December 8, 2021

BTC may become Brazil’s legal payment currency

Pin It

First, on the 9.7th, El Saldova announced that BTC became legal tender, and then on September 16, Cuba announced that BTC became legal tender. Then, on October 6, Brazilian legislators are working to establish a regulatory framework to enable more accessible investment in BTC and other cryptocurrencies. In the future, BTC may become Brazil’s legal payment digital currency. Then local people can use BTC to buy houses, cars, and daily necessities.

Last month, according to a poll conducted by the Toluna research platform, 48% of Brazilians wanted to follow the example of El Salvador and set BTC as the country’s official currency. However, another 30% of the respondents maintained a neutral attitude, and 21% opposed it. In addition to Brazil, the survey also listened to people’s opinions in Argentina, Chile, Colombia, Costa Rica, El Salvador, Venezuela, and Mexico. The results showed that, in Brazil, 92% of people agree that BTC is the most famous crypto asset in Brazil.

Before this proposal, Brazil’s largest investment bank BTG Pactual announced at the end of last month that it would launch BTC and ETH trading services.

Also, at the beginning of last month, according to local Brazilian media Seu Dinheiro, Visa, the world’s largest payment network, stated that the company is committed to introducing cryptocurrency services into Brazil’s traditional banking system soon.

The company’s executives said that they cooperate with many cryptocurrency companies such as Brazil to bring crypto payment cards to the market. In addition, they hinted that they would directly use BTC for payments in the future.

Eduardo Abreu, vice president of Visa’s new business in Brazil, said that the company is developing an application to connect traditional banks with crypto products better. Therefore, banking platforms may be used to invest in cryptocurrencies and ETFs without intermediaries directly.

Then BTC has begun to become legal tender in these countries, and it will also drive the upswing of other digital currencies. ETH is one of the lucky ones. In the past few days, due to the rise of BTC, ETH has also risen. And the future value of ETH will be higher than that of BTC. So why say this? The fundamental reason is the impact of the destruction mechanism of ETH, which makes the rate of decrease of ETH increase, which will also increase the difficulty of mining.

Then ETH 2.0 is about to go online, and there may be many new mechanisms and algorithms in the future, so no one knows how long individual mining can last. After all, the resources of one of us are limited. Everyone will find out why there have been so many mining pools in the past few years. It is a way to stay together for warmth. Only a reliable platform or mining pool can maximize benefits and reduce risks.

At present, only El Salvador and Cuba use BTC as legal tender. Brazil will join as long as the draft is passed in the future. Moreover, affected by the epidemic, the economic development of various countries will be affected. Digital currency is used as Countries with fiat currencies will also continue to grow.

Print Friendly, PDF & Email
About ieyenews

Speak Your Mind