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Breaking: Brazil Legalizes Crypto As A Payment

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Brazilian lawmakers approved a regulatory framework that legalizes cryptocurrency payments and trading.

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The bill covers a broad sector it calls virtual assets. It now needs President Jair Bolsonaro to sign it before it becomes law.

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The new rules will apply to legal entities that trade virtual currencies for local and foreign currencies or exchange virtual assets. 

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They also have to conduct transfers or be involved in financial services.

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It recognizes bitcoin and can use it to make crypto payments in South America's 6th largest country.

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This proposal is made just days after the collapse of one of the largest crypto exchanges in the world.

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Local media reports that the bill would require all crypto providers in the country to have a physical entity. 

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Those who violate the new rules could face fines or even imprisonment.

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According to local media reports, the bill would allow companies to comply with it during a grace period.

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