Jooss : Brazil Officially Passes Crypto Regulation

According to the federal government’s official journal, Brazilian President Jair Bolsonaro signed a bill into law on Thursday morning. The legislation creates a comprehensive regulatory framework for the usage and trade of crypto, such as Bitcoin (BTC). Additionally, the law will come into effect in 180 days.

President Bolsonaro passed the bill, which was previously approved by Congress, without any changes. According to the new regulations, cryptos are a digital representation of value. Digital assets may be used in the South American country as a form of payment and as an investment asset.
The new law does not declare Bitcoin (BTC) or any other cryptocurrency as legal tender. The executive branch will decide which government agencies will be in charge of regulating the market.