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Pay for goods and services in crypto #VivaBrazil
Brazil now sees cryptocurrency as a method of payment providing a regulatory boost to crypto adoption.
Brazil's Chamber of Deputies has approved a regulatory framework that will allow cryptocurrencies to be used as a means of payment in the country - But not as legal tender, like it is in El Salvador.
The law has already been approved and only needs the President of the Republic's signature to become law.
Here's everything we know:
The law grants legal status to payments in cryptocurrencies for goods and services.
The bill will include digital currencies and air mileage programs in the definition of "payment agreements."
The legislation covers a wide range of "virtual assets," but no word about the issuance of a central bank digital currency yet.
The bill aims to regulate the establishment and operation of Bitcoin service providers in Brazil.
The bill gives the executive branch the authority to appoint government bodies to oversee the market.
When bitcoin is used as a payment method, the Central Bank of Brazil (BCB) is expected to be in charge,
Tokens that will be considered securities will remain under the jurisdiction of CVM, equivalent to the SEC.
The BCB, CVM, and the federal tax authority (RFB) helped lawmakers craft the overhaul legislation.
The law avoided a provision granting tax benefits to miners.
Dealing with the threat:
The law acknowledged that the anonymity of digital currencies facilitated criminal operations, and it called for "closer monitoring" of the industry.
Only after receiving explicit permission from the federal government will cryptocurrency service providers be able to operate in the country.
To avoid another incident like the famous FTX collapse, the law will require exchanges to clearly distinguish between company and user funds.
OpenSea users can purchase NFTs on the BNB chain soon.
By the end of 2022, the nonfungible token (NFT) and crypto collectibles marketplace OpenSea intends to integrate BNB Chain into its Web3 NFT marketplace system. Users can purchase, list, and trade BNB Chain NFTs on OpenSea with the integration with Seaport Protocol.
Among other things, integrating BNB Chain with OpenSea's Seaport Protocol seeks to offer BNB Chain creators numerous creator rewards, real-time payouts, and collection management.
OpenSea hopes the new integration will increase its sales volume despite the bear market.
The integration intends to reduce gas costs, simplify signature confirmation activities, and do away with setup expenses. To reach more consumers, OpenSea intends to employ Seaport across various blockchains in addition to BNB Chain.
Crypto exchange Bitfront shuts down
The most recent bitcoin exchange closing its doors is Bitfront, run by the Japanese social networking company Line. According to a note on its website, the current crypto bear market and other business problems were the reasons for the shutdown
“Despite our efforts to overcome the challenges in this rapidly-evolving industry, we have regretfully determined that we need to shut down Bitfront in order to continue growing the Line blockchain ecosystem and Link token economy.”
Customers will have until March 31 to withdraw their money after the immediate suspension of new sign-ups and credit card deposits.
The year-long bear market in cryptocurrencies has driven several crypto companies, like Bitfront, to shut down. FTX declared bankruptcy earlier this month as a result of a cash crunch.