’s signature before it becomes law. It does not make bitcoin or any cryptocurrency a legal tender in the country. The bill tasks the executive branch with selecting government bodies to oversee the market. The expectation is that the Central Bank of Brazil (BCB) will be in charge when bitcoin is used as payment, while the country’s securities and exchange commission (CVM) will be the watchdog when it is used as an investment asset. Both the BCB and the CVM, along with the federal tax authority (RFB), helped lawmakers craft the overhaul legislation. Home to a vibrant cryptocurrency economy, Brazil has at times seen more citizens trade coins such as bitcoin than invest in the stock market. Now, the country seeks to set the stage for that to translate into more day-to-day usage in financial transactions. Source: Bitcoin Magazine (https://bitcoinmagazine.com/legal/brazil-approves-use-of-bitcoin-as-payment) Follow:???? t.me/g3news #news #brazil #crypto #bitcoin #economy