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Brazil Is Not Making Bitcoin Legal Tender

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  • Brazil is not making bitcoin a legal tender.
  • The Brazilian “virtual asset” bill seeks to define virtual assets and virtual asset services providers and increase investor protection by increasing regulation.
  • The Central Bank of Brazil is more focused on developing its CBDC, the digital Real.

In the past couple of weeks, the approval of Bitcoin legislation in Brazil’s Chamber of Deputies’ Special Committee prompted many in the Bitcoin space to think that the country would follow El Salvador and make bitcoin a legal tender. News outlets, including Yahoo Finance and Investing.com, led a broader audience to believe BTC would soon be adopted as a legal currency in Brazil.

That is not the case. Not only does the bill not mention this approach, but the Central Bank of Brazil (BCB) governor Roberto Campos Neto has repeatedly said making bitcoin legal tender in the country is not on his agenda.

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