Brazilian lawmakers pass bill making bitcoin a legal tender

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Brazilian lawmakers pass bill making bitcoin a legal tender

Brazilian legislators have approved the complete regulatory framework for trading and using cryptocurrencies as payment.

What Happened: The bill passed on Tuesday night in Brasilia, the country's capital, recognizesBTCUSD as a digital representation of value that can be used for payments and investment.

The legislation requires the President's signature to become law, and covers a wide range of virtual assets. It does not make bitcoin or any other digital currency legal tender in the country.

Why it matters: According to the bill, the Central Bank of Brazil will oversee the market for digital currency when it is used as payment, while the country s securities and exchange commission will monitor it when it is used as an investment asset. The federal tax authority assisted in the reform legislation, along with the BCB and CVM.

El Salvadoran became the first country to recognize BTC as a legal tender, with the Central African Republic following suit a bit later.

Price Action: At the time of writing, BTC was trading at $16,956, up 4.15% in the last 24 hours, according to Benzinga Pro.

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