The biggest South American country, Brazil, allows their citizens to use cryptocurrencies for payments. It will be permitted to pay with cryptocurrencies for products and services, but this does not make them legal tender.
Brazil passed the law to make cryptocurrency payments legal
A law authorizing cryptocurrencies as payment methods across the nation was passed in Brazil, providing a regulatory boost to the use of cryptocurrencies and the development of the ecosystem.
Brazil’s Chamber of Deputies adopted a legal framework which allowed them to use cryptocurrencies as a form of payment.
An act signed under PL 4401/2021 allows for the inclusion of digital currencies & frequent flyer miles (referred to as “miles”) in the definition of “payment arrangements” under the supervision of Brazil’s Central Bank.
The legislation, which has already been adopted and just needs the President of the Republic’s stamp to become effective, gives cryptocurrency payments for goods and services legal standing. Having said that, it does not allow crypto to the level of legal tender.
