X

Lucas from Fort Worth

Signed up at LTC Casino 33 minutes ago.

» Try LTC Casino too
Do not show again

Traditional financial institutions such as banks are investing more in crypto technology. They look to capitalize on the increase in crypto adoption that has seen everyday use cases for crypto. Brazil has been booming in the bear market, and today Chante at Crypto Lists takes a closer look at the nation’s current state of adoption. And, what it means for the region and wider world in general.

In what is a significant breakthrough for the Latin American region, the South American nation Brazil had its Congress pass a bill that would be of interest to the crypto industry. The Chamber of duties approved the bill proposing banks legalize crypto as a payment method facilitated by banks. In this case, it would seem regulation of crypto has been critical in enabling adoption within the mainstream.

What does Brazil’s Congress Bill Detail?

Crypto enthusiasts from all corners of the globe are thrilled by the proposed bill by Brazil’s Congress. The bill pushes for regulation of the crypto industry in facilitating crypto payments in Brazil.

This has the impact of increasing crypto adoption not only in Brazil but the Latin American region. The newly approved regulatory framework is under code PL 4401/2021.

Brazil does not recognize crypto as legal tender like its Central American counterpart, El Salvador. The proposed bill does not change the current stand on this. It is set to serve as payment agreements under the country’s Central Bank’s supervision to include digital assets and air mileage programs in frequent traveler rewards.

How Do Crypto Payments Work?

This opens up the country and region to enjoy the benefits of cryptocurrency payments. Cryptocurrency operates as a peer-to-peer system that facilitates anyone to send and receive money without relying on third parties to verify the transaction.

The transactions are recorded on a publicly distributed ledger known as a blockchain. The blockchain also records the amount of crypto held. Crypto is not tangible but is a key that facilitates these transactions without a trusted third party.

Rating: 9.4/10
Supply: 307,782,016 / 511,216,000
Release date: April 10, 2019

Description: Buy Solana’s native coin to help validate one of the most powerful networks in the industry.

Risk warning: Trading, buying or selling crypto currencies is extremely risky and not for everyone. Do not risk money that you could not afford to loose.


The Impact of Passing the Bill

The bill only requires the signature of Brazil’s President to pass it into law. This would translate to the country recognizing crypto as a legal payment method for goods and services. This allows banks to integrate crypto for payment services similar to credit cards.

The global crypto industry would be able to access the Brazilian market as the law would also facilitate the issuing of licenses to various crypto exchanges and promoting custodial services for crypto by third parties. Once the bill is passed, these exchange platforms and third-party crypto custody must establish a legal entity in Brazil to operate. There is a possibility of a grace period for compliance for active crypto firms.

FTX’s Role

The downfall of the FTX crypto exchange has necessitated the requirement of crypto exchanges and service providers to make a clear distinction between the company’s funds and clients’. FTX’s exposure occurred during a bank run resulting in a liquidity crisis. The exchange was using users’ funds for its operations without holding an equivalent ratio of company and users’ assets.

The government’s executive will decide which office will supervise the regulation of the crypto industry once the President signs the bill into law. One thing guaranteed is that tokens that are defined as securities will carry on under Brazil’s Securities and Exchange Commission, CVM. The body remains to be one of the public agencies involved in crypto together with Brazil’s Central Bank.

Brazil’s Crypto Developments on the Global Stage

Crypto adoption in Brazil was underway before this newly proposed bill. Some banks already provide crypto custody, such as the subsidiary of Santander, a Spanish multinational financial services company. The subsidiary is also planning to provide crypto trading services in Brazil. One of Brazil’s largest and long-serving private banks formed in 1945, Itau, will also launch its asset tokenization platform to encourage more crypto-related activity in the country. Despite these milestones, no company provides a crypto payment service within Brazil.

The need for regulation for crypto payment services will only strengthen Brazil’s crypto adoption and welcome well-established crypto firms into the country. It continues to attract more investors with its traction in regulation and adoption. In the Latin American region, it has the most crypto ETFs. As mentioned, its major banks spearhead the exposure to crypto via crypto investments, token offerings, and custody services.

