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Bitcoin set to become legal payment in Brazil

Scorpio

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Bitcoin set to become legal payment in Brazil​

Teuta Franjkovic
Mon, October 4, 2021, 10:46 AM


Brazil’s Federal Deputy Aureo Ribeiro has revealed that Brazilians could soon be able to buy houses, cars and even McDonald’s with Bitcoin.
The South American nation is preparing to vote on a cryptocurrency regulation bill which is expected to be presented to the Plenary of the Chamber of Deputies within the next few days.
“We want to separate the wheat from the chaff, create regulations so that you can trade, know where you’re buying and know who you’re dealing with,” Ribeiro said.

“With this asset you will be able to buy a house, a car, go to McDonald’s to buy a hamburger – it will be a currency in the country as it happened in other countries.”
Bill 2.303/15, which calls for the regulation of virtual currencies, was approved for presentation last week.
If it gets the thumbs up from the Chamber of Deputies this week, then Brazil looks set to follow El Salvador’s example and make Bitcoin legal tender.

Brazil ‘crypto law’ as example to other countries​

Brazil’s deputy said he was happy with the approval of ‘Bitcoin Law’, and stressed that Brazilians were already facing Bitcoin in many places, with the possibility of buying, selling and investing in this sector.
However, Aureo noted that the market was still not regulated and, as such, does not offer legal recognition.
He said that he was sure though, that with the approval of the bill, several more countries could copy his country’s regulatory model.
“We debated a few years for a text that recognizes this asset to finally arrive,” he explained.
“This will allow transactions of this asset in our country, which will be regulated by a government agency.
“We already made an agreement with both, Central Bank and the Securities and Exchange Commission of Brazil (CVM), over opportunities of this asset and its recognition within, for example, real estate value or currency of daily use.”
Aureo Ribeiro said he was convinced that the proposed bill’s text has the quality to improve the reality of Bitcoin in Brazil.
He was keen to stress that the bill had widespread government support and had already been aligned with the president of the Chamber of Deputies – Arthur Lira – meaning there are few further barriers to its approval.
Research by Sherlock Communications using the research platform Toluna showed that 48% of Brazilians want Bitcoin adoption, with 31% agreeing and 17% strongly agreeing.

 

nickndfl

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Legal payment for what? Too volatile to act as a currency. The statement is more like the govt will not officially ban it.
 

ds_mustang

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Legal payment for what? Too volatile to act as a currency. The statement is more like the govt will not officially ban it.
If someone wants to use it they can use it as a currency. It's a nice option to have because what it really means is you don't have to track cost basis and pay capital gains taxes because it's a legal currency, not property. I wish we had that option in the US.
 

wastrel

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Don't understand how people think bitcoin is real money.
I've thought about that a lot, after I saw an exchange between two people over on reddit (I get bored and browse there upon occasion). It was a conversation between a silverbug and a cryptocritter (is that a word?). The proponent of actual physical silver coins said the eternal truth of "if you don't hold it, you don't own it". The crypto guy replied, "But I am holding it, right here on this USB drive right in my hand!"

Yes, I laughed at that. But then I realized that he meant it. The electromagnetic patterns that we use to represent ones and zeros on things like USB drives or hard drives, were just as "real" to him, as the atoms of silver in the coin in the other guy's hand were real. The two people had different conceptions of what counts as "real".

I think part of that difference (probably not all) is age. Let me explain in a roundabout way: I was about 9 years old when my father got my sisters and I that brand-new cutting-edge thing called a "video game" -- the home version of Pong. We played it quite a lot, and enjoyed it. But that means for the first eight years of my life, especially as a toddler, everything I learned about the world, about what was real, did not include video games. Trees were real, I'd certainly run into or fallen out of them often enough by then. But this new thing was introduced to me long after the innate learning about the world that any young human does, was already mostly formed. Trees were in and of the world, but video games, and later home computers, were a new, invented thing. So I had a bedrock conception of the world that did not have computers, let alone the internet, in it.

So while computers and the internet are certainly real, they're kind of (to me) in a lower category of real, in that I can imagine a world without them -- because I lived in that world. The millennial and gen-z folks came into a world where that stuff was already there. While they learned about what the world was, all that stuff was there in their hands, and they learned about all the things on the screen that they could control, in the same way I learned about leaves and gravity from the trees. Computer and the net are just as real, to them, as a tree is to me. Because they've never experienced a world without those things, the same way I've never experienced a world without trees.

So when we point out that to use crypto you need computers and the internet, by which we infer those things may not always be there to be used, it's difficult for them to get where we're coming from because for them computers and the internet have always been there. Sure, you and I can imagine a world without trees, but do you honestly think it's likely the world will be denuded of all the trees? I sure don't. So yes, they can imagine a world without the net, but they don't think it's very likely. Of course they can intellectually discuss the possibility of the computers going away. But down at that bedrock level inside, what they learned about their world very early included computers, so computers and the net, and the crypto built on top of them, really are real to them, in a way they never could be for an old guy like me.

