Brazil is not creating a legal tender for bitcoin

  • Brazil is not turning Bitcoin into a legal tender.
  • Brazil’s “Virtual Assets” bill seeks to increase investor protection by defining and increasing control over virtual assets and virtual asset service providers.
  • The Central Bank of Brazil is more focused on creating its CBDC, Digital Real.

Over the past few weeks, the approval of the Bitcoin law in a special committee of the Brazilian Chamber of Deputies has made many in the bitcoin space think that the country will follow El Salvador and make Bitcoin a legal tender. Including newspapers Yahoo Finance And, Led by a wider audience, believes that BTC will soon be accepted as a legal tender in Brazil.

That’s not the point. The bill not only mentions this approach, but Central Bank of Brazil (BCB) Governor Roberto Campos Neto has repeatedly said that legal tender for bitcoin in the country is not on his agenda.

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