It is exciting to witness emerging economies, including Brazil, embrace crypto technology. The bear market and collapse of FTX are not dampening the surge of crypto into the mainstream.

by Our Certified Author
Solana Coin Newsflash
    Sample Solana's speed on the new Juice Bet casino today!Sample Solana's speed on the new Juice Bet casino today!
    Wednesday, 19 Jun 2024 11:35 am
    Say hello to another fresh casino (see all) from the world of crypto iGaming. This time it's time for something that's fresh in more ways than one since it's the one and only Juice Bet (review) - a site that combines thousands of games with one heck of a sports betting section featuring loads of US sports sitting pretty alongside soccer and more. You can even wager on political events too. What stands out to us is the range of crypto deposit and withdrawal options that include meme coins like Shiba Inu, layer-2 powerhouses like Solana and all alongside the big names like Bitcoin and Tether, the two coins here that have the fastest withdrawal speed...
    Read the full newsflash


    Betsolino's new casino adds Dai, Tron & MifinityBetsolino's new casino adds Dai, Tron & Mifinity
    Friday, 14 Jun 2024 1:54 pm
    One of the newest crypto casinos from May 2024 is adding even more deposit methods. Now, you can get started on Betsolino (see review)a> even with Dai, USDT (Tron) or the payment processor MiFinity. All new players can enjoy up to 5000 USDT in welcome bonus and a super quick sign-up process. We suggest that you visit Betsolino today and find a genero...
    Read the full newsflash


    Solana regins supreme on Kingamo's royal casinoSolana regins supreme on Kingamo's royal casino
    Friday, 7 Jun 2024 9:00 am
    Want to be a royal hero? Perhaps you can on Kingamo (review) where you can claim a crown as the king of the crypto casino players. Fancy your chances? There are plenty of ways to prove it. Not only do you have standard slots to wager on, Kingamo Casino brings an array of attractive promos to its players. The fun starts with a 1000 USDT welcome bonus and you’ll find a choice of ongoing rewards, including up to 20% daily cashback. Cashback fit for a future king, if you ask me! And did we mention Solana deposits? You can use that awesome purple-themed coin right here. Visit the website now and take...
    Read the full newsflash


    Fresh Thursdays: try the brand new Crown Play with SOLFresh Thursdays: try the brand new Crown Play with SOL
    Thursday, 15 Feb 2024 10:25 am
    Act like a king on a new casino launched in January with a 500 USDT welcome bonus. That's right, why not check out our review of Crown Play (review), a site from the team over at Rabidi with almost 100 software developers and an amazing array of cryptos to deposit. One of the best things is USDT on Ethereum Tron, or Solana networks for maximum convenience and blazing speeds. When we deposited using USDT on Solana the funds arrived in mere minutes. Similarly, with SOL it was even faster! Amazing. Get your hands on some top bonuses and a top sportsbetting section by registering now on Crown Play...
    Read the full newsflash


    MetaWin adds Solana for casino depositsMetaWin adds Solana for casino deposits
    Friday, 2 Feb 2024 4:05 pm
    MetaWin (see review) confirms that Solana (SOL) is not accepted. They are giving away 400 SOL - worth over 40 000 USD - to 10 lucky winners. Sign-up now to grab a...
    Read the full newsflash

New Casino Reviews
New Crypto Casinos
Best Crypto Casinos
Recent Crypto Sites
Recent Crypto Coins
Keep up to date with
 

Our Newsletter

Sign up to our newsletter to get the
latest crypto news, new casinos,
bonus offers and other exciting
exclusives.
* indicates required
CryptoLists.com
Copyright © 2019-2022, by Crypto Lists Ltd (CryptoLists.com). Company name: Crypto Lists Limited. Address: 5 Upper Montagu Street, LONDON W1H 2AG, England.
Jump to top