This is why it's hard to communicate across that kind of gap; both sides are using the same words but with different meanings of those words.

or I'm completely wrong and this is just the ramblings I get up to when my insomnia sets in and I'm up at all hours of the night.
 

ZZZZZ

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I disagree with the entire premise that it must be either Bitcoin or Gold (or silver), just like it is the Democrap or Repbulicant , or Yankees vs. Red Sox, etc. (Boo Red Sox.)

Cryptos and PMs are not competing assets, they are complementary. Like silver is to gold.

Cryptos and metals are both hedges against collapse of the phony fiat FRN non-dollar.

I say buy and hold both! o_O :D
.
.
 
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#48Fan

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I disagree with the entire premise that it must be either/or Bitcoin vs. Gold (or silver), just like it is the Democraps vs. Repbulicants , or Yankees vs. Red Sox, etc. (Boo Red Sox.)

Cryptos and PMs are not contradictory assets, they are complementary. Like silver is to gold.

Cryptos and metals are both hedges against collapse of the phony fiat FRN non-dollar.

I say buy and hold both! o_O :D
.
.
Yes! Diversification is your firend.
 

ds_mustang

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I've thought about that a lot, after I saw an exchange between two people over on reddit (I get bored and browse there upon occasion). It was a conversation between a silverbug and a cryptocritter (is that a word?). The proponent of actual physical silver coins said the eternal truth of "if you don't hold it, you don't own it". The crypto guy replied, "But I am holding it, right here on this USB drive right in my hand!"

Yes, I laughed at that. But then I realized that he meant it. The electromagnetic patterns that we use to represent ones and zeros on things like USB drives or hard drives, were just as "real" to him, as the atoms of silver in the coin in the other guy's hand were real. The two people had different conceptions of what counts as "real".

I think part of that difference (probably not all) is age. Let me explain in a roundabout way: I was about 9 years old when my father got my sisters and I that brand-new cutting-edge thing called a "video game" -- the home version of Pong. We played it quite a lot, and enjoyed it. But that means for the first eight years of my life, especially as a toddler, everything I learned about the world, about what was real, did not include video games. Trees were real, I'd certainly run into or fallen out of them often enough by then. But this new thing was introduced to me long after the innate learning about the world that any young human does, was already mostly formed. Trees were in and of the world, but video games, and later home computers, were a new, invented thing. So I had a bedrock conception of the world that did not have computers, let alone the internet, in it.

So while computers and the internet are certainly real, they're kind of (to me) in a lower category of real, in that I can imagine a world without them -- because I lived in that world. The millennial and gen-z folks came into a world where that stuff was already there. While they learned about what the world was, all that stuff was there in their hands, and they learned about all the things on the screen that they could control, in the same way I learned about leaves and gravity from the trees. Computer and the net are just as real, to them, as a tree is to me. Because they've never experienced a world without those things, the same way I've never experienced a world without trees.

So when we point out that to use crypto you need computers and the internet, by which we infer those things may not always be there to be used, it's difficult for them to get where we're coming from because for them computers and the internet have always been there. Sure, you and I can imagine a world without trees, but do you honestly think it's likely the world will be denuded of all the trees? I sure don't. So yes, they can imagine a world without the net, but they don't think it's very likely. Of course they can intellectually discuss the possibility of the computers going away. But down at that bedrock level inside, what they learned about their world very early included computers, so computers and the net, and the crypto built on top of them, really are real to them, in a way they never could be for an old guy like me.

This is why it's hard to communicate across that kind of gap; both sides are using the same words but with different meanings of those words.

or I'm completely wrong and this is just the ramblings I get up to when my insomnia sets in and I'm up at all hours of the night.
I agree that sort of thing is what's going on. I grew up in a video game arcade and became a computer scientist largely because of the movie "War Games" and how it made hacking look cool. My daughter is growing up with a huge amount of her life on the computer in digital realms. Everything from covid classrooms, to being tutored by remote tutors, to nearly all her personal time. Many of her best friends are people on the computer she's never met in real life. The younger generation has no problem understanding how digital goods are as real as anything else... sometimes more real (or at least more desirable) because the digital realm has more capability--capabilities that would be considered super-powers in the physical world.
 

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wastrel? I was kidding around FRNs are just as fake as bitcoin in my book not choosing a side here fake rules the day.
Oh, I know you were kidding, but the first part of what you said triggered what I'd already been thinking about, so I spewed it out because it was the middle of the night and I couldn't get back to sleep. :don't know: ;)
 

Scorpio

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'dial doesn't kid,

he straight up provides properly doc'd investment advice,

fyi

and IMO, he is correct, both are illusions